Trexquant Investment LP Boosts Holdings in Freshworks Inc. (NASDAQ:FRSH)

Trexquant Investment LP raised its stake in shares of Freshworks Inc. (NASDAQ:FRSH) by 364.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 915,887 shares of the company’s stock after purchasing an additional 718,763 shares during the quarter. Trexquant Investment LP owned about 0.30% of Freshworks worth $14,810,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Avion Wealth acquired a new position in Freshworks in the 4th quarter worth about $26,000. Point72 Hong Kong Ltd acquired a new stake in shares of Freshworks in the 3rd quarter worth $57,000. Blue Trust Inc. boosted its holdings in Freshworks by 32.2% in the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock valued at $63,000 after purchasing an additional 954 shares during the last quarter. National Bank of Canada FI lifted its stake in shares of Freshworks by 1,385.8% in the 4th quarter. National Bank of Canada FI now owns 3,967 shares of the company’s stock valued at $64,000 after purchasing an additional 3,700 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake in Freshworks by 102.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock worth $71,000 after buying an additional 2,223 shares during the period. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Freshworks Stock Performance

NASDAQ FRSH opened at $14.33 on Wednesday. The stock has a 50-day simple moving average of $16.79 and a 200 day simple moving average of $15.15. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $19.77. The stock has a market capitalization of $4.32 billion, a PE ratio of -44.78 and a beta of 0.92.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.10). Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. As a group, equities research analysts forecast that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on FRSH. Canaccord Genuity Group upped their price objective on Freshworks from $19.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Piper Sandler lifted their price objective on shares of Freshworks from $20.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Barclays raised their price target on Freshworks from $14.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday, February 12th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 price objective on shares of Freshworks in a research note on Monday, March 17th. Finally, Jefferies Financial Group cut their price target on Freshworks from $22.00 to $20.00 and set a “hold” rating for the company in a report on Monday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $21.14.

Insider Activity at Freshworks

In related news, Director Johanna Flower sold 21,400 shares of the firm’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $18.00, for a total value of $385,200.00. Following the completion of the transaction, the director now owns 41,491 shares of the company’s stock, valued at approximately $746,838. This trade represents a 34.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mika Yamamoto sold 2,859 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $16.74, for a total value of $47,859.66. Following the transaction, the insider now directly owns 615,893 shares in the company, valued at $10,310,048.82. This trade represents a 0.46 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 62,980 shares of company stock worth $1,084,011 in the last quarter. Corporate insiders own 19.15% of the company’s stock.

Freshworks Company Profile

Freshworks Inc, a software development company, provides software-as-a-service products worldwide. It offers Freshworks Customer Service Suite, which provides automated, personalized self-service on various channels, including web, chat, mobile messaging, email, and social; Freshdesk, a ticketing-centric customer service solution; Freshsuccess, a customer success solution; and Freshchat that provides agents with a modern conversational experience to proactively engage customers across digital messaging channels.