Renaissance Technologies LLC Acquires 293,266 Shares of Freshworks Inc. (NASDAQ:FRSH)

Renaissance Technologies LLC boosted its holdings in Freshworks Inc. (NASDAQ:FRSH) by 9.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,429,366 shares of the company’s stock after purchasing an additional 293,266 shares during the period. Renaissance Technologies LLC owned approximately 1.13% of Freshworks worth $55,453,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in FRSH. State Street Corp increased its position in shares of Freshworks by 7.1% in the third quarter. State Street Corp now owns 4,729,093 shares of the company’s stock valued at $54,290,000 after acquiring an additional 313,982 shares during the period. Y Intercept Hong Kong Ltd increased its position in shares of Freshworks by 4.7% during the third quarter. Y Intercept Hong Kong Ltd now owns 132,261 shares of the company’s stock valued at $1,518,000 after buying an additional 5,901 shares during the period. Barclays PLC increased its position in shares of Freshworks by 33.4% during the third quarter. Barclays PLC now owns 337,621 shares of the company’s stock valued at $3,875,000 after buying an additional 84,568 shares during the period. Geode Capital Management LLC increased its position in shares of Freshworks by 1.5% during the third quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company’s stock valued at $52,750,000 after buying an additional 66,342 shares during the period. Finally, Tidal Investments LLC purchased a new position in shares of Freshworks during the third quarter valued at about $534,000. 75.58% of the stock is owned by institutional investors.

Freshworks Trading Up 9.4 %

FRSH opened at $13.22 on Thursday. Freshworks Inc. has a 1-year low of $10.81 and a 1-year high of $19.77. The company has a market capitalization of $3.99 billion, a PE ratio of -41.31 and a beta of 0.98. The firm’s 50 day simple moving average is $15.88 and its two-hundred day simple moving average is $15.18.

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 the consensus estimate of $0.08 by ($0.10). Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. Equities analysts forecast that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Johanna Flower sold 21,400 shares of Freshworks stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $18.00, for a total transaction of $385,200.00. Following the completion of the sale, the director now owns 41,491 shares in the company, valued at $746,838. This trade represents a 34.03 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mika Yamamoto sold 3,574 shares of Freshworks stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $14.20, for a total transaction of $50,750.80. Following the sale, the insider now owns 611,604 shares of the company’s stock, valued at $8,684,776.80. The trade was a 0.58 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 55,262 shares of company stock worth $955,812. Company insiders own 19.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FRSH. Oppenheimer reduced their price target on shares of Freshworks from $24.00 to $19.00 and set an “outperform” rating on the stock in a research report on Wednesday. Morgan Stanley upped their price objective on shares of Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. Robert W. Baird set a $18.00 price objective on shares of Freshworks in a report on Wednesday, February 12th. Scotiabank upped their price objective on shares of Freshworks from $17.00 to $19.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 12th. Finally, JMP Securities set a $27.00 price objective on shares of Freshworks in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $20.79.

About Freshworks

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.