Tpg Gp A LLC Acquires 969,283 Shares of Freshworks Inc. (NASDAQ:FRSH)

Tpg Gp A LLC lifted its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 28.7% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 4,346,855 shares of the company’s stock after purchasing an additional 969,283 shares during the period. Freshworks accounts for about 1.1% of Tpg Gp A LLC’s portfolio, making the stock its 18th largest position. Tpg Gp A LLC owned 1.44% of Freshworks worth $70,289,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Smith Group Asset Management LLC acquired a new position in shares of Freshworks during the fourth quarter valued at $589,000. Barclays PLC lifted its stake 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 acquiring an additional 84,568 shares during the period. Raymond James Financial Inc. acquired a new position in Freshworks in the fourth quarter valued at about $20,666,000. Lisanti Capital Growth LLC acquired a new position in Freshworks in the fourth quarter valued at about $2,290,000. Finally, Ceera Investments LLC lifted its stake in Freshworks by 1,261.7% in the fourth quarter. Ceera Investments LLC now owns 455,420 shares of the company’s stock valued at $7,364,000 after buying an additional 421,975 shares during the period. Institutional investors and hedge funds own 75.58% of the company’s stock.

Freshworks Stock Performance

NASDAQ:FRSH opened at $15.49 on Monday. The company has a market cap of $4.57 billion, a PE ratio of -48.41 and a beta of 0.97. Freshworks Inc. has a 52-week low of $10.81 and a 52-week high of $19.77. The stock has a 50-day simple moving average of $14.12 and a 200 day simple moving average of $15.70.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.05. The business had revenue of $196.27 million during the quarter, compared to the consensus estimate of $191.90 million. Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. Freshworks’s quarterly revenue was up 18.9% on a year-over-year basis. During the same period last year, the company earned $0.10 earnings per share. On average, research analysts predict that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Insider Buying and Selling at Freshworks

In other Freshworks news, insider Mika Yamamoto sold 2,859 shares of the firm’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 completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $15.41, for a total value of $72,195.85. Following the completion of the transaction, the director now owns 37,895 shares of the company’s stock, valued at approximately $583,961.95. This represents a 11.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 40,871 shares of company stock worth $629,278 over the last ninety days. 19.15% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

FRSH has been the topic of several analyst reports. Canaccord Genuity Group increased their target price on Freshworks from $19.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Piper Sandler reissued an “overweight” rating and issued a $22.00 target price (up previously from $20.00) on shares of Freshworks in a research note on Wednesday, April 30th. Cantor Fitzgerald increased their target price on Freshworks from $18.00 to $22.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. StockNews.com raised Freshworks from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. Finally, Oppenheimer dropped their price target on Freshworks from $24.00 to $19.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.21.

Freshworks 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.