Corton Capital Inc. Purchases New Shares in Freshworks Inc. $FRSH

Corton Capital Inc. purchased a new position in shares of Freshworks Inc. (NASDAQ:FRSH) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 13,088 shares of the company’s stock, valued at approximately $195,000.

A number of other institutional investors also recently bought and sold shares of the business. Wellington Management Group LLP purchased a new stake in shares of Freshworks in the first quarter valued at about $48,813,000. Nuveen LLC purchased a new stake in Freshworks during the 1st quarter valued at approximately $35,129,000. Driehaus Capital Management LLC acquired a new stake in Freshworks during the 1st quarter worth approximately $34,231,000. Vanguard Group Inc. grew its stake in shares of Freshworks by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 26,189,892 shares of the company’s stock valued at $369,539,000 after purchasing an additional 1,126,013 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. increased its holdings in shares of Freshworks by 27.9% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 3,951,115 shares of the company’s stock valued at $55,750,000 after purchasing an additional 862,315 shares during the period. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on FRSH shares. Zacks Research upgraded shares of Freshworks from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 29th. Wells Fargo & Company started coverage on shares of Freshworks in a research report on Tuesday, September 30th. They issued an “equal weight” rating and a $13.00 price objective on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Freshworks in a research report on Wednesday, October 8th. Robert W. Baird lowered their price objective on shares of Freshworks from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, September 15th. Finally, Piper Sandler lifted their price objective on shares of Freshworks from $22.00 to $25.00 and gave the company an “overweight” rating in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.07.

Insider Transactions at Freshworks

In other news, Director Jennifer H. Taylor sold 4,690 shares of Freshworks stock in a transaction on Monday, August 11th. The stock was sold at an average price of $12.53, for a total transaction of $58,765.70. Following the completion of the transaction, the director owned 44,218 shares of the company’s stock, valued at $554,051.54. The trade was a 9.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Philippa Lawrence sold 2,590 shares of Freshworks stock in a transaction on Monday, September 15th. The stock was sold at an average price of $12.53, for a total value of $32,452.70. Following the transaction, the chief accounting officer directly owned 415,949 shares of the company’s stock, valued at $5,211,840.97. This trade represents a 0.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 27,828 shares of company stock worth $358,968. Corporate insiders own 11.17% of the company’s stock.

Freshworks Stock Down 2.3%

NASDAQ:FRSH opened at $10.92 on Wednesday. The company has a market capitalization of $3.18 billion, a PE ratio of -60.66 and a beta of 0.90. Freshworks Inc. has a 52-week low of $10.76 and a 52-week high of $19.77. The stock has a fifty day simple moving average of $12.06 and a 200-day simple moving average of $13.57.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings results on Thursday, September 11th. The company reported $0.18 earnings per share (EPS) for the quarter. The business had revenue of $204.68 million during the quarter. Freshworks had a negative return on equity of 2.56% and a negative net margin of 7.02%. As a group, equities analysts anticipate that Freshworks Inc. will post -0.19 earnings per share for the current year.

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.