Pier 88 Investment Partners LLC Acquires 32,830 Shares of Freshworks Inc. $FRSH

Pier 88 Investment Partners LLC grew its holdings in Freshworks Inc. (NASDAQ:FRSH) by 68.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 80,680 shares of the company’s stock after purchasing an additional 32,830 shares during the period. Pier 88 Investment Partners LLC’s holdings in Freshworks were worth $1,203,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in FRSH. Acadian Asset Management LLC grew its holdings in shares of Freshworks by 23.8% in the second quarter. Acadian Asset Management LLC now owns 240,074 shares of the company’s stock worth $3,575,000 after purchasing an additional 46,076 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in Freshworks by 39.8% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 926,204 shares of the company’s stock valued at $13,810,000 after buying an additional 263,533 shares during the period. Savant Capital LLC bought a new position in Freshworks in the 2nd quarter worth about $348,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in Freshworks in the 2nd quarter worth about $25,000. Finally, Corton Capital Inc. purchased a new position in shares of Freshworks during the second quarter worth approximately $195,000. 75.58% of the stock is owned by hedge funds and other institutional investors.

Freshworks Trading Up 3.1%

FRSH opened at $11.19 on Friday. The firm has a market cap of $3.26 billion, a price-to-earnings ratio of -111.89 and a beta of 0.90. Freshworks Inc. has a 12 month low of $10.51 and a 12 month high of $19.77. The stock has a fifty day moving average price of $11.91 and a 200-day moving average price of $13.53.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data on Thursday, September 11th. The company reported $0.18 earnings per share for the quarter. The company had revenue of $204.68 million for the quarter. Freshworks had a negative return on equity of 0.37% and a negative net margin of 3.65%. On average, equities research analysts forecast that Freshworks Inc. will post -0.19 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price target on shares of Freshworks in a report on Friday, September 12th. Canaccord Genuity Group decreased their target price on Freshworks from $23.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday. Piper Sandler dropped their price target on Freshworks from $25.00 to $20.00 and set an “overweight” rating on the stock in a research report on Friday. Morgan Stanley decreased their price objective on Freshworks from $18.00 to $16.00 and set an “equal weight” rating for the company in a report on Friday, September 12th. Finally, Wall Street Zen raised shares of Freshworks from a “buy” rating to a “strong-buy” rating in a research note on Saturday. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Freshworks has an average rating of “Moderate Buy” and a consensus price target of $19.38.

Insider Activity

In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the firm’s stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $12.53, for a total value of $58,765.70. Following the completion of the sale, the director directly owned 44,218 shares in the company, valued at $554,051.54. This trade represents a 9.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mika Yamamoto sold 4,289 shares of the company’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $13.18, for a total value of $56,529.02. Following the transaction, the insider directly owned 533,993 shares in the company, valued at approximately $7,038,027.74. The trade was a 0.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 27,828 shares of company stock worth $358,968 in the last quarter. 11.17% of the stock is currently owned by corporate insiders.

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.