State of Wyoming Has $440,000 Position in Freshworks Inc. (NASDAQ:FRSH)

State of Wyoming boosted its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 34.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 27,195 shares of the company’s stock after acquiring an additional 6,949 shares during the quarter. State of Wyoming’s holdings in Freshworks were worth $440,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Smith Group Asset Management LLC bought a new position in shares of Freshworks during the fourth quarter valued at $589,000. Barclays PLC lifted its holdings 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. bought a new position in shares of Freshworks during the fourth quarter valued at $20,666,000. Lisanti Capital Growth LLC bought a new position in shares of Freshworks during the fourth quarter valued at $2,290,000. Finally, Ceera Investments LLC lifted its holdings in shares of Freshworks by 1,261.7% during the fourth quarter. Ceera Investments LLC now owns 455,420 shares of the company’s stock valued at $7,364,000 after acquiring an additional 421,975 shares during the period. 75.58% of the stock is owned by institutional investors.

Freshworks Stock Down 4.1%

Shares of FRSH stock opened at $14.85 on Tuesday. The stock has a 50-day moving average price of $14.12 and a 200 day moving average price of $15.72. The firm has a market cap of $4.38 billion, a price-to-earnings ratio of -46.41 and a beta of 0.97. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $19.77.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.05. The firm had revenue of $196.27 million during the quarter, compared to analyst estimates of $191.90 million. Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. The company’s 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. Sell-side analysts predict that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Oppenheimer cut their price objective on Freshworks from $24.00 to $19.00 and set an “outperform” rating for the company in a report on Wednesday, April 9th. Cantor Fitzgerald lifted their price objective on Freshworks from $18.00 to $22.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Morgan Stanley lifted their price target on Freshworks from $14.00 to $18.00 and gave the company an “equal weight” rating in a report on Thursday, May 1st. StockNews.com raised Freshworks from a “hold” rating to a “buy” rating in a report on Thursday, February 13th. Finally, Robert W. Baird set a $18.00 price target on 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 nine have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.21.

Insider Buying and Selling

In other news, insider Mika Yamamoto sold 2,859 shares of the company’s stock in a transaction dated 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 sale, the insider now directly owns 615,893 shares of the company’s stock, valued at $10,310,048.82. This represents a 0.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Johanna Flower sold 1,450 shares of the company’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $18.01, for a total value of $26,114.50. Following the completion of the sale, the director now directly owns 41,491 shares of the company’s stock, valued at approximately $747,252.91. This trade represents a 3.38% 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 three months. 19.15% of the stock is currently owned by company insiders.

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.