Lake Street Advisors Group LLC Makes New Investment in Freshworks Inc. (NASDAQ:FRSH)

Lake Street Advisors Group LLC purchased a new position in shares of Freshworks Inc. (NASDAQ:FRSH) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 686,944 shares of the company’s stock, valued at approximately $8,717,000. Lake Street Advisors Group LLC owned about 0.23% of Freshworks as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. International Assets Investment Management LLC acquired a new position in shares of Freshworks in the 4th quarter valued at $483,000. Russell Investments Group Ltd. lifted its holdings in shares of Freshworks by 1.5% during the fourth quarter. Russell Investments Group Ltd. now owns 195,031 shares of the company’s stock worth $4,583,000 after purchasing an additional 2,918 shares during the period. Victory Capital Management Inc. boosted its position in Freshworks by 31.4% in the fourth quarter. Victory Capital Management Inc. now owns 21,308 shares of the company’s stock valued at $501,000 after buying an additional 5,093 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Freshworks by 5.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,304,325 shares of the company’s stock worth $30,639,000 after buying an additional 67,254 shares during the period. Finally, Teacher Retirement System of Texas raised its position in Freshworks by 13.9% during the 4th quarter. Teacher Retirement System of Texas now owns 28,714 shares of the company’s stock worth $674,000 after buying an additional 3,503 shares during the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

Insider Activity

In related news, Director Barry L. Padgett sold 5,546 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $12.77, for a total transaction of $70,822.42. Following the completion of the sale, the director now directly owns 26,957 shares in the company, valued at $344,240.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Freshworks news, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $12.28, for a total value of $57,531.80. Following the transaction, the director now directly owns 35,853 shares of the company’s stock, valued at approximately $440,274.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Barry L. Padgett sold 5,546 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $12.77, for a total value of $70,822.42. Following the completion of the sale, the director now owns 26,957 shares of the company’s stock, valued at $344,240.89. The disclosure for this sale can be found here. Insiders have sold a total of 46,694 shares of company stock worth $554,318 over the last quarter. 19.15% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

FRSH has been the topic of several recent research reports. Scotiabank dropped their price objective on shares of Freshworks from $18.00 to $16.00 and set a “sector perform” rating on the stock in a report on Wednesday, July 31st. StockNews.com downgraded Freshworks from a “buy” rating to a “hold” rating in a research report on Saturday, June 22nd. Piper Sandler decreased their price objective on Freshworks from $22.00 to $17.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Barclays dropped their target price on Freshworks from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 31st. Finally, Jefferies Financial Group decreased their price target on Freshworks from $25.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $19.40.

Freshworks Stock Performance

NASDAQ:FRSH opened at $11.35 on Friday. The stock has a market capitalization of $3.39 billion, a PE ratio of -28.38 and a beta of 0.73. Freshworks Inc. has a fifty-two week low of $10.96 and a fifty-two week high of $24.98. The company has a fifty day moving average of $12.22 and a two-hundred day moving average of $14.80.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.02. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.08%. The firm had revenue of $174.13 million during the quarter, compared to the consensus estimate of $169.05 million. During the same quarter in the prior year, the firm earned ($0.12) EPS. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. Research analysts forecast that Freshworks Inc. will post -0.38 earnings per share for the current year.

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.