Freshworks Inc. (NASDAQ:FRSH) Shares Bought by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. raised its position in Freshworks Inc. (NASDAQ:FRSH) by 229.6% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 775,036 shares of the company’s stock after purchasing an additional 539,890 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Freshworks were worth $12,532,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Smith Group Asset Management LLC acquired a new stake in Freshworks in the fourth quarter valued at $589,000. Quantbot Technologies LP grew its holdings in Freshworks by 80.1% in the third quarter. Quantbot Technologies LP now owns 426,432 shares of the company’s stock valued at $4,895,000 after purchasing an additional 189,616 shares during the last quarter. Barclays PLC grew its holdings in Freshworks by 33.4% in the third quarter. Barclays PLC now owns 337,621 shares of the company’s stock valued at $3,875,000 after purchasing an additional 84,568 shares during the last quarter. Edgestream Partners L.P. acquired a new stake in Freshworks in the third quarter valued at $1,193,000. Finally, Intech Investment Management LLC acquired a new stake in Freshworks in the third quarter valued at $867,000. Institutional investors and hedge funds own 75.58% of the company’s stock.

Freshworks Trading Up 3.7 %

NASDAQ FRSH opened at $14.88 on Friday. The business’s 50-day moving average price is $17.12 and its 200 day moving average price is $14.77. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $19.77. The company has a market capitalization of $4.49 billion, a PE ratio of -46.50 and a beta of 0.92.

Freshworks (NASDAQ:FRSH) last released its earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. Equities analysts predict that Freshworks Inc. will post -0.19 EPS for the current year.

Insiders Place Their Bets

In other Freshworks news, Director Barry L. Padgett sold 2,345 shares of the company’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total transaction of $40,568.50. Following the completion of the sale, the director now directly owns 26,957 shares in the company, valued at $466,356.10. This represents a 8.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Rathnagirish Mathrubootham sold 830,000 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $15.33, for a total value of $12,723,900.00. Following the sale, the chairman now owns 551,137 shares of the company’s stock, valued at $8,448,930.21. This represents a 60.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,735,263 shares of company stock worth $27,361,209 over the last three months. 19.15% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Morgan Stanley upped their target price on Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. UBS Group set a $22.00 price objective on Freshworks in a research report on Thursday, February 6th. Scotiabank upped their price objective on Freshworks from $17.00 to $19.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 12th. Piper Sandler upped their price objective on Freshworks from $20.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Finally, Canaccord Genuity Group upped their price objective on Freshworks from $19.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $21.14.

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.