BluePointe Capital Management LLC Buys Shares of 11,102 Freshworks Inc. (NASDAQ:FRSH)

BluePointe Capital Management LLC purchased a new position in Freshworks Inc. (NASDAQ:FRSH) in the 4th quarter, Holdings Channel reports. The firm purchased 11,102 shares of the company’s stock, valued at approximately $180,000.

Several other hedge funds have also recently modified their holdings of the business. Magnetar Financial LLC increased its holdings in Freshworks by 173.9% in the 4th quarter. Magnetar Financial LLC now owns 35,324 shares of the company’s stock worth $571,000 after buying an additional 22,429 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of Freshworks during the 4th quarter valued at about $1,825,000. Xponance Inc. grew its stake in shares of Freshworks by 10.2% in the fourth quarter. Xponance Inc. now owns 14,847 shares of the company’s stock worth $240,000 after acquiring an additional 1,369 shares during the period. Intech Investment Management LLC raised its holdings in shares of Freshworks by 44.8% during the fourth quarter. Intech Investment Management LLC now owns 109,409 shares of the company’s stock valued at $1,769,000 after purchasing an additional 33,871 shares during the last quarter. Finally, Thrivent Financial for Lutherans bought a new position in Freshworks during the fourth quarter valued at approximately $937,000. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Insider Activity

In other news, Director Jennifer H. Taylor sold 4,685 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $15.49, for a total transaction of $72,570.65. Following the sale, the director now directly owns 37,286 shares of the company’s stock, valued at $577,560.14. This represents a 11.16 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Rathnagirish Mathrubootham sold 830,000 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $15.33, for a total transaction of $12,723,900.00. Following the completion of the transaction, the chairman now directly owns 551,137 shares of the company’s stock, valued at approximately $8,448,930.21. This trade represents a 60.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 892,200 shares of company stock worth $13,796,921 over the last quarter. Insiders own 19.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on FRSH shares. Barclays lifted their target price on shares of Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 12th. Cantor Fitzgerald lifted their price objective on Freshworks from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Wells Fargo & Company cut Freshworks from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $16.00 to $13.00 in a research report on Tuesday, January 21st. Scotiabank raised their target price on Freshworks from $17.00 to $19.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 12th. Finally, JMP Securities set a $27.00 price target on shares of Freshworks in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Freshworks presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.14.

Freshworks Stock Performance

FRSH opened at $15.47 on Thursday. Freshworks Inc. has a fifty-two week low of $10.81 and a fifty-two week high of $19.77. The stock has a market cap of $4.66 billion, a price-to-earnings ratio of -48.34 and a beta of 0.92. The firm’s fifty day moving average is $17.04 and its 200 day moving average is $14.88.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.10). Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. On average, equities research analysts predict 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.