Ceera Investments LLC Raises Stock Position in Freshworks Inc. (NASDAQ:FRSH)

Ceera Investments LLC boosted its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 1,261.7% during the 4th quarter, Holdings Channel.com reports. The fund owned 455,420 shares of the company’s stock after purchasing an additional 421,975 shares during the period. Freshworks comprises approximately 2.5% of Ceera Investments LLC’s investment portfolio, making the stock its 9th biggest position. Ceera Investments LLC’s holdings in Freshworks were worth $7,364,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its position in shares of Freshworks by 32.2% in the fourth quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock valued at $63,000 after purchasing an additional 954 shares during the period. Versor Investments LP raised its position in shares of Freshworks by 3.0% in the fourth quarter. Versor Investments LP now owns 34,400 shares of the company’s stock valued at $556,000 after purchasing an additional 1,000 shares during the period. Arizona State Retirement System raised its position in shares of Freshworks by 2.2% in the fourth quarter. Arizona State Retirement System now owns 51,704 shares of the company’s stock valued at $836,000 after purchasing an additional 1,103 shares during the period. Avion Wealth bought a new position in shares of Freshworks in the fourth quarter valued at approximately $26,000. Finally, Covestor Ltd raised its position in shares of Freshworks by 89.9% in the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after purchasing an additional 1,704 shares during the period. Institutional investors own 75.58% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Scotiabank raised their price objective on shares of Freshworks from $17.00 to $19.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 12th. Needham & Company LLC raised their price objective on shares of Freshworks from $20.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Wells Fargo & Company downgraded shares of Freshworks from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $16.00 to $13.00 in a research note on Tuesday, January 21st. Barclays raised their price objective on shares of Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 12th. Finally, Canaccord Genuity Group raised their price objective on shares of Freshworks from $19.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $21.14.

Insider Activity at Freshworks

In related news, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $16.72, for a total value of $140,999.76. Following the completion of the transaction, the director now directly owns 24,187 shares of the company’s stock, valued at $404,406.64. The trade was a 25.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of Freshworks stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $16.08, for a total value of $13,426,800.00. Following the completion of the transaction, the chairman now directly owns 551,137 shares of the company’s stock, valued at $8,862,282.96. This represents a 60.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,739,953 shares of company stock valued at $27,439,720 over the last ninety days. 19.15% of the stock is owned by insiders.

Freshworks Stock Performance

Shares of NASDAQ FRSH opened at $15.80 on Friday. The stock has a market cap of $4.76 billion, a PE ratio of -49.38 and a beta of 0.92. The business has a fifty day moving average of $17.23 and a two-hundred day moving average of $14.71. Freshworks Inc. has a 52-week low of $10.81 and a 52-week high of $19.77.

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