Pier Capital LLC Purchases Shares of 588,915 Freshworks Inc. (NASDAQ:FRSH)

Pier Capital LLC purchased a new stake in Freshworks Inc. (NASDAQ:FRSH) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 588,915 shares of the company’s stock, valued at approximately $9,523,000. Freshworks makes up approximately 1.4% of Pier Capital LLC’s investment portfolio, making the stock its 18th largest holding.

Several other institutional investors and hedge funds also recently modified their holdings of FRSH. Avion Wealth bought a new position in Freshworks in the fourth quarter valued at $26,000. Point72 Hong Kong Ltd bought a new position in shares of Freshworks in the 3rd quarter valued at about $57,000. Blue Trust Inc. increased 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 acquiring an additional 954 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in Freshworks by 102.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock worth $71,000 after acquiring an additional 2,223 shares in the last quarter. Finally, KBC Group NV boosted its position in Freshworks by 59.1% during the fourth quarter. KBC Group NV now owns 7,604 shares of the company’s stock valued at $123,000 after purchasing an additional 2,824 shares during the last quarter. 75.58% of the stock is owned by institutional investors and hedge funds.

Freshworks Trading Up 2.6 %

NASDAQ:FRSH opened at $15.95 on Tuesday. The stock has a 50 day simple moving average of $17.03 and a 200 day simple moving average of $14.99. The stock has a market cap of $4.81 billion, a P/E ratio of -49.84 and a beta of 0.92. Freshworks Inc. has a 1-year low of $10.81 and a 1-year high of $19.77.

Freshworks (NASDAQ:FRSH) last posted its earnings results 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%. As a group, sell-side analysts forecast that Freshworks Inc. will post -0.19 EPS for the current year.

Analyst Ratings Changes

Several research firms have weighed in on FRSH. Barclays boosted their price target on 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 boosted their target price on shares of Freshworks from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Morgan Stanley increased their price target on shares of Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. Needham & Company LLC restated a “buy” rating and set a $25.00 price objective on shares of Freshworks in a research note on Monday, March 17th. Finally, Piper Sandler raised their target price on shares of Freshworks from $20.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Freshworks currently has a consensus rating of “Moderate Buy” and an average price target of $21.14.

Insiders Place Their Bets

In related news, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $15.85, for a total transaction of $133,663.05. Following the completion of the sale, the director now owns 24,187 shares of the company’s stock, valued at $383,363.95. This represents a 25.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $15.49, for a total transaction of $72,570.65. Following the completion of the transaction, the director now directly owns 37,286 shares in the company, valued at approximately $577,560.14. This represents a 11.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 62,200 shares of company stock worth $1,073,021 in the last quarter. Corporate insiders own 19.15% of the company’s stock.

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.