Hillsdale Investment Management Inc. Grows Stake in Freshworks Inc. (NASDAQ:FRSH)

Hillsdale Investment Management Inc. lifted its stake in shares of Freshworks Inc. (NASDAQ:FRSH) by 8.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 218,580 shares of the company’s stock after purchasing an additional 17,400 shares during the period. Hillsdale Investment Management Inc. owned about 0.07% of Freshworks worth $3,980,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of FRSH. Vanguard Group Inc. increased its stake in shares of Freshworks by 14.6% during the third quarter. Vanguard Group Inc. now owns 18,530,801 shares of the company’s stock worth $369,134,000 after purchasing an additional 2,363,550 shares in the last quarter. Legato Capital Management LLC grew its stake in Freshworks by 13.3% during the 4th quarter. Legato Capital Management LLC now owns 60,895 shares of the company’s stock valued at $1,430,000 after acquiring an additional 7,158 shares in the last quarter. Arizona State Retirement System grew its stake in Freshworks by 3.6% during the 4th quarter. Arizona State Retirement System now owns 42,120 shares of the company’s stock valued at $989,000 after acquiring an additional 1,453 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in Freshworks during the 4th quarter valued at about $483,000. Finally, Moody Aldrich Partners LLC purchased a new stake in Freshworks during the 4th quarter valued at about $4,482,000. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Wall Street Analyst Weigh In

FRSH has been the subject of several research reports. Morgan Stanley dropped their price objective on shares of Freshworks from $22.00 to $18.00 and set an “equal weight” rating for the company in a research note on Thursday, May 2nd. Barclays dropped their price objective on shares of Freshworks from $20.00 to $15.00 and set an “equal weight” rating for the company in a research note on Friday, May 3rd. JMP Securities dropped their price objective on shares of Freshworks from $29.00 to $21.00 and set a “market outperform” rating for the company in a research note on Thursday, May 2nd. Cantor Fitzgerald dropped their price objective on shares of Freshworks from $25.00 to $19.00 and set an “overweight” rating for the company in a research note on Thursday, May 2nd. Finally, StockNews.com cut shares of Freshworks from a “buy” rating to a “hold” rating in a research note on Saturday, June 22nd. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $21.53.

Insiders Place Their Bets

In other Freshworks news, Director Jennifer H. Taylor sold 4,685 shares of the stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $12.28, for a total transaction of $57,531.80. Following the sale, the director now directly owns 35,853 shares in the company, valued at approximately $440,274.84. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Barry L. Padgett sold 5,546 shares of the firm’s stock in a transaction 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 sale, the director now directly owns 26,957 shares in the company, valued at approximately $344,240.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $12.28, for a total transaction of $57,531.80. Following the sale, the director now directly owns 35,853 shares of the company’s stock, valued at $440,274.84. The disclosure for this sale can be found here. Insiders have sold a total of 34,296 shares of company stock worth $443,630 in the last ninety days. 19.15% of the stock is owned by corporate insiders.

Freshworks Price Performance

Shares of FRSH stock traded up $0.02 during trading hours on Monday, hitting $13.11. The company had a trading volume of 1,300,591 shares, compared to its average volume of 2,624,626. The company’s fifty day moving average is $12.95 and its 200 day moving average is $17.14. Freshworks Inc. has a fifty-two week low of $11.90 and a fifty-two week high of $24.98. The stock has a market capitalization of $3.92 billion, a PE ratio of -32.77 and a beta of 0.74.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data on Wednesday, May 1st. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.02. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. The firm had revenue of $165.14 million for the quarter, compared to analyst estimates of $163.53 million. Equities analysts forecast that Freshworks Inc. will post -0.34 earnings per share for the current year.

Freshworks Company 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.