Freshworks Inc. (NASDAQ:FRSH) Stake Increased by Calamos Advisors LLC

Calamos Advisors LLC raised its stake in shares of Freshworks Inc. (NASDAQ:FRSH) by 39.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 36,804 shares of the company’s stock after acquiring an additional 10,465 shares during the quarter. Calamos Advisors LLC’s holdings in Freshworks were worth $865,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Xponance Inc. bought a new position in shares of Freshworks during the fourth quarter worth about $231,000. Ninety One UK Ltd bought a new position in Freshworks during the 4th quarter worth approximately $36,303,000. Ninety One North America Inc. acquired a new position in shares of Freshworks in the 4th quarter worth approximately $15,405,000. Federated Hermes Inc. increased its holdings in shares of Freshworks by 16.0% in the 4th quarter. Federated Hermes Inc. now owns 545,922 shares of the company’s stock valued at $12,824,000 after acquiring an additional 75,307 shares during the last quarter. Finally, Sapient Capital LLC acquired a new stake in shares of Freshworks during the 4th quarter valued at approximately $306,000. 75.58% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Jennifer H. Taylor sold 7,035 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $21.71, for a total transaction of $152,729.85. Following the completion of the sale, the director now directly owns 19,490 shares of the company’s stock, valued at $423,127.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Barry L. Padgett sold 4,690 shares of Freshworks stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $20.22, for a total value of $94,831.80. Following the transaction, the director now owns 17,387 shares of the company’s stock, valued at approximately $351,565.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jennifer H. Taylor sold 7,035 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $21.71, for a total transaction of $152,729.85. Following the sale, the director now directly owns 19,490 shares of the company’s stock, valued at $423,127.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 460,792 shares of company stock worth $9,408,403. Corporate insiders own 26.66% of the company’s stock.

Freshworks Price Performance

FRSH opened at $17.59 on Monday. The business has a 50 day moving average price of $18.94 and a two-hundred day moving average price of $20.07. The company has a market capitalization of $5.24 billion, a price-to-earnings ratio of -37.43 and a beta of 0.90. Freshworks Inc. has a 1-year low of $12.22 and a 1-year high of $24.98.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.04. The business had revenue of $160.11 million during the quarter, compared to analyst estimates of $158.11 million. Freshworks had a negative return on equity of 12.55% and a negative net margin of 23.04%. Equities analysts expect that Freshworks Inc. will post -0.37 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Morgan Stanley decreased their price objective on shares of Freshworks from $24.00 to $22.00 and set an “equal weight” rating for the company in a report on Wednesday, April 17th. Needham & Company LLC boosted their price objective on shares of Freshworks from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, December 28th. Piper Sandler raised their target price on shares of Freshworks from $24.00 to $28.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. JMP Securities upped their target price on Freshworks from $25.00 to $29.00 and gave the company a “market outperform” rating in a report on Wednesday, February 7th. Finally, Wolfe Research raised Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 price target on the stock in a report on Tuesday, February 20th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $25.29.

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.