Cornercap Investment Counsel Inc. Raises Stock Holdings in Freshworks Inc. (NASDAQ:FRSH)

Cornercap Investment Counsel Inc. raised its position in shares of Freshworks Inc. (NASDAQ:FRSH) by 23.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,916 shares of the company’s stock after buying an additional 5,104 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Freshworks were worth $435,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Avion Wealth bought a new stake in shares of Freshworks in the fourth quarter worth about $26,000. Point72 Hong Kong Ltd bought a new position in Freshworks in the 3rd quarter worth $57,000. Blue Trust Inc. lifted its position in shares of Freshworks by 32.2% in the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock worth $63,000 after purchasing an additional 954 shares during the period. Nisa Investment Advisors LLC lifted its position in shares of Freshworks by 102.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock worth $71,000 after purchasing an additional 2,223 shares during the period. Finally, KBC Group NV boosted its stake in shares of Freshworks by 59.1% during the 4th 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 in the last quarter. Institutional investors own 75.58% of the company’s stock.

Freshworks Trading Down 4.2 %

Shares of FRSH opened at $14.53 on Friday. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $19.77. The business’s fifty day simple moving average is $16.92 and its two-hundred day simple moving average is $15.08. The company has a market cap of $4.38 billion, a price-to-earnings ratio of -45.41 and a beta of 0.92.

Freshworks (NASDAQ:FRSH) last posted its earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. As a group, research analysts forecast that Freshworks Inc. will post -0.19 EPS for the current year.

Analysts Set New Price Targets

Several analysts have commented on FRSH shares. Piper Sandler raised their price objective on shares of Freshworks from $20.00 to $24.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. UBS Group set a $22.00 target price on Freshworks in a research note on Thursday, February 6th. Barclays upped their price target on Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 12th. Robert W. Baird set a $18.00 price objective on Freshworks in a research report on Wednesday, February 12th. Finally, Wells Fargo & Company downgraded shares of Freshworks from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $16.00 to $13.00 in a research report on Tuesday, January 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Freshworks has an average rating of “Moderate Buy” and a consensus price target of $21.14.

Insider Buying and Selling

In other news, insider Mika Yamamoto sold 2,859 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $15.84, for a total transaction of $45,286.56. Following the transaction, the insider now directly owns 400,249 shares of the company’s stock, valued at $6,339,944.16. This represents a 0.71 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $15.85, for a total value of $133,663.05. Following the completion of the sale, the director now directly owns 24,187 shares of the company’s stock, valued at $383,363.95. The trade was a 25.85 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 62,200 shares of company stock worth $1,073,021. 19.15% of the stock is owned by insiders.

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.