Freshworks Inc. (NASDAQ:FRSH) Stake Cut by Raymond James & Associates

Raymond James & Associates decreased its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 17.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,016 shares of the company’s stock after selling 9,137 shares during the period. Raymond James & Associates’ holdings in Freshworks were worth $1,010,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of FRSH. Bank of New York Mellon Corp grew its position in shares of Freshworks by 3,770.9% during the 1st quarter. Bank of New York Mellon Corp now owns 597,595 shares of the company’s stock valued at $10,709,000 after buying an additional 582,157 shares during the last quarter. US Bancorp DE grew its holdings in shares of Freshworks by 1,141.4% during the first quarter. US Bancorp DE now owns 8,044 shares of the company’s stock valued at $144,000 after purchasing an additional 7,396 shares during the last quarter. Citigroup Inc. bought a new position in shares of Freshworks during the first quarter valued at approximately $255,000. Cibc World Market Inc. acquired a new stake in shares of Freshworks during the 1st quarter worth approximately $887,000. Finally, Dimensional Fund Advisors LP bought a new stake in shares of Freshworks in the 1st quarter worth approximately $267,000. 75.58% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Freshworks news, Director Roxanne S. Austin sold 6,303 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $21.54, for a total value of $135,766.62. Following the transaction, the director now owns 88,431 shares of the company’s stock, valued at $1,904,803.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Jennifer H. Taylor sold 7,035 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $21.71, for a total value of $152,729.85. Following the completion of the transaction, the director now owns 19,490 shares in the company, valued at approximately $423,127.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Roxanne S. Austin sold 6,303 shares of Freshworks stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $21.54, for a total value of $135,766.62. Following the completion of the transaction, the director now directly owns 88,431 shares in the company, valued at approximately $1,904,803.74. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 460,792 shares of company stock worth $9,408,403. Corporate insiders own 26.66% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Morgan Stanley lowered their price objective on Freshworks from $24.00 to $22.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 17th. Wolfe Research upgraded shares of Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 price target for the company in a research report on Tuesday, February 20th. Jefferies Financial Group upgraded shares of Freshworks from a “hold” rating to a “buy” rating and lifted their price objective for the company from $20.00 to $30.00 in a research report on Friday, January 5th. Needham & Company LLC boosted their target price on shares of Freshworks from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, December 28th. Finally, Piper Sandler raised their price target on shares of Freshworks from $24.00 to $28.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $25.29.

Freshworks Stock Performance

FRSH opened at $17.59 on Monday. The stock’s fifty day moving average is $18.94 and its 200-day moving average is $20.07. Freshworks Inc. has a one year low of $12.22 and a one year high of $24.98. The company has a market capitalization of $5.24 billion, a PE ratio of -37.43 and a beta of 0.90.

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