New York State Common Retirement Fund Sells 123,653 Shares of Freshworks Inc. (NASDAQ:FRSH)

New York State Common Retirement Fund reduced its stake in shares of Freshworks Inc. (NASDAQ:FRSH) by 50.4% during the 4th quarter, HoldingsChannel.com reports. The firm owned 121,712 shares of the company’s stock after selling 123,653 shares during the period. New York State Common Retirement Fund’s holdings in Freshworks were worth $2,859,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Neo Ivy Capital Management acquired a new position in Freshworks during the 3rd quarter worth approximately $81,000. Jasper Ridge Partners L.P. bought a new stake in Freshworks during the third quarter valued at $217,000. Northside Capital Management LLC acquired a new stake in Freshworks during the fourth quarter worth approximately $226,000. Xponance Inc. acquired a new stake in shares of Freshworks during the 4th quarter worth approximately $231,000. Finally, Cary Street Partners Investment Advisory LLC bought a new stake in Freshworks in the third quarter valued at $287,000. 75.58% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on FRSH. Robert W. Baird lowered Freshworks from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $28.00 to $16.00 in a research report on Thursday, May 2nd. Barclays decreased their price target on Freshworks from $20.00 to $15.00 and set an “equal weight” rating for the company in a report on Friday. Wolfe Research raised shares of Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 price target on the stock in a research report on Tuesday, February 20th. JMP Securities cut their target price on Freshworks from $29.00 to $21.00 and set a “market outperform” rating on the stock in a research note on Thursday, May 2nd. Finally, Cantor Fitzgerald dropped their price target on Freshworks from $25.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday, May 2nd. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Freshworks presently has an average rating of “Moderate Buy” and an average target price of $22.59.

Insider Activity at Freshworks

In other Freshworks news, Director Roxanne S. Austin sold 6,303 shares of Freshworks stock in a transaction that occurred 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 directly owns 88,431 shares of the company’s stock, valued at approximately $1,904,803.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $20.44, for a total transaction of $8,792,245.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Roxanne S. Austin sold 6,303 shares of the firm’s 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 sale, the director now directly owns 88,431 shares in the company, valued at $1,904,803.74. The disclosure for this sale can be found here. Insiders sold 460,792 shares of company stock worth $9,408,403 in the last ninety days. 19.15% of the stock is owned by company insiders.

Freshworks Stock Performance

Shares of Freshworks stock opened at $14.13 on Tuesday. The stock has a market capitalization of $4.21 billion, a price-to-earnings ratio of -35.33 and a beta of 0.88. The company has a fifty day moving average of $18.17 and a 200-day moving average of $19.95. Freshworks Inc. has a 52-week low of $13.01 and a 52-week 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 (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.04. The firm had revenue of $160.11 million for the quarter, compared to analysts’ expectations of $158.11 million. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. On average, equities research analysts forecast that Freshworks Inc. will post -0.37 earnings per share for the current fiscal year.

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.