Bank of America Corp DE Sells 290,161 Shares of Freshworks Inc. (NASDAQ:FRSH)

Bank of America Corp DE reduced its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 26.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 794,479 shares of the company’s stock after selling 290,161 shares during the quarter. Bank of America Corp DE owned 0.26% of Freshworks worth $12,847,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Avion Wealth purchased a new stake in Freshworks during the fourth quarter valued at $26,000. Blue Trust Inc. increased its position in Freshworks by 32.2% during the fourth quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock valued at $63,000 after acquiring an additional 954 shares during the last quarter. National Bank of Canada FI increased its position in Freshworks by 1,385.8% during the fourth quarter. National Bank of Canada FI now owns 3,967 shares of the company’s stock valued at $64,000 after acquiring an additional 3,700 shares during the last quarter. Nisa Investment Advisors LLC increased its position in Freshworks by 102.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock valued at $71,000 after acquiring an additional 2,223 shares during the last quarter. Finally, Covestor Ltd increased its position in Freshworks by 30.2% during the fourth quarter. Covestor Ltd now owns 4,686 shares of the company’s stock valued at $76,000 after acquiring an additional 1,087 shares during the last quarter. 75.58% of the stock is owned by institutional investors.

Insider Transactions at Freshworks

In other news, insider Mika Yamamoto sold 2,859 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $16.74, for a total value of $47,859.66. Following the completion of the transaction, the insider now owns 615,893 shares of the company’s stock, valued at $10,310,048.82. This represents a 0.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $14.69, for a total value of $123,880.77. Following the completion of the transaction, the director now directly owns 24,890 shares of the company’s stock, valued at approximately $365,634.10. This trade represents a 25.31% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 39,421 shares of company stock valued at $603,164 over the last 90 days. Company insiders own 11.17% of the company’s stock.

Wall Street Analysts Forecast Growth

FRSH has been the subject of a number of research reports. UBS Group reduced their price objective on Freshworks from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Friday, May 2nd. Robert W. Baird set a $18.00 price objective on Freshworks in a research report on Wednesday, February 12th. Oppenheimer reduced their price objective on Freshworks from $24.00 to $19.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. Barclays upped their price objective on Freshworks from $14.00 to $20.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 12th. Finally, Canaccord Genuity Group upped their price objective on Freshworks from $19.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Freshworks has a consensus rating of “Moderate Buy” and a consensus target price of $20.21.

Freshworks Stock Up 0.8%

Shares of FRSH opened at $14.63 on Friday. The stock has a market cap of $4.32 billion, a price-to-earnings ratio of -45.72 and a beta of 0.97. The business has a 50-day simple moving average of $14.11 and a two-hundred day simple moving average of $15.72. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $19.77.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Tuesday, April 29th. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.05. The firm had revenue of $196.27 million during the quarter, compared to analyst estimates of $191.90 million. Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. The business’s quarterly revenue was up 18.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.10 earnings per share. On average, equities analysts anticipate that Freshworks Inc. will post -0.19 earnings per share 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.