Bank of New York Mellon Corp Lowers Stock Holdings in Freshworks Inc. (NASDAQ:FRSH)

Bank of New York Mellon Corp decreased its holdings in Freshworks Inc. (NASDAQ:FRSH) by 14.1% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 996,035 shares of the company’s stock after selling 163,028 shares during the period. Bank of New York Mellon Corp owned approximately 0.33% of Freshworks worth $14,054,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. PNC Financial Services Group Inc. lifted its stake in shares of Freshworks by 683.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 9,632 shares of the company’s stock worth $156,000 after purchasing an additional 8,403 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Freshworks by 21.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 49,056 shares of the company’s stock worth $793,000 after purchasing an additional 8,827 shares in the last quarter. HighTower Advisors LLC purchased a new position in shares of Freshworks during the 4th quarter valued at about $1,343,000. Swiss National Bank raised its position in shares of Freshworks by 2.1% during the 4th quarter. Swiss National Bank now owns 350,500 shares of the company’s stock valued at $5,668,000 after buying an additional 7,300 shares during the period. Finally, Cibc World Markets Corp acquired a new stake in Freshworks in the 4th quarter valued at approximately $313,000. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. UBS Group cut their price objective on shares of Freshworks from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Friday, May 2nd. Cantor Fitzgerald upgraded Freshworks to an “overweight” rating and set a $20.00 price target on the stock in a report on Tuesday, June 3rd. Morgan Stanley increased their target price on Freshworks from $14.00 to $18.00 and gave the stock an “equal weight” rating in a report on Thursday, May 1st. Scotiabank increased their target price on Freshworks from $14.00 to $18.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 30th. Finally, Piper Sandler reissued an “overweight” rating and issued a $22.00 price objective (up previously from $20.00) on shares of Freshworks in a report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Freshworks presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.07.

Insider Buying and Selling at Freshworks

In related news, Chairman Rathnagirish Mathrubootham sold 70,997 shares of the company’s stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $16.01, for a total value of $1,136,661.97. Following the completion of the transaction, the chairman directly owned 724,515 shares in the company, valued at approximately $11,599,485.15. The trade was a 8.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Johanna Flower sold 8,000 shares of the stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $14.80, for a total transaction of $118,400.00. Following the sale, the director directly owned 48,094 shares of the company’s stock, valued at $711,791.20. The trade was a 14.26% decrease in their position. The disclosure for this sale can be found here. Insiders sold 206,075 shares of company stock valued at $3,219,261 over the last 90 days. Insiders own 11.17% of the company’s stock.

Freshworks Price Performance

Shares of Freshworks stock opened at $14.62 on Friday. The stock has a fifty day moving average price of $15.03 and a 200-day moving average price of $15.43. The firm has a market cap of $4.31 billion, a PE ratio of -60.91 and a beta of 0.95. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $19.77.

Freshworks (NASDAQ:FRSH) last issued its earnings results 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 net margin of 9.76% and a negative return on equity of 4.41%. The company’s quarterly revenue was up 18.9% on a year-over-year basis. During the same quarter last year, the business earned $0.10 earnings per share. As a group, equities analysts anticipate that Freshworks Inc. will post -0.19 EPS 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.