Freshworks Inc. $FRSH Shares Sold by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale lowered its stake in Freshworks Inc. (NASDAQ:FRSH) by 47.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,085 shares of the company’s stock after selling 2,814 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Freshworks were worth $45,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the stock. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Freshworks in the second quarter valued at $1,239,000. Allianz Asset Management GmbH increased its holdings in shares of Freshworks by 54.6% in the second quarter. Allianz Asset Management GmbH now owns 388,393 shares of the company’s stock valued at $5,791,000 after buying an additional 137,122 shares in the last quarter. Bayforest Capital Ltd increased its holdings in shares of Freshworks by 6.9% in the second quarter. Bayforest Capital Ltd now owns 43,202 shares of the company’s stock valued at $644,000 after buying an additional 2,805 shares in the last quarter. Verdence Capital Advisors LLC increased its holdings in shares of Freshworks by 7.4% in the second quarter. Verdence Capital Advisors LLC now owns 15,547 shares of the company’s stock valued at $232,000 after buying an additional 1,070 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Freshworks by 92.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 37,578 shares of the company’s stock valued at $560,000 after buying an additional 18,012 shares in the last quarter. Institutional investors own 75.58% of the company’s stock.

Freshworks Trading Down 0.1%

NASDAQ FRSH opened at $11.38 on Tuesday. Freshworks Inc. has a 1-year low of $10.76 and a 1-year high of $19.77. The company has a market capitalization of $3.32 billion, a PE ratio of -63.22 and a beta of 0.91. The firm’s fifty day simple moving average is $12.34 and its 200-day simple moving average is $13.63.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings results on Thursday, September 11th. The company reported $0.18 earnings per share for the quarter. Freshworks had a negative net margin of 7.02% and a negative return on equity of 2.56%. The business had revenue of $204.68 million for the quarter. As a group, analysts predict that Freshworks Inc. will post -0.19 EPS for the current year.

Wall Street Analysts Forecast Growth

FRSH has been the topic of several research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Freshworks in a report on Wednesday, October 8th. Zacks Research raised Freshworks from a “hold” rating to a “strong-buy” rating in a report on Monday, September 29th. Wall Street Zen downgraded shares of Freshworks from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 23rd. Needham & Company LLC restated a “buy” rating and issued a $25.00 target price on shares of Freshworks in a report on Friday, September 12th. Finally, Piper Sandler increased their target price on Freshworks from $22.00 to $25.00 and gave the company an “overweight” rating in a report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.07.

Insider Activity at Freshworks

In other news, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $13.14, for a total value of $110,809.62. Following the transaction, the director directly owned 38,870 shares of the company’s stock, valued at approximately $510,751.80. This represents a 17.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jennifer H. Taylor sold 4,690 shares of the company’s stock in a transaction on Monday, August 11th. The stock was sold at an average price of $12.53, for a total transaction of $58,765.70. Following the completion of the transaction, the director directly owned 44,218 shares in the company, valued at $554,051.54. This trade represents a 9.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,329 shares of company stock valued at $534,620. 11.17% of the stock is owned by insiders.

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.