Bank of New York Mellon Corp Reduces Holdings in Freshworks Inc. $FRSH

Bank of New York Mellon Corp reduced its position in Freshworks Inc. (NASDAQ:FRSH) by 2.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 969,898 shares of the company’s stock after selling 26,137 shares during the period. Bank of New York Mellon Corp owned approximately 0.33% of Freshworks worth $14,461,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Freshworks by 4.5% in the first quarter. Vanguard Group Inc. now owns 26,189,892 shares of the company’s stock worth $369,539,000 after acquiring an additional 1,126,013 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its holdings in Freshworks by 27.9% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 3,951,115 shares of the company’s stock worth $55,750,000 after purchasing an additional 862,315 shares during the last quarter. Wellington Management Group LLP acquired a new position in shares of Freshworks in the 1st quarter valued at approximately $48,813,000. Nuveen LLC purchased a new position in shares of Freshworks during the 1st quarter valued at approximately $35,129,000. Finally, Driehaus Capital Management LLC acquired a new stake in shares of Freshworks during the first quarter worth approximately $34,231,000. 75.58% of the stock is owned by hedge funds and other institutional investors.

Freshworks Stock Down 2.7%

Shares of NASDAQ:FRSH opened at $11.78 on Tuesday. The company has a market cap of $3.32 billion, a PE ratio of -117.79 and a beta of 0.90. Freshworks Inc. has a fifty-two week low of $10.51 and a fifty-two week high of $19.77. The firm has a 50-day simple moving average of $11.74 and a 200 day simple moving average of $13.43.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Thursday, September 11th. The company reported $0.18 EPS for the quarter. The company had revenue of $204.68 million during the quarter. Freshworks had a negative return on equity of 0.37% and a negative net margin of 3.65%. As a group, research analysts forecast that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on FRSH shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Freshworks in a report on Wednesday, October 8th. JMP Securities restated a “market outperform” rating and issued a $27.00 target price on shares of Freshworks in a research note on Friday, September 12th. Robert W. Baird reduced their price target on shares of Freshworks from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, September 15th. Zacks Research lowered Freshworks from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 11th. Finally, Piper Sandler cut their price objective on Freshworks from $25.00 to $20.00 and set an “overweight” rating on the stock in a research note on Friday, November 7th. Seven research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $19.23.

Insider Buying and Selling at Freshworks

In related news, insider Mika Yamamoto sold 4,289 shares of the company’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $13.18, for a total transaction of $56,529.02. Following the completion of the transaction, the insider directly owned 533,993 shares in the company, valued at $7,038,027.74. This represents a 0.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Dennis Woodside bought 176,100 shares of the business’s stock in a transaction on Monday, November 10th. The stock was bought at an average price of $11.31 per share, for a total transaction of $1,991,691.00. Following the completion of the purchase, the chief executive officer directly owned 2,111,517 shares of the company’s stock, valued at $23,881,257.27. The trade was a 9.10% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have sold 23,138 shares of company stock worth $300,202. 11.17% of the stock is owned by company 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.