Arrowstreet Capital Limited Partnership Has $66.94 Million Stock Position in Freshworks Inc. $FRSH

Arrowstreet Capital Limited Partnership decreased its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 16.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,489,843 shares of the company’s stock after selling 881,693 shares during the period. Arrowstreet Capital Limited Partnership owned 1.54% of Freshworks worth $66,944,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Quantbot Technologies LP bought a new position in Freshworks in the 2nd quarter valued at $1,245,000. Edgestream Partners L.P. boosted its position in shares of Freshworks by 744.6% during the 2nd quarter. Edgestream Partners L.P. now owns 367,873 shares of the company’s stock valued at $5,485,000 after acquiring an additional 324,319 shares during the last quarter. Panagora Asset Management Inc. grew its holdings in shares of Freshworks by 1.9% during the second quarter. Panagora Asset Management Inc. now owns 1,080,609 shares of the company’s stock worth $16,112,000 after purchasing an additional 20,513 shares in the last quarter. Lido Advisors LLC purchased a new stake in shares of Freshworks during the 2nd quarter valued at $157,000. Finally, Norges Bank purchased a new stake in Freshworks during the second quarter valued at about $25,113,000. Institutional investors and hedge funds own 75.58% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Robert W. Baird cut their price objective on 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 research report on Tuesday, November 11th. Wall Street Zen upgraded Freshworks from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 8th. Piper Sandler cut their price objective on shares of Freshworks from $25.00 to $20.00 and set an “overweight” rating on the stock in a research report on Friday, November 7th. Finally, UBS Group restated a “buy” rating and set a $17.00 target price on shares of Freshworks in a research note on Friday, November 14th. Seven research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $19.23.

Freshworks Stock Performance

Shares of NASDAQ:FRSH opened at $12.60 on Friday. The firm’s 50 day simple moving average is $11.55 and its 200-day simple moving average is $13.19. The firm has a market cap of $3.55 billion, a PE ratio of -125.99 and a beta of 0.89. Freshworks Inc. has a one year low of $10.51 and a one year high of $19.77.

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

Insider Transactions at Freshworks

In other Freshworks news, CAO Philippa Lawrence sold 5,846 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $12.06, for a total value of $70,502.76. Following the transaction, the chief accounting officer directly owned 392,711 shares of the company’s stock, valued at $4,736,094.66. This trade represents a 1.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Dennis Woodside acquired 176,100 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The shares were purchased at an average price of $11.31 per share, with a total value of $1,991,691.00. Following the completion of the transaction, the chief executive officer 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. Insiders sold a total of 14,631 shares of company stock valued at $181,349 in the last 90 days. 11.17% of the stock is owned by company insiders.

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.