Cubist Systematic Strategies LLC Cuts Stock Position in Freshworks Inc. (NASDAQ:FRSH)

Cubist Systematic Strategies LLC cut its holdings in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 19.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 920,572 shares of the company's stock after selling 217,408 shares during the period. Cubist Systematic Strategies LLC owned 0.30% of Freshworks worth $14,886,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in FRSH. Smith Group Asset Management LLC bought a new stake in shares of Freshworks in the fourth quarter valued at approximately $589,000. Barclays PLC lifted its stake in shares of Freshworks by 33.4% in the third quarter. Barclays PLC now owns 337,621 shares of the company's stock valued at $3,875,000 after buying an additional 84,568 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Freshworks during the 4th quarter worth approximately $20,666,000. Lisanti Capital Growth LLC acquired a new stake in Freshworks during the fourth quarter worth $2,290,000. Finally, Ceera Investments LLC increased its stake in Freshworks by 1,261.7% in the fourth quarter. Ceera Investments LLC now owns 455,420 shares of the company's stock valued at $7,364,000 after acquiring an additional 421,975 shares during the period. Institutional investors own 75.58% of the company's stock.

Freshworks Stock Performance

Freshworks stock traded up $0.68 during trading hours on Monday, reaching $15.24. 807,157 shares of the company's stock traded hands, compared to its average volume of 3,266,900. The firm's 50 day moving average is $14.12 and its 200-day moving average is $15.56. The firm has a market capitalization of $4.50 billion, a price-to-earnings ratio of -47.76 and a beta of 0.97. Freshworks Inc. has a fifty-two week low of $10.81 and a fifty-two week high of $19.77.

Freshworks (NASDAQ:FRSH - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.05. Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. The business had revenue of $196.27 million for the quarter, compared to analyst estimates of $191.90 million. During the same quarter last year, the firm earned $0.10 EPS. Freshworks's quarterly revenue was up 18.9% compared to the same quarter last year. Analysts predict that Freshworks Inc. will post -0.19 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently commented on FRSH. Needham & Company LLC restated a "buy" rating and set a $25.00 target price on shares of Freshworks in a research report on Monday, March 17th. JMP Securities restated a "market outperform" rating and issued a $27.00 target price on shares of Freshworks in a research note on Wednesday, April 30th. Wells Fargo & Company increased their target price on shares of Freshworks from $11.00 to $12.00 and gave the stock an "underweight" rating in a research report on Wednesday, April 30th. Canaccord Genuity Group upped their price objective on shares of Freshworks from $19.00 to $23.00 and gave the stock a "buy" rating in a research note on Wednesday, February 12th. Finally, StockNews.com upgraded shares of Freshworks from a "hold" rating to a "buy" rating in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, Freshworks currently has an average rating of "Moderate Buy" and a consensus target price of $20.21.

Insiders Place Their Bets

In related news, Director Johanna Flower sold 1,450 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $18.01, for a total transaction of $26,114.50. Following the sale, the director now owns 41,491 shares in the company, valued at approximately $747,252.91. This trade represents a 3.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mika Yamamoto sold 3,574 shares of Freshworks stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $14.66, for a total transaction of $52,394.84. Following the sale, the insider now directly owns 608,030 shares in the company, valued at $8,913,719.80. This trade represents a 0.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,883 shares of company stock valued at $464,113 in the last 90 days. 19.15% of the stock is currently owned by 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.