Bank of America Corp DE Has $12.85 Million Holdings in Freshworks Inc. (NASDAQ:FRSH)

Bank of America Corp DE lowered its position in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 26.8% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 794,479 shares of the company's stock after selling 290,161 shares during the quarter. Bank of America Corp DE owned about 0.26% of Freshworks worth $12,847,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Arrowstreet Capital Limited Partnership acquired a new stake in Freshworks in the 4th quarter worth about $61,530,000. Norges Bank bought a new position in shares of Freshworks during the fourth quarter worth approximately $57,527,000. Fuller & Thaler Asset Management Inc. bought a new position in shares of Freshworks during the fourth quarter worth approximately $49,946,000. Topline Capital Management LLC acquired a new stake in shares of Freshworks in the fourth quarter valued at approximately $27,166,000. Finally, Vanguard Group Inc. boosted its stake in shares of Freshworks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company's stock valued at $405,283,000 after buying an additional 1,357,526 shares during the period. Institutional investors own 75.58% of the company's stock.

Freshworks Stock Up 3.0%

Shares of NASDAQ:FRSH traded up $0.44 during trading on Tuesday, hitting $14.86. 944,856 shares of the company were exchanged, compared to its average volume of 3,289,038. Freshworks Inc. has a 1-year low of $10.81 and a 1-year high of $19.77. The company has a market capitalization of $4.38 billion, a P/E ratio of -46.42 and a beta of 0.97. The business's 50 day moving average is $14.08 and its 200-day moving average is $15.73.

Freshworks (NASDAQ:FRSH - Get Free Report) last issued its quarterly earnings data 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. Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. The business had revenue of $196.27 million for the quarter, compared to analyst estimates of $191.90 million. During the same quarter in the previous year, the company posted $0.10 EPS. Freshworks's quarterly revenue was up 18.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Freshworks Inc. will post -0.19 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have commented on FRSH. Morgan Stanley lifted their price objective on Freshworks from $14.00 to $18.00 and gave the company an "equal weight" rating in a report on Thursday, May 1st. Oppenheimer decreased their price target on Freshworks from $24.00 to $19.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 9th. 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. Wall Street Zen upgraded shares of Freshworks from a "hold" rating to a "buy" rating in a research note on Thursday, February 13th. Finally, Cantor Fitzgerald boosted their target price on shares of Freshworks from $18.00 to $22.00 and gave the company an "overweight" rating in a research report on Wednesday, February 12th. One investment 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. Based on data from MarketBeat.com, Freshworks currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.21.

Insider Activity at Freshworks

In other news, Director Zachary Nelson sold 8,433 shares of the firm's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $16.72, for a total transaction of $140,999.76. Following the completion of the transaction, the director now owns 24,187 shares of the company's stock, valued at approximately $404,406.64. This trade represents a 25.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $15.41, for a total transaction of $72,195.85. Following the completion of the sale, the director now directly owns 37,895 shares in the company, valued at approximately $583,961.95. This represents a 11.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 39,421 shares of company stock worth $603,164 in the last quarter. 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.