Bank of New York Mellon Corp Sells 163,028 Shares of Freshworks Inc. (NASDAQ:FRSH)

Bank of New York Mellon Corp cut its position in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 14.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 996,035 shares of the company's stock after selling 163,028 shares during the quarter. Bank of New York Mellon Corp owned 0.33% of Freshworks worth $14,054,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Principal Financial Group Inc. grew its stake in Freshworks by 2,786.7% in the first quarter. Principal Financial Group Inc. now owns 512,875 shares of the company's stock valued at $7,237,000 after purchasing an additional 495,108 shares in the last quarter. WCM Investment Management LLC bought a new position in Freshworks in the first quarter valued at approximately $13,426,000. Lisanti Capital Growth LLC grew its stake in Freshworks by 65.6% in the first quarter. Lisanti Capital Growth LLC now owns 234,500 shares of the company's stock valued at $3,309,000 after purchasing an additional 92,900 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Freshworks by 54.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 19,566 shares of the company's stock valued at $276,000 after purchasing an additional 6,862 shares in the last quarter. Finally, Diversified Trust Co bought a new position in Freshworks in the first quarter valued at approximately $615,000. 75.58% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Wall Street Zen upgraded Freshworks from a "buy" rating to a "strong-buy" rating in a research note on Sunday, June 29th. JMP Securities reaffirmed a "market outperform" rating and issued a $27.00 price objective on shares of Freshworks in a research report on Wednesday, April 30th. Piper Sandler reaffirmed an "overweight" rating and issued a $22.00 price objective (up from $20.00) on shares of Freshworks in a research report on Wednesday, April 30th. Jefferies Financial Group cut their price objective on Freshworks from $22.00 to $20.00 and set a "hold" rating for the company in a research report on Monday, March 31st. Finally, Wells Fargo & Company raised their price objective on Freshworks from $11.00 to $12.00 and gave the company an "underweight" rating in a research report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Freshworks has an average rating of "Moderate Buy" and an average price target of $20.07.

Insider Buying and Selling

In other news, Director Jennifer H. Taylor sold 7,558 shares of Freshworks stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $15.13, for a total value of $114,352.54. Following the transaction, the director owned 44,218 shares in the company, valued at approximately $669,018.34. This trade represents a 14.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Rathnagirish Mathrubootham sold 70,997 shares of Freshworks stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $16.01, for a total value of $1,136,661.97. Following the completion of the transaction, the chairman owned 724,515 shares in the company, valued at approximately $11,599,485.15. The trade was a 8.92% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 206,075 shares of company stock worth $3,219,261. 11.17% of the stock is owned by company insiders.

Freshworks Trading Up 1.3%

NASDAQ FRSH traded up $0.20 during midday trading on Tuesday, hitting $14.97. The company had a trading volume of 1,512,950 shares, compared to its average volume of 3,401,270. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $19.77. The firm has a 50-day moving average price of $15.03 and a 200-day moving average price of $15.43. The company has a market capitalization of $4.42 billion, a PE ratio of -62.28 and a beta of 0.95.

Freshworks (NASDAQ:FRSH - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.05. Freshworks had a negative return on equity of 4.41% and a negative net margin of 9.76%. The company had revenue of $196.27 million for the quarter, compared to analyst estimates of $191.90 million. During the same quarter last year, the company posted $0.10 EPS. The company's revenue for the quarter was up 18.9% compared to the same quarter last year. On average, equities analysts anticipate that Freshworks Inc. will post -0.19 EPS for the current year.

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.