Dalton Investments Inc. Has $1.70 Million Holdings in Freshworks Inc. (NASDAQ:FRSH)

Key Points

• Dalton Investments Inc. reduced its stake in Freshworks Inc. by 17.5%, selling 25,500 shares during the first quarter, leaving it with 120,292 shares valued at approximately $1.7 million.
• Several institutional investors have increased or started new positions in Freshworks, with institutional ownership rising to 75.58% of the company's stock.
• Analysts have varied ratings on Freshworks, with a consensus rating of Moderate Buy and a consensus price target of $20.29, indicating potential for growth despite recent fluctuations in stock price.

Dalton Investments Inc. cut its position in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 17.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 120,292 shares of the company's stock after selling 25,500 shares during the quarter. Freshworks accounts for 0.9% of Dalton Investments Inc.'s portfolio, making the stock its 14th largest position. Dalton Investments Inc.'s holdings in Freshworks were worth $1,697,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Principal Financial Group Inc. raised its position in Freshworks by 2,786.7% during the first quarter. Principal Financial Group Inc. now owns 512,875 shares of the company's stock valued at $7,237,000 after buying an additional 495,108 shares during the period. Deutsche Bank AG raised its position in Freshworks by 15.8% during the fourth quarter. Deutsche Bank AG now owns 513,810 shares of the company's stock valued at $8,308,000 after buying an additional 70,001 shares during the period. Pier 88 Investment Partners LLC acquired a new position in Freshworks during the first quarter valued at $675,000. WCM Investment Management LLC acquired a new position in Freshworks during the first quarter valued at $13,426,000. Finally, New York State Common Retirement Fund boosted its position in Freshworks by 75.8% during the first quarter. New York State Common Retirement Fund now owns 489,511 shares of the company's stock valued at $6,907,000 after purchasing an additional 211,102 shares during the last quarter. 75.58% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Cantor Fitzgerald raised Freshworks to an "overweight" rating and set a $20.00 price objective for the company in a research report on Tuesday, June 3rd. UBS Group lowered their price target on Freshworks from $22.00 to $19.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. JMP Securities restated a "market outperform" rating and set a $27.00 price target on shares of Freshworks in a research note on Wednesday, April 30th. 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. Finally, Wells Fargo & Company boosted their target price on Freshworks from $11.00 to $12.00 and gave the stock an "underweight" rating in a report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Freshworks presently has a consensus rating of "Moderate Buy" and an average price target of $20.29.

Freshworks Price Performance

Shares of Freshworks stock traded up $0.30 on Friday, hitting $13.26. 1,895,106 shares of the company's stock traded hands, compared to its average volume of 3,741,717. The firm's 50-day moving average price is $14.39 and its two-hundred day moving average price is $15.00. The stock has a market capitalization of $3.86 billion, a PE ratio of -73.63 and a beta of 0.94. Freshworks Inc. has a one year low of $10.81 and a one year high of $19.77.

Freshworks (NASDAQ:FRSH - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The company reported $0.18 EPS for the quarter, beating analysts' consensus estimates of $0.12 by $0.06. Freshworks had a negative net margin of 7.02% and a negative return on equity of 2.56%. The business had revenue of $204.68 million during the quarter, compared to analysts' expectations of $198.85 million. During the same quarter in the prior year, the company earned $0.08 EPS. The firm's quarterly revenue was up 19.6% on a year-over-year basis. On average, analysts forecast that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Barry L. Padgett sold 7,558 shares of Freshworks stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $15.14, for a total value of $114,428.12. Following the transaction, the director directly owned 32,635 shares of the company's stock, valued at $494,093.90. This trade represents a 18.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jennifer H. Taylor sold 7,558 shares of Freshworks stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $15.13, for a total transaction of $114,352.54. Following the completion of the transaction, the director directly owned 44,218 shares in the company, valued at $669,018.34. This trade represents a 14.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 200,491 shares of company stock valued at $3,101,115 over the last three months. 11.17% of the stock is owned by corporate 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.