Edgestream Partners L.P. Lowers Holdings in Freshworks Inc. (NASDAQ:FRSH)

Edgestream Partners L.P. reduced its holdings in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 70.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 43,554 shares of the company's stock after selling 101,663 shares during the quarter. Edgestream Partners L.P.'s holdings in Freshworks were worth $615,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Principal Financial Group Inc. raised its holdings in Freshworks by 2,786.7% during the 1st quarter. Principal Financial Group Inc. now owns 512,875 shares of the company's stock worth $7,237,000 after purchasing an additional 495,108 shares during the last quarter. Deutsche Bank AG boosted its stake in Freshworks by 15.8% during the fourth quarter. Deutsche Bank AG now owns 513,810 shares of the company's stock worth $8,308,000 after acquiring an additional 70,001 shares in the last quarter. ProShare Advisors LLC boosted its stake in Freshworks by 48.9% during the fourth quarter. ProShare Advisors LLC now owns 58,200 shares of the company's stock worth $941,000 after acquiring an additional 19,125 shares in the last quarter. WCM Investment Management LLC bought a new position in Freshworks during the first quarter worth $13,426,000. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in Freshworks by 128.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 26,878 shares of the company's stock worth $379,000 after acquiring an additional 15,092 shares in the last quarter. Institutional investors own 75.58% of the company's stock.

Insider Buying and Selling

In related news, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $14.80, for a total value of $124,808.40. Following the completion of the sale, the director owned 38,870 shares of the company's stock, valued at approximately $575,276. This trade represents a 17.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Barry L. Padgett sold 7,558 shares of Freshworks stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $15.14, for a total value of $114,428.12. Following the completion of the sale, the director directly owned 32,635 shares of the company's stock, valued at approximately $494,093.90. This trade represents a 18.80% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 206,075 shares of company stock worth $3,219,261 in the last quarter. 11.17% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on FRSH shares. UBS Group cut their target price on shares of Freshworks from $22.00 to $19.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Wall Street Zen raised shares of Freshworks from a "buy" rating to a "strong-buy" rating in a research note on Sunday, June 29th. JMP Securities reissued a "market outperform" rating and set a $27.00 target price on shares of Freshworks in a research note on Wednesday, April 30th. Cantor Fitzgerald upgraded shares of Freshworks to an "overweight" rating and set a $20.00 price objective on the stock in a report on Tuesday, June 3rd. Finally, Piper Sandler reiterated an "overweight" rating and set a $22.00 price objective (up from $20.00) on shares of Freshworks in a report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $20.07.

Freshworks Price Performance

Shares of Freshworks stock traded up $0.15 during trading hours on Monday, hitting $14.77. 3,252,429 shares of the company's stock traded hands, compared to its average volume of 3,408,569. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $19.77. The stock has a market capitalization of $4.36 billion, a price-to-earnings ratio of -61.54 and a beta of 0.95. The company has a fifty day simple moving average of $15.03 and a 200-day simple moving average of $15.43.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its 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 firm had revenue of $196.27 million during the quarter, compared to analyst estimates of $191.90 million. During the same period last year, the firm posted $0.10 EPS. The business's revenue was up 18.9% compared to the same quarter last year. On average, analysts forecast that Freshworks Inc. will post -0.19 EPS for the current fiscal 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.