Freshworks Inc. $FRSH Stake Trimmed by Walleye Capital LLC

Key Points

• Walleye Capital LLC significantly reduced its stake in Freshworks Inc. by 89.5% in the 1st quarter, leaving it with 10,084 shares valued at $142,000.
• Freshworks has attracted interest from several institutional investors, including Northern Trust Corp, which increased its stake by 10.5%, and Comerica Bank, which skyrocketed its stake by 8,787.0% during the last quarter.
• Analysts have mixed ratings for Freshworks, with a consensus rating of "Moderate Buy" and an average target price of $20.29, though Piper Sandler recently raised its target price to $25.00.

Walleye Capital LLC cut its stake in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 89.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,084 shares of the company's stock after selling 86,039 shares during the period. Walleye Capital LLC's holdings in Freshworks were worth $142,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in FRSH. Northern Trust Corp increased its position in Freshworks by 10.5% in the fourth quarter. Northern Trust Corp now owns 2,039,458 shares of the company's stock worth $32,978,000 after buying an additional 193,322 shares during the period. Comerica Bank increased its position in Freshworks by 8,787.0% in the fourth quarter. Comerica Bank now owns 84,338 shares of the company's stock worth $1,364,000 after buying an additional 83,389 shares during the period. Ameriprise Financial Inc. increased its position in Freshworks by 34.9% in the fourth quarter. Ameriprise Financial Inc. now owns 369,370 shares of the company's stock worth $5,973,000 after buying an additional 95,463 shares during the period. BNP Paribas Financial Markets acquired a new stake in Freshworks in the fourth quarter worth $3,875,000. Finally, Cary Street Partners Financial LLC acquired a new stake in Freshworks in the fourth quarter worth $233,000. 75.58% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FRSH has been the topic of a number of research analyst reports. Wall Street Zen lowered Freshworks from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 23rd. Cantor Fitzgerald upgraded shares of Freshworks to an "overweight" rating and set a $20.00 price objective on the stock in a research note on Tuesday, June 3rd. Finally, Piper Sandler lifted their price objective on shares of Freshworks from $22.00 to $25.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Eight investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $20.29.

Insider Activity

In related news, 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 transaction of $114,428.12. Following the transaction, the director directly owned 32,635 shares of the company's stock, valued at $494,093.90. The trade was a 18.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mika Yamamoto sold 4,289 shares of Freshworks stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $13.18, for a total value of $56,529.02. Following the transaction, the insider directly owned 533,993 shares in the company, valued at approximately $7,038,027.74. The trade was a 0.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 79,181 shares of company stock valued at $1,107,538 over the last quarter. Insiders own 11.17% of the company's stock.

Freshworks Trading Down 0.7%

NASDAQ:FRSH traded down $0.09 during mid-day trading on Thursday, reaching $12.91. 9,947,406 shares of the stock were exchanged, compared to its average volume of 3,568,871. The business has a fifty day moving average price of $13.63 and a 200 day moving average price of $14.34. The firm has a market capitalization of $3.76 billion, a PE ratio of -71.72 and a beta of 0.94. Freshworks Inc. has a 1-year low of $10.81 and a 1-year high of $19.77.

Freshworks (NASDAQ:FRSH - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.12 by $0.06. The firm had revenue of $204.68 million for the quarter, compared to analyst estimates of $198.85 million. Freshworks had a negative return on equity of 2.56% and a negative net margin of 7.02%.Freshworks's revenue was up 19.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.08 earnings per share. Freshworks has set its FY 2025 guidance at 0.560-0.580 EPS. Q3 2025 guidance at 0.120-0.140 EPS. On average, sell-side analysts forecast that Freshworks Inc. will post -0.19 earnings per share for the current year.

Freshworks 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.