AlpInvest Partners B.V. Sells 43,530 Shares of Freshworks Inc. (NASDAQ:FRSH)

Key Points

• AlpInvest Partners B.V. significantly reduced its stake in Freshworks Inc. by 60.0%, owning 28,985 shares after selling 43,530 shares during the first quarter, which now constitutes 0.6% of its portfolio.
• Director Zachary Nelson sold 8,432 shares of Freshworks stock valued at approximately $109,700, leading to a 17.83% decrease in his ownership of the stock.
• Freshworks reported a 19.6% increase in quarterly revenue to $204.68 million, with earnings per share at $0.18, beating the consensus estimate by $0.06.

AlpInvest Partners B.V. trimmed its position in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 60.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,985 shares of the company's stock after selling 43,530 shares during the quarter. Freshworks accounts for 0.6% of AlpInvest Partners B.V.'s holdings, making the stock its 9th largest holding. AlpInvest Partners B.V.'s holdings in Freshworks were worth $409,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Xponance Inc. lifted its stake in shares of Freshworks by 5.1% during the 1st quarter. Xponance Inc. now owns 15,605 shares of the company's stock worth $220,000 after purchasing an additional 758 shares during the last quarter. Covestor Ltd lifted its stake in shares of Freshworks by 30.2% during the 4th quarter. Covestor Ltd now owns 4,686 shares of the company's stock worth $76,000 after purchasing an additional 1,087 shares during the last quarter. Legato Capital Management LLC lifted its stake in shares of Freshworks by 4.0% during the 1st quarter. Legato Capital Management LLC now owns 33,080 shares of the company's stock worth $467,000 after purchasing an additional 1,260 shares during the last quarter. BluePointe Capital Management LLC raised its stake in Freshworks by 12.5% in the first quarter. BluePointe Capital Management LLC now owns 12,495 shares of the company's stock valued at $176,000 after buying an additional 1,393 shares during the last quarter. Finally, Arizona State Retirement System raised its stake in Freshworks by 3.3% in the first quarter. Arizona State Retirement System now owns 53,432 shares of the company's stock valued at $754,000 after buying an additional 1,728 shares during the last quarter. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FRSH has been the subject of a number of research analyst reports. Piper Sandler increased their price target on Freshworks from $22.00 to $25.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. UBS Group decreased their price target on Freshworks from $22.00 to $19.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Wells Fargo & Company increased their price target on Freshworks from $11.00 to $12.00 and gave the company an "underweight" rating in a research note on Wednesday, April 30th. Wall Street Zen raised Freshworks from a "buy" rating to a "strong-buy" rating in a report on Sunday, June 29th. Finally, Cantor Fitzgerald raised Freshworks to an "overweight" rating and set a $20.00 price objective on the stock in a report on Tuesday, June 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $20.29.

Freshworks Stock Performance

Freshworks stock traded down $0.32 during midday trading on Friday, hitting $12.63. 4,463,608 shares of the company were exchanged, compared to its average volume of 6,183,371. The firm has a market capitalization of $3.68 billion, a PE ratio of -70.16 and a beta of 0.94. Freshworks Inc. has a fifty-two week low of $10.81 and a fifty-two week high of $19.77. The business has a fifty day simple moving average of $14.60 and a two-hundred day simple moving average of $15.15.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.06. The business had revenue of $204.68 million during the quarter, compared to the consensus estimate of $198.85 million. Freshworks had a negative return on equity of 2.56% and a negative net margin of 7.02%. The business's quarterly revenue was up 19.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.08 EPS. As a group, equities analysts expect that Freshworks Inc. will post -0.19 earnings per share for the current year.

Insider Buying and Selling

In other Freshworks news, Director Barry L. Padgett sold 7,558 shares of the company's stock in a transaction on 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 in the company, valued at $494,093.90. This represents a 18.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jennifer H. Taylor sold 7,558 shares of the company's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $15.13, for a total value of $114,352.54. Following the completion of the sale, the director owned 44,218 shares of the company's stock, valued at approximately $669,018.34. The trade was a 14.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 200,486 shares of company stock worth $3,114,545 in the last ninety days. Company insiders own 11.17% of the company's stock.

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.