Squarepoint Ops LLC Sells 47,087 Shares of Freshworks Inc. (NASDAQ:FRSH)

Squarepoint Ops LLC lowered its stake in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 51.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 44,414 shares of the company's stock after selling 47,087 shares during the period. Squarepoint Ops LLC's holdings in Freshworks were worth $718,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Avion Wealth purchased a new stake in shares of Freshworks during the fourth quarter worth $26,000. Blue Trust Inc. grew its stake in Freshworks by 32.2% in the fourth quarter. Blue Trust Inc. now owns 3,918 shares of the company's stock valued at $63,000 after purchasing an additional 954 shares in the last quarter. National Bank of Canada FI increased its position in Freshworks by 1,385.8% in the 4th quarter. National Bank of Canada FI now owns 3,967 shares of the company's stock worth $64,000 after purchasing an additional 3,700 shares during the last quarter. Covestor Ltd increased its position in Freshworks by 30.2% in 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. Finally, Quarry LP raised its stake in shares of Freshworks by 47.8% during the 4th quarter. Quarry LP now owns 5,410 shares of the company's stock worth $87,000 after purchasing an additional 1,750 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company's stock.

Insider Activity at Freshworks

In other news, Director Roxanne S. Austin sold 6,303 shares of Freshworks stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $14.75, for a total transaction of $92,969.25. Following the sale, the director now directly owns 169,586 shares in the company, valued at approximately $2,501,393.50. The trade was a 3.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mika Yamamoto sold 3,574 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $14.20, for a total transaction of $50,750.80. Following the completion of the transaction, the insider now directly owns 611,604 shares of the company's stock, valued at $8,684,776.80. This trade represents a 0.58% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,483 shares of company stock worth $480,056. 11.17% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FRSH. Robert W. Baird set a $18.00 price objective on Freshworks in a report on Wednesday, February 12th. Barclays lifted their price target on shares of Freshworks from $14.00 to $20.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 12th. Scotiabank boosted their price objective on shares of Freshworks from $14.00 to $18.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 30th. UBS Group lowered 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. Finally, Jefferies Financial Group dropped their target price on shares of Freshworks from $22.00 to $20.00 and set a "hold" rating on the stock in a report on Monday, March 31st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $20.07.

Freshworks Stock Performance

Shares of FRSH traded down $0.06 during trading hours on Wednesday, reaching $15.53. 1,692,254 shares of the company traded hands, compared to its average volume of 3,268,674. The stock's fifty day moving average is $14.01 and its 200 day moving average is $15.69. Freshworks Inc. has a 1-year low of $10.81 and a 1-year high of $19.77. The stock has a market cap of $4.58 billion, a P/E ratio of -48.53 and a beta of 0.97.

Freshworks (NASDAQ:FRSH - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.13 by $0.05. Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. The firm had revenue of $196.27 million during the quarter, compared to analysts' expectations of $191.90 million. During the same quarter in the prior year, the firm posted $0.10 EPS. The company's revenue for the quarter was up 18.9% on a year-over-year basis. On average, equities research analysts predict that Freshworks Inc. will post -0.19 EPS for the current year.

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.