Jefferies Financial Group Inc. trimmed its position in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 65.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 46,443 shares of the company's stock after selling 86,167 shares during the period. Jefferies Financial Group Inc.'s holdings in Freshworks were worth $655,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Sei Investments Co. lifted its position in shares of Freshworks by 191.4% in the fourth quarter. Sei Investments Co. now owns 46,469 shares of the company's stock worth $751,000 after purchasing an additional 30,524 shares in the last quarter. LPL Financial LLC purchased a new stake in Freshworks in the 4th quarter worth approximately $703,000. Pictet Asset Management Holding SA boosted its stake in shares of Freshworks by 18.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 25,742 shares of the company's stock valued at $416,000 after buying an additional 4,020 shares during the period. National Bank of Canada FI grew its holdings in shares of Freshworks by 1,385.8% during the 4th quarter. National Bank of Canada FI now owns 3,967 shares of the company's stock valued at $64,000 after acquiring an additional 3,700 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Freshworks by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 4,673,600 shares of the company's stock valued at $75,588,000 after acquiring an additional 79,388 shares in the last quarter. 75.58% of the stock is owned by institutional investors and hedge funds.
Freshworks Trading Down 1.0%
FRSH traded down $0.14 during midday trading on Wednesday, reaching $13.32. The company's stock had a trading volume of 4,849,836 shares, compared to its average volume of 5,986,392. The company has a fifty day simple moving average of $14.70 and a 200 day simple moving average of $15.21. The stock has a market cap of $3.93 billion, a P/E ratio of -74.00 and a beta of 0.94. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $19.77.
Freshworks (NASDAQ:FRSH - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $198.85 million. During the same quarter last year, the company posted $0.08 earnings per share. Freshworks's quarterly revenue was up 19.6% on a year-over-year basis. Sell-side analysts expect that Freshworks Inc. will post -0.19 earnings per share for the current year.
Wall Street Analyst Weigh In
Several analysts recently issued reports on the company. Oppenheimer cut their price objective on Freshworks from $24.00 to $19.00 and set an "outperform" rating for the company in a report on Wednesday, April 9th. Wall Street Zen raised Freshworks from a "buy" rating to a "strong-buy" rating in a research note on Sunday, June 29th. Piper Sandler lifted their price target on Freshworks from $22.00 to $25.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. JMP Securities restated a "market outperform" rating and issued a $27.00 price objective on shares of Freshworks in a report on Wednesday, April 30th. Finally, Wells Fargo & Company lifted their target price on shares of Freshworks from $11.00 to $12.00 and gave the company an "underweight" rating in a research note on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.29.
Read Our Latest Stock Analysis on Freshworks
Insider Buying and Selling
In other news, Director Barry L. Padgett sold 7,558 shares of the stock in a transaction 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 completion of the transaction, the director owned 32,635 shares in the company, valued at approximately $494,093.90. This represents a 18.80% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $14.27, for a total transaction of $66,854.95. Following the sale, the director owned 44,218 shares in the company, valued at approximately $630,990.86. This trade represents a 9.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 206,789 shares of company stock worth $3,207,515. 11.17% of the stock is currently owned by corporate insiders.
About Freshworks
(
Free Report)
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.
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