Voloridge Investment Management LLC Trims Stock Position in Freshworks Inc. (NASDAQ:FRSH)

Voloridge Investment Management LLC cut its stake in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 81.6% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 268,119 shares of the company's stock after selling 1,190,129 shares during the period. Voloridge Investment Management LLC owned about 0.09% of Freshworks worth $4,335,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Blue Trust Inc. raised its holdings in Freshworks by 32.2% in the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company's stock valued at $63,000 after acquiring an additional 954 shares during the last quarter. Versor Investments LP grew its holdings in Freshworks by 3.0% in the 4th quarter. Versor Investments LP now owns 34,400 shares of the company's stock valued at $556,000 after buying an additional 1,000 shares in the last quarter. Covestor Ltd increased its stake in shares of Freshworks by 30.2% in the 4th quarter. Covestor Ltd now owns 4,686 shares of the company's stock worth $76,000 after acquiring an additional 1,087 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Freshworks by 2.2% during the 4th quarter. Arizona State Retirement System now owns 51,704 shares of the company's stock worth $836,000 after acquiring an additional 1,103 shares during the period. Finally, Xponance Inc. boosted its position in shares of Freshworks by 10.2% during the 4th quarter. Xponance Inc. now owns 14,847 shares of the company's stock valued at $240,000 after acquiring an additional 1,369 shares during the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on FRSH shares. Piper Sandler reiterated an "overweight" rating and issued a $22.00 target price (up from $20.00) on shares of Freshworks in a report on Wednesday, April 30th. Barclays upped their price objective on Freshworks from $14.00 to $20.00 and gave the company an "equal weight" rating in a report on Wednesday, February 12th. Wall Street Zen raised Freshworks from a "hold" rating to a "buy" rating in a research note on Thursday, February 13th. Oppenheimer reduced their price target on shares of Freshworks from $24.00 to $19.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 9th. Finally, Jefferies Financial Group lowered their price objective on shares of Freshworks from $22.00 to $20.00 and set a "hold" rating for the company in a research report on Monday, March 31st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $20.21.

Freshworks Trading Up 1.9%

NASDAQ:FRSH traded up $0.28 during trading hours on Friday, hitting $15.27. The company's stock had a trading volume of 3,555,376 shares, compared to its average volume of 3,288,107. The stock has a fifty day moving average of $14.04 and a 200-day moving average of $15.71. The stock has a market capitalization of $4.50 billion, a P/E ratio of -47.72 and a beta of 0.97. Freshworks Inc. has a 52-week low of $10.81 and a 52-week high of $19.77.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share for the quarter, beating analysts' consensus estimates of $0.13 by $0.05. The firm had revenue of $196.27 million during the quarter, compared to analysts' expectations of $191.90 million. Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. Freshworks's quarterly revenue was up 18.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.10 earnings per share. On average, sell-side analysts forecast that Freshworks Inc. will post -0.19 earnings per share for the current year.

Insider Transactions at Freshworks

In related news, Director Zachary Nelson sold 8,433 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $14.69, for a total value of $123,880.77. Following the completion of the transaction, the director now directly owns 24,890 shares of the company's stock, valued at $365,634.10. This trade represents a 25.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mika Yamamoto sold 2,859 shares of the business's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $16.74, for a total value of $47,859.66. Following the sale, the insider now owns 615,893 shares in the company, valued at approximately $10,310,048.82. The trade was a 0.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 39,421 shares of company stock worth $603,164 over the last ninety days. 11.17% of the stock is currently owned by company insiders.

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.