Voya Investment Management LLC Sells 487,869 Shares of Freshworks Inc. $FRSH

Key Points

• Voya Investment Management LLC significantly reduced its stake in Freshworks Inc. by 89.7%, selling 487,869 shares and leaving them with 55,735 shares valued at approximately $786,000.
• Freshworks recently reported earnings that exceeded estimates, with $0.18 EPS for the quarter against a consensus estimate of $0.12, and a revenue increase of 19.6% year-over-year.
• Freshworks' stock has been given varied ratings from analysts, with an average price target of $20.00 and a consensus rating of "Moderate Buy."

Voya Investment Management LLC reduced its stake in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 89.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 55,735 shares of the company's stock after selling 487,869 shares during the quarter. Voya Investment Management LLC's holdings in Freshworks were worth $786,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its position in Freshworks by 18.1% in the 1st quarter. Rhumbline Advisers now owns 325,704 shares of the company's stock valued at $4,596,000 after buying an additional 49,873 shares during the period. Strs Ohio bought a new stake in shares of Freshworks during the first quarter valued at approximately $830,000. Diker Management LLC raised its stake in shares of Freshworks by 4.3% during the first quarter. Diker Management LLC now owns 120,526 shares of the company's stock valued at $1,701,000 after acquiring an additional 5,000 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Freshworks in the first quarter valued at approximately $2,734,000. Finally, Intech Investment Management LLC grew its stake in Freshworks by 40.9% in the first quarter. Intech Investment Management LLC now owns 154,170 shares of the company's stock worth $2,175,000 after purchasing an additional 44,761 shares in the last quarter. Hedge funds and other institutional investors own 75.58% of the company's stock.

Freshworks Trading Down 0.5%

NASDAQ FRSH opened at $12.77 on Thursday. The firm's fifty day simple moving average is $13.30 and its two-hundred day simple moving average is $14.10. The firm has a market capitalization of $3.72 billion, a P/E ratio of -70.94 and a beta of 0.94. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $19.77.

Freshworks (NASDAQ:FRSH - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.12 by $0.06. Freshworks had a negative return on equity of 2.56% and a negative net margin of 7.02%.The firm had revenue of $204.68 million during the quarter, compared to analyst estimates of $198.85 million. During the same quarter in the prior year, the business posted $0.08 EPS. The business's revenue for the quarter was up 19.6% compared to the same quarter last year. Freshworks has set its FY 2025 guidance at 0.560-0.580 EPS. Q3 2025 guidance at 0.120-0.140 EPS. As a group, sell-side analysts predict that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Freshworks news, insider Mika Yamamoto sold 4,289 shares of the firm's 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 completion of the sale, the insider owned 533,993 shares of the company's stock, valued at approximately $7,038,027.74. This trade represents a 0.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of the business's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $12.96, for a total value of $60,717.60. Following the sale, the director owned 44,218 shares in the company, valued at $573,065.28. The trade was a 9.58% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 81,771 shares of company stock valued at $1,139,991 in the last 90 days. 11.17% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Piper Sandler lifted their target price on Freshworks from $22.00 to $25.00 and gave the company an "overweight" rating in a research 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 Friday, September 12th. Cantor Fitzgerald upgraded shares of Freshworks to an "overweight" rating and set a $20.00 target price on the stock in a report on Tuesday, June 3rd. Robert W. Baird cut their target price on shares of Freshworks from $18.00 to $16.00 and set a "neutral" rating on the stock in a research report on Monday, September 15th. Finally, Wall Street Zen cut shares of Freshworks from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 23rd. Eight investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $20.00.

About Freshworks

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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