WFM ASIA BVI Ltd Has $9.88 Million Holdings in Freshworks Inc. (NASDAQ:FRSH)

Key Points

• WFM ASIA BVI Ltd has significantly reduced its stake in Freshworks Inc. by 90.5%, selling over 6.6 million shares in the first quarter, leaving it with 700,000 shares valued at approximately $9.9 million.
• Analyst ratings for Freshworks have varied, with Piper Sandler raising its target price to $25.00, while UBS Group lowered it to $19.00, reflecting differing sentiments about the company's performance.
• Freshworks reported a revenue increase of 19.6% year-over-year, with Q2 earnings exceeding expectations at $0.18 EPS against an estimated $0.12 EPS.

WFM ASIA BVI Ltd lowered its holdings in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 90.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 700,000 shares of the company's stock after selling 6,668,297 shares during the period. Freshworks accounts for 1.1% of WFM ASIA BVI Ltd's investment portfolio, making the stock its 7th biggest position. WFM ASIA BVI Ltd owned about 0.24% of Freshworks worth $9,877,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. LPL Financial LLC acquired a new stake in Freshworks during the fourth quarter valued at approximately $703,000. Wells Fargo & Company MN boosted its position in Freshworks by 27.3% during the 4th quarter. Wells Fargo & Company MN now owns 146,276 shares of the company's stock worth $2,365,000 after acquiring an additional 31,405 shares during the period. Envestnet Asset Management Inc. boosted its position in Freshworks by 9.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 22,439 shares of the company's stock worth $363,000 after acquiring an additional 2,019 shares during the period. Russell Investments Group Ltd. acquired a new position in Freshworks during the 4th quarter worth $220,000. Finally, Invesco Ltd. boosted its position in Freshworks by 17.6% during the 4th quarter. Invesco Ltd. now owns 150,183 shares of the company's stock worth $2,428,000 after acquiring an additional 22,523 shares during the period. Hedge funds and other institutional investors own 75.58% of the company's stock.

Insider Activity at Freshworks

In other news, Director Johanna Flower sold 8,000 shares of the company's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $14.80, for a total transaction of $118,400.00. Following the completion of the sale, the director owned 48,094 shares in the company, valued at approximately $711,791.20. This represents a 14.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Zachary Nelson sold 8,432 shares of the company's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $13.01, for a total value of $109,700.32. Following the sale, the director owned 38,870 shares of the company's stock, valued at approximately $505,698.70. This trade represents a 17.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 200,491 shares of company stock worth $3,101,115 in the last 90 days. Insiders own 11.17% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on FRSH shares. Wells Fargo & Company boosted their price target on Freshworks from $11.00 to $12.00 and gave the stock an "underweight" rating in a research report on Wednesday, April 30th. Wall Street Zen upgraded Freshworks from a "buy" rating to a "strong-buy" rating in a report on Sunday, June 29th. Scotiabank upped their target price on Freshworks from $14.00 to $18.00 and gave the company a "sector perform" rating in a report on Wednesday, April 30th. UBS Group dropped their price target on Freshworks from $22.00 to $19.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Finally, Cantor Fitzgerald raised Freshworks to an "overweight" rating and set a $20.00 price target on the stock in a research report on Tuesday, June 3rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Freshworks has a consensus rating of "Moderate Buy" and an average target price of $20.29.

Freshworks Stock Performance

Shares of FRSH traded up $0.12 during trading hours on Friday, hitting $13.08. 4,378,284 shares of the company were exchanged, compared to its average volume of 6,093,281. The company has a market cap of $3.81 billion, a PE ratio of -72.66 and a beta of 0.94. The firm's 50 day moving average is $14.34 and its 200-day moving average is $14.96. 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 released its quarterly earnings results 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. The company 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 firm's revenue was up 19.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.08 EPS. As a group, equities analysts forecast that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

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.