Freshworks Inc. (NASDAQ:FRSH) Shares Sold by Invenomic Capital Management LP

Invenomic Capital Management LP trimmed its position in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 13.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 396,278 shares of the company's stock after selling 61,894 shares during the period. Invenomic Capital Management LP owned about 0.13% of Freshworks worth $6,408,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Freshworks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company's stock valued at $405,283,000 after buying an additional 1,357,526 shares during the period. Eminence Capital LP purchased a new position in shares of Freshworks during the 4th quarter worth $86,002,000. Geode Capital Management LLC grew its position 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 during the period. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Freshworks in the 4th quarter worth $61,530,000. Finally, Norges Bank bought a new position in Freshworks in the 4th quarter worth $57,527,000. 75.58% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the company. Scotiabank upped their price target on Freshworks from $14.00 to $18.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 30th. Jefferies Financial Group lowered their price target 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. Morgan Stanley raised their price objective on shares of Freshworks from $14.00 to $18.00 and gave the company an "equal weight" rating in a research report on Thursday, May 1st. Robert W. Baird set a $18.00 price target on Freshworks in a report on Wednesday, February 12th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $25.00 target price on shares of Freshworks in a report on Monday, March 17th. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, Freshworks currently has a consensus rating of "Moderate Buy" and an average price target of $20.21.

Insider Activity at Freshworks

In related news, Director Zachary Nelson sold 8,433 shares of the firm's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $16.72, for a total transaction of $140,999.76. Following the sale, the director now owns 24,187 shares of the company's stock, valued at $404,406.64. This trade represents a 25.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Johanna Flower sold 1,450 shares of the business's stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $18.01, for a total transaction of $26,114.50. Following the completion of the transaction, the director now owns 41,491 shares of the company's stock, valued at $747,252.91. This represents a 3.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 40,871 shares of company stock valued at $629,278 over the last ninety days. 19.15% of the stock is owned by company insiders.

Freshworks Trading Down 1.5%

Shares of Freshworks stock traded down $0.24 during trading on Wednesday, hitting $15.74. 2,004,050 shares of the stock traded hands, compared to its average volume of 3,281,817. The stock's fifty day simple moving average is $14.10 and its 200 day simple moving average is $15.59. The firm has a market cap of $4.64 billion, a P/E ratio of -49.19 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 posted its earnings results on Tuesday, April 29th. The company reported $0.18 EPS for the quarter, beating analysts' consensus estimates of $0.13 by $0.05. Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. The business had revenue of $196.27 million for the quarter, compared to the consensus estimate of $191.90 million. During the same quarter last year, the firm posted $0.10 EPS. The company's revenue for the quarter was up 18.9% on a year-over-year basis. As a group, equities analysts expect that Freshworks Inc. will post -0.19 EPS for the current 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.