Numerai GP LLC Sells 318,921 Shares of Freshworks Inc. (NASDAQ:FRSH)

Numerai GP LLC trimmed its stake in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 95.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,151 shares of the company's stock after selling 318,921 shares during the quarter. Numerai GP LLC's holdings in Freshworks were worth $229,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Barclays PLC boosted its stake in Freshworks by 33.4% in the 3rd quarter. Barclays PLC now owns 337,621 shares of the company's stock valued at $3,875,000 after purchasing an additional 84,568 shares during the period. Nisa Investment Advisors LLC boosted its stake in Freshworks by 102.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company's stock valued at $71,000 after purchasing an additional 2,223 shares during the period. Blue Trust Inc. boosted its stake in shares of Freshworks by 32.2% in the fourth quarter. Blue Trust Inc. now owns 3,918 shares of the company's stock valued at $63,000 after buying an additional 954 shares during the period. KBC Group NV boosted its stake in shares of Freshworks by 59.1% in the fourth quarter. KBC Group NV now owns 7,604 shares of the company's stock valued at $123,000 after buying an additional 2,824 shares during the period. Finally, Smith Group Asset Management LLC bought a new stake in shares of Freshworks in the fourth quarter valued at approximately $589,000. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on FRSH. UBS Group cut their price target on Freshworks from $22.00 to $19.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Piper Sandler restated an "overweight" rating and set a $22.00 target price (up from $20.00) on shares of Freshworks in a research note on Wednesday, April 30th. JMP Securities reiterated a "market outperform" rating and set a $27.00 price target on shares of Freshworks in a report on Wednesday, April 30th. Cantor Fitzgerald upped their price target on shares of Freshworks from $18.00 to $22.00 and gave the stock an "overweight" rating in a report on Wednesday, February 12th. Finally, StockNews.com upgraded shares of Freshworks from a "hold" rating to a "buy" rating in a report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $20.21.

Insider Activity at Freshworks

In related news, insider Mika Yamamoto sold 3,574 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $14.20, for a total value of $50,750.80. Following the transaction, the insider now owns 611,604 shares in the company, valued at approximately $8,684,776.80. This represents a 0.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Zachary Nelson sold 8,433 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The shares were 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 owns 24,890 shares in the company, valued at approximately $365,634.10. The trade was a 25.31% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 40,871 shares of company stock worth $629,278. Insiders own 19.15% of the company's stock.

Freshworks Trading Down 0.7%

NASDAQ FRSH traded down $0.11 during trading hours on Tuesday, hitting $14.74. The company's stock had a trading volume of 2,914,290 shares, compared to its average volume of 3,280,044. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $19.77. The company has a market capitalization of $4.35 billion, a PE ratio of -46.06 and a beta of 0.97. The company's 50-day simple moving average is $14.12 and its two-hundred day simple moving average is $15.72.

Freshworks (NASDAQ:FRSH - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $0.18 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $196.27 million for the quarter, compared to analysts' expectations of $191.90 million. During the same quarter last year, the firm earned $0.10 EPS. The company's quarterly revenue was up 18.9% compared to the same quarter last year. Research analysts anticipate that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Freshworks Company 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.