Healthcare of Ontario Pension Plan Trust Fund Cuts Position in Freshworks Inc. (NASDAQ:FRSH)

Healthcare of Ontario Pension Plan Trust Fund trimmed its position in shares of Freshworks Inc. (NASDAQ:FRSH) by 28.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 246,000 shares of the company’s stock after selling 100,000 shares during the period. Healthcare of Ontario Pension Plan Trust Fund owned about 0.08% of Freshworks worth $5,779,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in FRSH. Victory Capital Management Inc. increased its stake in shares of Freshworks by 12.1% during the third quarter. Victory Capital Management Inc. now owns 16,215 shares of the company’s stock worth $323,000 after buying an additional 1,750 shares during the period. Swiss National Bank boosted its holdings in Freshworks by 2.2% in the third quarter. Swiss National Bank now owns 314,000 shares of the company’s stock valued at $6,255,000 after purchasing an additional 6,700 shares in the last quarter. Rhumbline Advisers boosted its holdings in Freshworks by 5.2% in the third quarter. Rhumbline Advisers now owns 223,847 shares of the company’s stock valued at $4,459,000 after purchasing an additional 11,115 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new position in Freshworks in the third quarter valued at approximately $1,470,000. Finally, FMR LLC boosted its holdings in Freshworks by 76.5% in the third quarter. FMR LLC now owns 2,222,907 shares of the company’s stock valued at $44,280,000 after purchasing an additional 963,426 shares in the last quarter. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Freshworks news, Director Jennifer H. Taylor sold 7,028 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $13.74, for a total value of $96,564.72. Following the completion of the transaction, the director now owns 19,991 shares in the company, valued at $274,676.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Jennifer H. Taylor sold 7,028 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $13.74, for a total value of $96,564.72. Following the completion of the transaction, the director now owns 19,991 shares in the company, valued at $274,676.34. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $18.08, for a total value of $127,192.80. Following the completion of the transaction, the director now owns 19,991 shares of the company’s stock, valued at approximately $361,437.28. The disclosure for this sale can be found here. Over the last quarter, insiders sold 31,880 shares of company stock worth $456,665. 19.15% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FRSH. Morgan Stanley lowered their price target on Freshworks from $22.00 to $18.00 and set an “equal weight” rating for the company in a report on Thursday, May 2nd. Oppenheimer downgraded Freshworks from an “outperform” rating to a “market perform” rating in a report on Thursday, May 2nd. StockNews.com raised Freshworks from a “hold” rating to a “buy” rating in a report on Friday. Cantor Fitzgerald decreased their price objective on Freshworks from $25.00 to $19.00 and set an “overweight” rating for the company in a report on Thursday, May 2nd. Finally, Barclays decreased their price objective on Freshworks from $20.00 to $15.00 and set an “equal weight” rating for the company in a report on Friday, May 3rd. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Freshworks has an average rating of “Moderate Buy” and a consensus target price of $22.00.

Freshworks Stock Up 0.1 %

Shares of NASDAQ FRSH opened at $12.32 on Tuesday. The stock has a fifty day moving average price of $14.96 and a 200 day moving average price of $18.87. Freshworks Inc. has a 1-year low of $12.19 and a 1-year high of $24.98.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Wednesday, May 1st. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.02. The firm had revenue of $165.14 million during the quarter, compared to analysts’ expectations of $163.53 million. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. As a group, sell-side analysts expect that Freshworks Inc. will post -0.34 EPS 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.