DekaBank Deutsche Girozentrale Sells 2,814 Shares of Freshworks Inc. (NASDAQ:FRSH)

DekaBank Deutsche Girozentrale cut its position in Freshworks Inc. (NASDAQ:FRSH) by 47.7% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 3,085 shares of the company’s stock after selling 2,814 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Freshworks were worth $39,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Capital International Investors bought a new position in shares of Freshworks in the 1st quarter valued at about $59,311,000. Clearbridge Investments LLC increased its position in Freshworks by 107.4% during the first quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock worth $73,764,000 after buying an additional 2,097,280 shares during the last quarter. Norges Bank bought a new stake in Freshworks in the fourth quarter valued at approximately $44,919,000. Vanguard Group Inc. lifted its position in shares of Freshworks by 6.8% in the first quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock valued at $385,525,000 after buying an additional 1,354,530 shares during the last quarter. Finally, Stanley Laman Group Ltd. bought a new position in shares of Freshworks during the 2nd quarter worth approximately $9,133,000. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FRSH has been the subject of several research reports. Scotiabank cut their price target on Freshworks from $18.00 to $16.00 and set a “sector perform” rating for the company in a report on Wednesday, July 31st. JPMorgan Chase & Co. dropped their target price on Freshworks from $19.00 to $17.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Needham & Company LLC restated a “buy” rating and issued a $20.00 price target on shares of Freshworks in a research note on Wednesday, July 31st. Cantor Fitzgerald cut their price objective on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Finally, StockNews.com cut shares of Freshworks from a “buy” rating to a “hold” rating in a report on Saturday, June 22nd. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.69.

Insider Buying and Selling at Freshworks

In other news, Director Barry L. Padgett sold 5,546 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $12.77, for a total value of $70,822.42. Following the completion of the transaction, the director now directly owns 26,957 shares in the company, valued at approximately $344,240.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $11.60, for a total value of $97,927.20. Following the completion of the transaction, the director now owns 22,530 shares of the company’s stock, valued at $261,348. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Barry L. Padgett sold 5,546 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $12.77, for a total transaction of $70,822.42. Following the completion of the transaction, the director now owns 26,957 shares of the company’s stock, valued at approximately $344,240.89. The disclosure for this sale can be found here. Insiders have sold 44,344 shares of company stock worth $517,094 over the last quarter. Corporate insiders own 19.15% of the company’s stock.

Freshworks Stock Performance

Freshworks stock opened at $11.33 on Friday. Freshworks Inc. has a 52 week low of $10.96 and a 52 week high of $24.98. The stock has a market capitalization of $3.39 billion, a P/E ratio of -28.33 and a beta of 0.73. The stock has a fifty day moving average of $11.94 and a 200-day moving average of $14.14.

Freshworks (NASDAQ:FRSH) last posted its earnings results on Tuesday, July 30th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. The firm had revenue of $174.13 million during the quarter, compared to analysts’ expectations of $169.05 million. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.08%. The business’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.12) earnings per share. On average, research analysts forecast that Freshworks Inc. will post -0.38 earnings per share for the current year.

Freshworks 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.