Freshworks Inc. (NASDAQ:FRSH) Shares Sold by Quantbot Technologies LP

Quantbot Technologies LP decreased its holdings in Freshworks Inc. (NASDAQ:FRSH) by 5.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 236,816 shares of the company’s stock after selling 13,862 shares during the quarter. Quantbot Technologies LP owned about 0.08% of Freshworks worth $3,005,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Freshworks by 6.8% during the 1st quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock valued at $385,525,000 after purchasing an additional 1,354,530 shares in the last quarter. Clearbridge Investments LLC raised its stake in Freshworks by 107.4% in the 1st quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock worth $73,764,000 after acquiring an additional 2,097,280 shares during the last quarter. Capital International Investors acquired a new stake in Freshworks during the 1st quarter worth about $59,311,000. Franklin Resources Inc. grew its stake in Freshworks by 6.5% during the 4th quarter. Franklin Resources Inc. now owns 3,175,334 shares of the company’s stock valued at $74,589,000 after purchasing an additional 193,708 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Freshworks by 10.9% in the second quarter. Dimensional Fund Advisors LP now owns 2,428,755 shares of the company’s stock worth $30,821,000 after purchasing an additional 239,671 shares during the last quarter. 75.58% of the stock is owned by institutional investors and hedge funds.

Freshworks Stock Up 1.3 %

FRSH stock opened at $11.27 on Wednesday. The stock has a market capitalization of $3.37 billion, a P/E ratio of -28.18 and a beta of 0.73. The firm has a 50-day simple moving average of $12.04 and a 200-day simple moving average of $14.33. Freshworks Inc. has a 52 week low of $10.96 and a 52 week high of $24.98.

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

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Scotiabank dropped their target price on Freshworks from $18.00 to $16.00 and set a “sector perform” rating on the stock in a research report on Wednesday, July 31st. Needham & Company LLC restated a “buy” rating and set a $20.00 target price on shares of Freshworks in a research report on Wednesday, July 31st. StockNews.com lowered shares of Freshworks from a “buy” rating to a “hold” rating in a report on Saturday, June 22nd. Jefferies Financial Group reduced their price objective on Freshworks from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Finally, Piper Sandler reduced their price target on Freshworks from $22.00 to $17.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Freshworks has a consensus rating of “Moderate Buy” and an average price target of $18.69.

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $12.28, for a total transaction of $57,531.80. Following the sale, the director now owns 35,853 shares of the company’s stock, valued at approximately $440,274.84. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Freshworks news, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $11.60, for a total value of $97,927.20. Following the transaction, the director now directly owns 22,530 shares of the company’s stock, valued at approximately $261,348. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of the company’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $12.28, for a total value of $57,531.80. Following the completion of the sale, the director now owns 35,853 shares of the company’s stock, valued at $440,274.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,344 shares of company stock worth $517,094. Corporate insiders own 19.15% of the company’s stock.

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.