Cubist Systematic Strategies LLC Decreases Holdings in Freshworks Inc. (NASDAQ:FRSH)

Cubist Systematic Strategies LLC reduced its position in Freshworks Inc. (NASDAQ:FRSH) by 39.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 745,688 shares of the company’s stock after selling 486,159 shares during the period. Cubist Systematic Strategies LLC owned about 0.25% of Freshworks worth $9,463,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. CWM LLC increased its position in shares of Freshworks by 554.5% in the second quarter. CWM LLC now owns 3,397 shares of the company’s stock valued at $43,000 after buying an additional 2,878 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in Freshworks by 34.2% during the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock valued at $54,000 after acquiring an additional 757 shares in the last quarter. International Assets Investment Management LLC purchased a new position in Freshworks during the 2nd quarter valued at about $58,000. EntryPoint Capital LLC acquired a new position in Freshworks during the first quarter worth about $82,000. Finally, Amalgamated Bank lifted its holdings in shares of Freshworks by 29.1% in the second quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock valued at $90,000 after purchasing an additional 1,588 shares in the last quarter. 75.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on FRSH shares. Piper Sandler cut their price objective on Freshworks from $22.00 to $17.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. 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. decreased their price objective on Freshworks from $19.00 to $17.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Cantor Fitzgerald cut their target price on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Finally, Barclays decreased their price target on shares of Freshworks from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Freshworks has a consensus rating of “Moderate Buy” and an average price target of $18.69.

Insider Transactions at Freshworks

In related news, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $11.60, for a total transaction of $97,927.20. Following the transaction, the director now owns 22,530 shares in the company, valued at approximately $261,348. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Zachary Nelson sold 8,442 shares of the stock in a transaction dated 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 sale, the director now owns 22,530 shares in the company, valued at $261,348. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Barry L. Padgett sold 5,546 shares of the business’s stock in a transaction that occurred 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 transaction, the director now directly owns 26,957 shares in the company, valued at $344,240.89. The disclosure for this sale can be found here. Insiders sold 44,344 shares of company stock valued at $517,094 over the last 90 days. Corporate insiders own 19.15% of the company’s stock.

Freshworks Stock Down 3.1 %

NASDAQ:FRSH opened at $10.96 on Thursday. Freshworks Inc. has a fifty-two week low of $10.95 and a fifty-two week high of $24.98. The firm’s 50 day moving average is $11.80 and its two-hundred day moving average is $13.99. The company has a market cap of $3.28 billion, a P/E ratio of -27.40 and a beta of 0.73.

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