Freshworks Inc. (NASDAQ:FRSH) Shares Purchased by Amalgamated Bank

Amalgamated Bank lifted its stake in Freshworks Inc. (NASDAQ:FRSH) by 29.1% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 7,054 shares of the company’s stock after acquiring an additional 1,588 shares during the quarter. Amalgamated Bank’s holdings in Freshworks were worth $90,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of FRSH. CWM LLC grew its holdings in shares of Freshworks by 554.5% during the second quarter. CWM LLC now owns 3,397 shares of the company’s stock valued at $43,000 after purchasing an additional 2,878 shares during the last quarter. Advisors Asset Management Inc. grew its position in shares of Freshworks by 34.2% during the first quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock worth $54,000 after acquiring an additional 757 shares during the last quarter. International Assets Investment Management LLC acquired a new position in Freshworks during the 2nd quarter valued at about $58,000. EntryPoint Capital LLC bought a new stake in Freshworks during the first quarter worth approximately $82,000. Finally, Hantz Financial Services Inc. acquired a new position in Freshworks in the second quarter worth approximately $136,000. Institutional investors and hedge funds own 75.58% of the company’s stock.

Insider Activity

In related news, Director Zachary Nelson sold 8,442 shares of the business’s stock in a transaction dated 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Zachary Nelson sold 8,442 shares of the firm’s 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 sale, the director now owns 22,530 shares in the company, valued at approximately $261,348. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $12.28, for a total transaction 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. Over the last 90 days, insiders have sold 38,798 shares of company stock worth $446,272. Company insiders own 19.15% of the company’s stock.

Freshworks Trading Down 2.4 %

NASDAQ FRSH opened at $11.20 on Wednesday. The firm’s 50 day simple moving average is $11.69 and its 200 day simple moving average is $13.80. The firm has a market capitalization of $3.35 billion, a price-to-earnings ratio of -28.00 and a beta of 0.73. Freshworks Inc. has a 1 year low of $10.89 and a 1 year high of $24.98.

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Barclays reduced their target price on Freshworks from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Wednesday, July 31st. Cantor Fitzgerald cut their target price on Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Jefferies Financial Group cut their price target on Freshworks from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Scotiabank reduced their price target 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. Finally, Needham & Company LLC restated a “buy” rating and set a $20.00 target price on shares of Freshworks in a report on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.69.

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.