Point72 Asset Management L.P. Sells 262,195 Shares of Freshworks Inc. (NASDAQ:FRSH)

Point72 Asset Management L.P. cut its holdings in Freshworks Inc. (NASDAQ:FRSH) by 73.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 96,505 shares of the company’s stock after selling 262,195 shares during the quarter. Point72 Asset Management L.P.’s holdings in Freshworks were worth $1,225,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of FRSH. CWM LLC grew its stake in shares of Freshworks by 554.5% in the second quarter. CWM LLC now owns 3,397 shares of the company’s stock worth $43,000 after purchasing an additional 2,878 shares during the last quarter. Advisors Asset Management Inc. boosted its position 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. Quarry LP boosted its position in Freshworks by 157.6% during the 2nd quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after acquiring an additional 2,645 shares in the last quarter. International Assets Investment Management LLC bought a new stake in Freshworks during the 2nd quarter valued at approximately $58,000. Finally, EntryPoint Capital LLC bought a new stake in Freshworks during the 1st quarter valued at approximately $82,000. 75.58% of the stock is owned by institutional investors.

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Jennifer H. Taylor sold 4,685 shares of the business’s 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 completion of the sale, the director now directly owns 35,853 shares in the company, valued at approximately $440,274.84. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $11.23, for a total transaction of $52,668.70. Following the completion of the sale, the director now directly owns 35,853 shares in the company, valued at approximately $402,629.19. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jennifer H. Taylor sold 4,685 shares of the business’s 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 directly owns 35,853 shares of the company’s stock, valued at approximately $440,274.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 47,240 shares of company stock worth $539,472. Insiders own 19.15% of the company’s stock.

Freshworks Stock Down 1.2 %

Shares of NASDAQ FRSH opened at $10.88 on Friday. Freshworks Inc. has a twelve month low of $10.84 and a twelve month high of $24.98. The firm has a market cap of $3.25 billion, a P/E ratio of -27.20 and a beta of 0.73. The company has a 50 day moving average of $11.62 and a 200 day moving average of $13.73.

Freshworks (NASDAQ:FRSH) last announced 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 net margin of 15.72% and a negative return on equity of 9.08%. The company had revenue of $174.13 million during the quarter, compared to analyst estimates of $169.05 million. During the same period in the previous year, the business earned ($0.12) EPS. The firm’s revenue for the quarter was up 20.0% on a year-over-year basis. As a group, equities analysts expect that Freshworks Inc. will post -0.38 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FRSH. StockNews.com cut Freshworks from a “buy” rating to a “hold” rating in a research report on Saturday, June 22nd. Barclays cut their price objective on Freshworks from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 31st. Canaccord Genuity Group cut their price objective on Freshworks from $20.00 to $17.00 and set a “buy” rating on the stock in a research report on Wednesday, July 10th. JPMorgan Chase & Co. dropped their price target on Freshworks from $19.00 to $17.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Finally, Cantor Fitzgerald dropped their price target on Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $18.69.

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.