Freshworks Inc. $FRSH Stock Holdings Reduced by New York State Common Retirement Fund

New York State Common Retirement Fund cut its position in shares of Freshworks Inc. (NASDAQ:FRSH) by 87.4% in the second quarter, Holdings Channel reports. The firm owned 61,492 shares of the company’s stock after selling 428,019 shares during the period. New York State Common Retirement Fund’s holdings in Freshworks were worth $917,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Freshworks in the second quarter worth approximately $25,000. Nisa Investment Advisors LLC grew its position in Freshworks by 55.1% in the second quarter. Nisa Investment Advisors LLC now owns 6,064 shares of the company’s stock worth $90,000 after acquiring an additional 2,155 shares in the last quarter. US Bancorp DE grew its position in Freshworks by 671.4% in the first quarter. US Bancorp DE now owns 8,331 shares of the company’s stock worth $118,000 after acquiring an additional 7,251 shares in the last quarter. Perbak Capital Partners LLP acquired a new position in shares of Freshworks during the 1st quarter worth $147,000. Finally, Vise Technologies Inc. bought a new position in shares of Freshworks during the 2nd quarter valued at $152,000. Institutional investors own 75.58% of the company’s stock.

Insider Activity at Freshworks

In related news, CEO Dennis Woodside bought 176,100 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The stock was purchased at an average cost of $11.31 per share, for a total transaction of $1,991,691.00. Following the purchase, the chief executive officer directly owned 2,111,517 shares in the company, valued at $23,881,257.27. This trade represents a 9.10% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mika Yamamoto sold 15,012 shares of the firm’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $13.00, for a total transaction of $195,156.00. Following the completion of the sale, the insider owned 490,350 shares in the company, valued at $6,374,550. This represents a 2.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 24,958 shares of company stock worth $315,787. 11.17% of the stock is owned by insiders.

Freshworks Stock Up 3.0%

Shares of NASDAQ:FRSH opened at $13.44 on Thursday. The company has a market cap of $3.79 billion, a price-to-earnings ratio of -134.39 and a beta of 0.89. The business has a 50 day moving average price of $11.63 and a 200 day moving average price of $13.13. Freshworks Inc. has a twelve month low of $10.51 and a twelve month high of $19.77.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Thursday, September 11th. The company reported $0.18 EPS for the quarter. Freshworks had a negative return on equity of 0.37% and a negative net margin of 3.65%.The company had revenue of $204.68 million for the quarter. Analysts anticipate that Freshworks Inc. will post -0.19 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FRSH. Canaccord Genuity Group decreased their price objective on shares of Freshworks from $23.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, November 6th. Piper Sandler decreased their price target on Freshworks from $25.00 to $20.00 and set an “overweight” rating for the company in a research note on Friday, November 7th. Wells Fargo & Company started coverage on Freshworks in a report on Tuesday, September 30th. They set an “equal weight” rating and a $13.00 price objective on the stock. JMP Securities restated a “market outperform” rating and issued a $27.00 target price on shares of Freshworks in a report on Friday, September 12th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 target price on shares of Freshworks in a research report on Friday, September 12th. Seven research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Freshworks currently has a consensus rating of “Hold” and a consensus price target of $19.23.

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.