Freshworks Inc. (NASDAQ:FRSH) Shares Sold by Invenomic Capital Management LP

Invenomic Capital Management LP cut its stake in shares of Freshworks Inc. (NASDAQ:FRSH) by 13.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 396,278 shares of the company’s stock after selling 61,894 shares during the period. Invenomic Capital Management LP owned 0.13% of Freshworks worth $6,408,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in FRSH. Barclays PLC raised its holdings in shares of Freshworks by 33.4% in the 3rd quarter. Barclays PLC now owns 337,621 shares of the company’s stock worth $3,875,000 after purchasing an additional 84,568 shares during the period. Tidal Investments LLC purchased a new position in Freshworks in the third quarter valued at approximately $534,000. Nisa Investment Advisors LLC lifted its position in Freshworks by 102.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock valued at $71,000 after buying an additional 2,223 shares in the last quarter. Blue Trust Inc. grew its stake in Freshworks by 32.2% during the fourth quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock worth $63,000 after buying an additional 954 shares during the period. Finally, KBC Group NV increased its position in shares of Freshworks by 59.1% in the fourth quarter. KBC Group NV now owns 7,604 shares of the company’s stock worth $123,000 after acquiring an additional 2,824 shares in the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Morgan Stanley upped their price target on shares of Freshworks from $14.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 1st. StockNews.com raised Freshworks from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. Oppenheimer dropped their target price on Freshworks from $24.00 to $19.00 and set an “outperform” rating on the stock in a report on Wednesday, April 9th. Needham & Company LLC restated a “buy” rating and issued a $25.00 price target on shares of Freshworks in a report on Monday, March 17th. Finally, Wells Fargo & Company lifted their price objective on shares of Freshworks from $11.00 to $12.00 and gave the company an “underweight” rating in a research note on Wednesday, April 30th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Freshworks presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.21.

Freshworks Stock Down 1.2 %

Shares of Freshworks stock opened at $14.56 on Friday. The business has a 50-day moving average price of $14.12 and a 200 day moving average price of $15.54. Freshworks Inc. has a fifty-two week low of $10.81 and a fifty-two week high of $19.77. The firm has a market cap of $4.30 billion, a P/E ratio of -45.50 and a beta of 0.97.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.05. The business had revenue of $196.27 million for the quarter, compared to analyst estimates of $191.90 million. Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. The business’s revenue was up 18.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.10 EPS. As a group, equities research analysts anticipate that Freshworks Inc. will post -0.19 earnings per share for the current year.

Insider Activity

In related news, Director Johanna Flower sold 1,450 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $18.01, for a total value of $26,114.50. Following the sale, the director now owns 41,491 shares of the company’s stock, valued at approximately $747,252.91. This trade represents a 3.38 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Mika Yamamoto sold 3,574 shares of the company’s stock in a transaction on Monday, May 5th. The stock was sold at an average price of $14.66, for a total value of $52,394.84. Following the transaction, the insider now owns 608,030 shares of the company’s stock, valued at approximately $8,913,719.80. The trade was a 0.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 29,883 shares of company stock valued at $464,113. Company insiders own 19.15% of the company’s stock.

About Freshworks

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.