Freshworks Inc. (NASDAQ:FRSH) Stake Decreased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its stake in shares of Freshworks Inc. (NASDAQ:FRSH) by 23.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,595 shares of the company’s stock after selling 3,819 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Freshworks were worth $296,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Arizona State Retirement System increased its stake in shares of Freshworks by 2.6% during the third quarter. Arizona State Retirement System now owns 40,667 shares of the company’s stock valued at $810,000 after acquiring an additional 1,020 shares during the period. Victory Capital Management Inc. grew its position in Freshworks by 12.1% in the third quarter. Victory Capital Management Inc. now owns 16,215 shares of the company’s stock worth $323,000 after buying an additional 1,750 shares during the last quarter. Diversified Trust Co grew its position in Freshworks by 5.6% in the third quarter. Diversified Trust Co now owns 45,771 shares of the company’s stock worth $912,000 after buying an additional 2,440 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Freshworks by 13.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,734 shares of the company’s stock worth $572,000 after buying an additional 3,385 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new position in Freshworks in the third quarter worth approximately $81,000. Institutional investors and hedge funds own 75.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Morgan Stanley decreased their price target on shares of Freshworks from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 17th. Cantor Fitzgerald restated an “overweight” rating and issued a $25.00 price target on shares of Freshworks in a research report on Wednesday, February 7th. JMP Securities lifted their price target on shares of Freshworks from $25.00 to $29.00 and gave the stock a “market outperform” rating in a research report on Wednesday, February 7th. Wolfe Research raised shares of Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 target price on the stock in a research note on Tuesday, February 20th. Finally, Jefferies Financial Group raised shares of Freshworks from a “hold” rating to a “buy” rating and boosted their target price for the company from $20.00 to $30.00 in a research note on Friday, January 5th. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.29.

Freshworks Trading Down 0.6 %

Shares of NASDAQ:FRSH opened at $18.44 on Friday. The stock has a market capitalization of $5.49 billion, a PE ratio of -39.23 and a beta of 0.90. Freshworks Inc. has a 1 year low of $12.22 and a 1 year high of $24.98. The firm has a fifty day moving average price of $18.72 and a 200 day moving average price of $20.03.

Freshworks (NASDAQ:FRSH) last released its earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. The firm had revenue of $160.11 million during the quarter, compared to analyst estimates of $158.11 million. Freshworks had a negative net margin of 23.04% and a negative return on equity of 12.55%. On average, sell-side analysts forecast that Freshworks Inc. will post -0.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $21.71, for a total transaction of $152,729.85. Following the completion of the transaction, the director now owns 19,490 shares of the company’s stock, valued at approximately $423,127.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Roxanne S. Austin sold 6,303 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $21.54, for a total transaction of $135,766.62. Following the completion of the transaction, the director now owns 88,431 shares of the company’s stock, valued at $1,904,803.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jennifer H. Taylor sold 7,035 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $21.71, for a total transaction of $152,729.85. Following the transaction, the director now directly owns 19,490 shares of the company’s stock, valued at approximately $423,127.90. The disclosure for this sale can be found here. Insiders sold a total of 460,792 shares of company stock valued at $9,408,403 in the last quarter. Insiders own 26.66% 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.