WFM ASIA BVI Ltd Sells 2,650,565 Shares of Freshworks Inc. (NASDAQ:FRSH)

WFM ASIA BVI Ltd decreased its holdings in Freshworks Inc. (NASDAQ:FRSH) by 26.5% in the fourth quarter, Holdings Channel reports. The fund owned 7,368,297 shares of the company’s stock after selling 2,650,565 shares during the period. Freshworks accounts for approximately 12.9% of WFM ASIA BVI Ltd’s investment portfolio, making the stock its 5th largest holding. WFM ASIA BVI Ltd’s holdings in Freshworks were worth $119,145,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Blue Trust Inc. increased its holdings in shares of Freshworks by 32.2% in the fourth quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock valued at $63,000 after purchasing an additional 954 shares during the last quarter. Versor Investments LP grew its holdings in Freshworks by 3.0% in the 4th quarter. Versor Investments LP now owns 34,400 shares of the company’s stock valued at $556,000 after buying an additional 1,000 shares in the last quarter. Arizona State Retirement System increased its stake in shares of Freshworks by 2.2% in the 4th quarter. Arizona State Retirement System now owns 51,704 shares of the company’s stock worth $836,000 after acquiring an additional 1,103 shares during the last quarter. Xponance Inc. raised its holdings in shares of Freshworks by 10.2% during the 4th quarter. Xponance Inc. now owns 14,847 shares of the company’s stock worth $240,000 after acquiring an additional 1,369 shares during the period. Finally, Avion Wealth acquired a new position in shares of Freshworks during the 4th quarter valued at about $26,000. 75.58% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Freshworks

In related news, Director Johanna Flower sold 21,400 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $18.00, for a total value of $385,200.00. Following the completion of the transaction, the director now directly owns 41,491 shares of the company’s stock, valued at $746,838. This represents a 34.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $15.49, for a total transaction of $72,570.65. Following the sale, the director now directly owns 37,286 shares in the company, valued at approximately $577,560.14. The trade was a 11.16 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 55,262 shares of company stock valued at $955,812. Insiders own 19.15% of the company’s stock.

Freshworks Price Performance

Shares of NASDAQ FRSH opened at $12.29 on Friday. The stock’s 50-day moving average is $16.51 and its two-hundred day moving average is $15.14. The company has a market cap of $3.71 billion, a price-to-earnings ratio of -38.41 and a beta of 0.92. Freshworks Inc. has a 1-year low of $10.81 and a 1-year high of $19.77.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. Equities research analysts anticipate that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FRSH has been the topic of a number of analyst reports. Scotiabank lifted their target price on shares of Freshworks from $17.00 to $19.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 12th. Piper Sandler increased their price objective on Freshworks from $20.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Cantor Fitzgerald raised their target price on Freshworks from $18.00 to $22.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Canaccord Genuity Group upped their price target on Freshworks from $19.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Finally, StockNews.com raised Freshworks from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Freshworks has an average rating of “Moderate Buy” and an average price target of $21.14.

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.