Alliancebernstein L.P. Sells 6,662,949 Shares of Freshworks Inc. (NASDAQ:FRSH)

Alliancebernstein L.P. cut its stake in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 94.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 428,491 shares of the company's stock after selling 6,662,949 shares during the period. Alliancebernstein L.P. owned 0.14% of Freshworks worth $6,929,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in FRSH. Vanguard Group Inc. boosted its stake in shares of Freshworks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company's stock valued at $405,283,000 after purchasing an additional 1,357,526 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Freshworks by 49.8% in the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company's stock valued at $60,503,000 after buying an additional 1,752,995 shares during the period. State Street Corp boosted its position in Freshworks by 7.1% during the third quarter. State Street Corp now owns 4,729,093 shares of the company's stock valued at $54,290,000 after acquiring an additional 313,982 shares during the last quarter. Geode Capital Management LLC grew its holdings in Freshworks by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company's stock worth $52,750,000 after acquiring an additional 66,342 shares during the period. Finally, Franklin Resources Inc. raised its position in shares of Freshworks by 18.1% in the 3rd quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company's stock worth $44,934,000 after acquiring an additional 604,658 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company's stock.

Insiders Place Their Bets

In related news, Director Johanna Flower sold 21,400 shares of the business's stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $18.00, for a total value of $385,200.00. Following the transaction, the director now directly owns 41,491 shares of the company's stock, valued at approximately $746,838. The trade was a 34.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Zachary Nelson sold 8,442 shares of the firm's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $18.30, for a total transaction of $154,488.60. Following the sale, the director now owns 24,187 shares of the company's stock, valued at $442,622.10. This trade represents a 25.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 50,577 shares of company stock valued at $883,242 in the last 90 days. 19.15% of the stock is currently owned by corporate insiders.

Freshworks Trading Down 0.3 %

Shares of NASDAQ:FRSH traded down $0.04 during mid-day trading on Thursday, hitting $12.50. 645,147 shares of the company traded hands, compared to its average volume of 3,306,629. The stock has a market cap of $3.77 billion, a P/E ratio of -39.09 and a beta of 0.98. The stock has a 50-day moving average price of $15.31 and a two-hundred day moving average price of $15.20. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $19.77.

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

Analyst Ratings Changes

Several equities research analysts recently commented on FRSH shares. Cantor Fitzgerald upped their target price on Freshworks from $18.00 to $22.00 and gave the company an "overweight" rating in a research report on Wednesday, February 12th. Canaccord Genuity Group increased their price target on Freshworks from $19.00 to $23.00 and gave the stock a "buy" rating in a report on Wednesday, February 12th. Morgan Stanley lowered their price objective on shares of Freshworks from $21.00 to $14.00 and set an "equal weight" rating for the company in a research note on Wednesday. Barclays increased their target price on shares of Freshworks from $14.00 to $20.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 12th. Finally, Oppenheimer decreased their price target on shares of Freshworks from $24.00 to $19.00 and set an "outperform" rating for the company in a research note on Wednesday, April 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $20.43.

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.