Bessemer Group Inc. Reduces Stock Position in Freshworks Inc. (NASDAQ:FRSH)

Bessemer Group Inc. reduced its position in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 83.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,793 shares of the company's stock after selling 38,310 shares during the period. Bessemer Group Inc.'s holdings in Freshworks were worth $126,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp increased its holdings in Freshworks by 7.1% during the 3rd quarter. State Street Corp now owns 4,729,093 shares of the company's stock valued at $54,290,000 after purchasing an additional 313,982 shares in the last quarter. Barclays PLC lifted its holdings in Freshworks by 33.4% during the third quarter. Barclays PLC now owns 337,621 shares of the company's stock worth $3,875,000 after acquiring an additional 84,568 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Freshworks by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company's stock valued at $52,750,000 after purchasing an additional 66,342 shares during the period. Tidal Investments LLC bought a new position in Freshworks during the 3rd quarter worth about $534,000. Finally, Franklin Resources Inc. raised its position in Freshworks by 18.1% in the 3rd quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company's stock valued at $44,934,000 after buying an additional 604,658 shares during the last quarter. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Freshworks Stock Performance

NASDAQ FRSH traded up $0.06 on Friday, hitting $12.60. 1,919,431 shares of the stock traded hands, compared to its average volume of 3,317,081. The firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of -39.38 and a beta of 0.98. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $19.77. The business's fifty day moving average is $15.09 and its two-hundred day moving average is $15.25.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its quarterly 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%. Analysts expect that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on FRSH shares. Cantor Fitzgerald boosted their price target on shares of Freshworks from $18.00 to $22.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Piper Sandler raised their price objective on shares of Freshworks from $20.00 to $24.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Scotiabank raised their price objective on Freshworks from $17.00 to $19.00 and gave the stock a "sector perform" rating in a research note on Wednesday, February 12th. Oppenheimer reduced their price objective on shares of Freshworks from $24.00 to $19.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 9th. Finally, Canaccord Genuity Group lifted their price objective on shares of Freshworks from $19.00 to $23.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. One equities research 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.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $20.43.

Insider Activity at Freshworks

In other news, Director Johanna Flower sold 21,400 shares of Freshworks stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $18.00, for a total value of $385,200.00. Following the transaction, the director now owns 41,491 shares in the company, valued at approximately $746,838. The trade was a 34.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mika Yamamoto sold 2,859 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $18.29, for a total value of $52,291.11. Following the sale, the insider now owns 397,390 shares of the company's stock, valued at $7,268,263.10. This represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 50,577 shares of company stock valued at $883,242 over the last three months. 19.15% of the stock is owned by corporate insiders.

Freshworks 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.