Dark Forest Capital Management LP Trims Stock Position in Freshworks Inc. (NASDAQ:FRSH)

Dark Forest Capital Management LP reduced its stake in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 63.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 42,310 shares of the company's stock after selling 73,118 shares during the quarter. Dark Forest Capital Management LP's holdings in Freshworks were worth $684,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Hsbc Holdings PLC boosted its stake in shares of Freshworks by 165.9% in the 4th quarter. Hsbc Holdings PLC now owns 65,672 shares of the company's stock valued at $1,066,000 after purchasing an additional 40,970 shares during the last quarter. State of Tennessee Department of Treasury acquired a new position in Freshworks in the fourth quarter valued at $337,000. Tower Research Capital LLC TRC boosted its position in Freshworks by 664.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 11,108 shares of the company's stock valued at $180,000 after acquiring an additional 9,654 shares during the last quarter. MetLife Investment Management LLC grew its holdings in Freshworks by 6.6% during the 4th quarter. MetLife Investment Management LLC now owns 125,893 shares of the company's stock worth $2,036,000 after acquiring an additional 7,806 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Freshworks in the 4th quarter worth about $170,000. 75.58% of the stock is currently owned by institutional investors.

Freshworks Stock Up 3.2 %

FRSH traded up $0.43 during midday trading on Friday, hitting $14.07. 3,120,803 shares of the company traded hands, compared to its average volume of 3,339,470. The company's 50-day moving average is $14.65 and its 200 day moving average is $15.35. The firm has a market capitalization of $4.24 billion, a PE ratio of -43.97 and a beta of 0.98. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $19.77.

Freshworks (NASDAQ:FRSH - Get Free Report) last posted its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) EPS for the quarter, missing analysts' consensus estimates of $0.08 by ($0.10). Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. On average, sell-side analysts predict that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FRSH. UBS Group set a $22.00 price target on shares of Freshworks in a research note on Thursday, February 6th. JMP Securities set a $27.00 price target on Freshworks in a research note on Wednesday, February 12th. Wells Fargo & Company cut their price target on Freshworks from $13.00 to $11.00 and set an "underweight" rating on the stock in a report on Tuesday, April 22nd. Canaccord Genuity Group boosted their price objective on Freshworks from $19.00 to $23.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Finally, StockNews.com upgraded Freshworks from a "hold" rating to a "buy" rating in a report on Thursday, February 13th. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $19.64.

Insider Transactions at Freshworks

In other Freshworks news, insider Mika Yamamoto sold 2,859 shares of the business's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $18.29, for a total transaction of $52,291.11. Following the sale, the insider now directly owns 397,390 shares of the company's stock, valued at $7,268,263.10. The trade was a 0.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Zachary Nelson sold 8,442 shares of the company's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $18.30, for a total transaction of $154,488.60. Following the transaction, the director now owns 24,187 shares in the company, valued at $442,622.10. The trade was a 25.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,177 shares of company stock valued at $498,042 over the last 90 days. 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.