Franklin Resources Inc. Sells 289,011 Shares of Freshworks Inc. (NASDAQ:FRSH)

Franklin Resources Inc. trimmed its stake in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 7.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,655,990 shares of the company's stock after selling 289,011 shares during the period. Franklin Resources Inc. owned approximately 1.21% of Freshworks worth $59,117,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Avion Wealth purchased a new position in Freshworks during the fourth quarter valued at $26,000. Blue Trust Inc. grew its stake in shares of Freshworks by 32.2% during the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company's stock valued at $63,000 after acquiring an additional 954 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of Freshworks by 102.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company's stock valued at $71,000 after acquiring an additional 2,223 shares during the period. KBC Group NV raised its stake in Freshworks by 59.1% during the 4th quarter. KBC Group NV now owns 7,604 shares of the company's stock worth $123,000 after acquiring an additional 2,824 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake in Freshworks by 683.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 9,632 shares of the company's stock worth $156,000 after acquiring an additional 8,403 shares during the period. Institutional investors own 75.58% of the company's stock.

Insider Buying and Selling

In other Freshworks news, insider Mika Yamamoto sold 3,574 shares of the firm's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $14.20, for a total value of $50,750.80. Following the completion of the sale, the insider now owns 611,604 shares of the company's stock, valued at $8,684,776.80. This trade represents a 0.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jennifer H. Taylor sold 4,685 shares of the company's stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $15.49, for a total value of $72,570.65. Following the transaction, the director now directly owns 37,286 shares in the company, valued at approximately $577,560.14. This represents a 11.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 55,262 shares of company stock worth $955,812 over the last three months. 19.15% of the stock is owned by insiders.

Freshworks Stock Performance

FRSH stock traded up $0.44 during trading on Tuesday, hitting $12.60. 1,007,680 shares of the company's stock traded hands, compared to its average volume of 3,269,287. The business has a fifty day simple moving average of $16.40 and a 200 day simple moving average of $15.20. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $19.77. The stock has a market capitalization of $3.80 billion, a price-to-earnings ratio of -39.15 and a beta of 0.98.

Freshworks (NASDAQ:FRSH - Get Free Report) last issued its quarterly earnings data 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 return on equity of 6.63% and a negative net margin of 13.24%. Research analysts forecast that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Canaccord Genuity Group raised their price objective on shares of Freshworks from $19.00 to $23.00 and gave the company a "buy" rating in a research report on Wednesday, February 12th. Wells Fargo & Company downgraded Freshworks from an "equal weight" rating to an "underweight" rating and lowered their price objective for the company from $16.00 to $13.00 in a research report on Tuesday, January 21st. Morgan Stanley lifted their target price on Freshworks from $18.00 to $19.00 and gave the company an "equal weight" rating in a research note on Monday, January 13th. JMP Securities set a $27.00 price target on Freshworks in a research note on Wednesday, February 12th. Finally, Oppenheimer lifted their price objective on shares of Freshworks from $22.00 to $24.00 and gave the company an "outperform" rating in a research report on Wednesday, February 12th. One equities research 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. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $21.14.

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.