Victory Capital Management Inc. Sells 38,427 Shares of Freshworks Inc. (NASDAQ:FRSH)

Victory Capital Management Inc. cut its holdings in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 64.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,281 shares of the company's stock after selling 38,427 shares during the quarter. Victory Capital Management Inc.'s holdings in Freshworks were worth $344,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Freshworks by 806.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company's stock worth $2,699,000 after acquiring an additional 209,194 shares during the period. Intech Investment Management LLC bought a new stake in shares of Freshworks in the third quarter worth $867,000. Charles Schwab Investment Management Inc. increased its position in Freshworks by 1.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,556,772 shares of the company's stock valued at $17,872,000 after acquiring an additional 24,558 shares during the last quarter. Portman Ltd bought a new position in Freshworks in the third quarter valued at about $2,334,000. Finally, Dynamic Technology Lab Private Ltd boosted its position in Freshworks by 264.2% in the third quarter. Dynamic Technology Lab Private Ltd now owns 156,450 shares of the company's stock worth $1,796,000 after purchasing an additional 113,497 shares during the last quarter. 75.58% of the stock is owned by institutional investors.

Freshworks Price Performance

Shares of FRSH stock traded down $0.52 during mid-day trading on Wednesday, hitting $15.93. The company had a trading volume of 2,260,461 shares, compared to its average volume of 3,101,456. The company has a market capitalization of $4.80 billion, a P/E ratio of -49.78 and a beta of 0.92. The stock's 50 day moving average price is $17.04 and its 200-day moving average price is $15.03. Freshworks Inc. has a 52-week low of $10.81 and a 52-week high of $19.77.

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Freshworks (NASDAQ:FRSH - Get Free Report) last issued its quarterly earnings data 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%. On average, equities research analysts expect that Freshworks Inc. will post -0.19 earnings per share for the current year.

Wall Street Analysts Forecast Growth

FRSH has been the topic of several recent research reports. Robert W. Baird set a $18.00 price objective on shares of Freshworks in a research note on Wednesday, February 12th. UBS Group set a $22.00 price target on shares of Freshworks in a research note on Thursday, February 6th. StockNews.com upgraded Freshworks from a "hold" rating to a "buy" rating in a research note on Thursday, February 13th. Cantor Fitzgerald boosted their price target on Freshworks from $18.00 to $22.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. Finally, Morgan Stanley raised their price objective on Freshworks from $18.00 to $19.00 and gave the stock an "equal weight" rating in a research note on Monday, January 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $21.14.

Insider Activity

In other news, Director Jennifer H. Taylor sold 4,685 shares of the business's stock in a transaction on Friday, January 10th. The shares were sold at an average price of $15.49, for a total transaction of $72,570.65. Following the completion of the sale, the director now directly owns 37,286 shares of the company's stock, valued at approximately $577,560.14. The trade was a 11.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Johanna Flower sold 21,400 shares of the company's stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $18.00, for a total transaction of $385,200.00. Following the completion of 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 disclosure for this sale can be found here. Insiders sold 62,200 shares of company stock valued at $1,073,021 in the last ninety days. Insiders own 19.15% of the company's stock.

Freshworks Company 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.