Stanley Laman Group Ltd. lessened its stake in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 15.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 611,509 shares of the company's stock after selling 108,178 shares during the period. Freshworks comprises about 1.0% of Stanley Laman Group Ltd.'s portfolio, making the stock its 16th biggest position. Stanley Laman Group Ltd. owned 0.20% of Freshworks worth $7,020,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Blue Trust Inc. increased its stake in shares of Freshworks by 1,987.3% in the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company's stock valued at $38,000 after acquiring an additional 2,822 shares in the last quarter. CWM LLC grew its stake in shares of Freshworks by 554.5% in the 2nd quarter. CWM LLC now owns 3,397 shares of the company's stock valued at $43,000 after buying an additional 2,878 shares during the period. Advisors Asset Management Inc. increased its position in Freshworks by 34.2% in the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company's stock valued at $54,000 after buying an additional 757 shares in the last quarter. Quarry LP raised its stake in Freshworks by 157.6% during the 2nd quarter. Quarry LP now owns 4,323 shares of the company's stock worth $55,000 after buying an additional 2,645 shares during the period. Finally, International Assets Investment Management LLC bought a new position in Freshworks in the second quarter worth approximately $58,000. Institutional investors and hedge funds own 75.58% of the company's stock.
Freshworks Trading Down 2.1 %
Shares of NASDAQ:FRSH traded down $0.24 during midday trading on Wednesday, reaching $11.16. The company had a trading volume of 3,427,545 shares, compared to its average volume of 2,624,435. The stock has a market cap of $3.33 billion, a P/E ratio of -27.90 and a beta of 0.73. The company's 50 day moving average price is $11.41 and its 200 day moving average price is $13.01. Freshworks Inc. has a 52-week low of $10.81 and a 52-week high of $24.98.
Freshworks (NASDAQ:FRSH - Get Free Report) last released its earnings results on Tuesday, July 30th. The company reported $0.08 earnings per share for the quarter, beating analysts' consensus estimates of $0.06 by $0.02. The firm had revenue of $174.13 million during the quarter, compared to the consensus estimate of $169.05 million. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.08%. The company's revenue was up 20.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.12) EPS. Research analysts forecast that Freshworks Inc. will post -0.38 EPS for the current fiscal year.
Insider Buying and Selling at Freshworks
In other Freshworks news, Director Zachary Nelson sold 8,442 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $11.60, for a total transaction of $97,927.20. Following the completion of the transaction, the director now owns 22,530 shares in the company, valued at $261,348. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Zachary Nelson sold 8,442 shares of the firm's stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $11.60, for a total value of $97,927.20. Following the completion of the transaction, the director now directly owns 22,530 shares of the company's stock, valued at $261,348. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jennifer H. Taylor sold 4,690 shares of the business's stock in a transaction on Monday, August 12th. The shares were sold at an average price of $11.23, for a total value of $52,668.70. Following the sale, the director now owns 35,853 shares in the company, valued at approximately $402,629.19. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 47,245 shares of company stock worth $533,811 over the last ninety days. 19.15% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
A number of brokerages have recently weighed in on FRSH. Wells Fargo & Company started coverage on Freshworks in a research report on Wednesday, October 16th. They set an "equal weight" rating and a $11.00 target price on the stock. Jefferies Financial Group dropped their price objective on shares of Freshworks from $25.00 to $20.00 and set a "buy" rating on the stock in a research note on Wednesday, July 31st. Piper Sandler decreased their target price on shares of Freshworks from $17.00 to $13.00 and set an "overweight" rating for the company in a research report on Thursday, October 10th. Canaccord Genuity Group lowered their target price on shares of Freshworks from $20.00 to $17.00 and set a "buy" rating on the stock in a report on Wednesday, July 10th. Finally, Barclays cut their price target on Freshworks from $15.00 to $14.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 31st. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, Freshworks currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.86.
Check Out Our Latest Research Report on FRSH
About Freshworks
(
Free Report)
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.
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