Walleye Capital LLC Sells 340,293 Shares of Freshworks Inc. (NASDAQ:FRSH)

Walleye Capital LLC reduced its stake in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 78.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 96,123 shares of the company's stock after selling 340,293 shares during the quarter. Walleye Capital LLC's holdings in Freshworks were worth $1,554,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of FRSH. Barclays PLC lifted its position in shares of Freshworks by 33.4% during the third quarter. Barclays PLC now owns 337,621 shares of the company's stock valued at $3,875,000 after purchasing an additional 84,568 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Freshworks by 1.5% during the third quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company's stock worth $52,750,000 after acquiring an additional 66,342 shares during the period. Tidal Investments LLC purchased a new stake in shares of Freshworks during the 3rd quarter valued at $534,000. Franklin Resources Inc. raised its stake in shares of Freshworks by 18.1% during the 3rd quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company's stock worth $44,934,000 after purchasing an additional 604,658 shares during the period. Finally, JPMorgan Chase & Co. grew its position in Freshworks by 49.8% during the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company's stock valued at $60,503,000 after buying an additional 1,752,995 shares during the period. 75.58% of the stock is owned by hedge funds and other institutional investors.

Freshworks Price Performance

FRSH stock traded up $0.84 during midday trading on Thursday, reaching $13.62. The company had a trading volume of 2,945,920 shares, compared to its average volume of 3,327,011. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $19.77. The company has a market capitalization of $4.11 billion, a P/E ratio of -42.56 and a beta of 0.98. The firm has a 50-day moving average price of $14.79 and a 200-day moving average price of $15.25.

Freshworks (NASDAQ:FRSH - Get Free Report) last issued its earnings results 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 analysts predict that Freshworks Inc. will post -0.19 EPS for the current year.

Insider Transactions at Freshworks

In other news, Director Zachary Nelson sold 8,442 shares of the firm's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $18.30, for a total value of $154,488.60. Following the completion of the sale, the director now directly owns 24,187 shares of the company's stock, valued at approximately $442,622.10. This trade represents a 25.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Mika Yamamoto sold 2,859 shares of the firm's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $18.29, for a total transaction of $52,291.11. Following the completion of the sale, the insider now owns 397,390 shares of the company's stock, valued at $7,268,263.10. This trade represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,177 shares of company stock worth $498,042. Company insiders own 19.15% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on FRSH shares. Barclays increased their target price on shares of Freshworks from $14.00 to $20.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 12th. StockNews.com raised shares of Freshworks from a "hold" rating to a "buy" rating in a report on Thursday, February 13th. Morgan Stanley lowered their price target on shares of Freshworks from $21.00 to $14.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Needham & Company LLC reiterated a "buy" rating and issued a $25.00 price objective on shares of Freshworks in a research note on Monday, March 17th. Finally, Piper Sandler dropped their target price on Freshworks from $24.00 to $20.00 and set an "overweight" rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $19.64.

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.