Freshworks Inc. (NASDAQ:FRSH) Shares Sold by WFM ASIA BVI Ltd

WFM ASIA BVI Ltd reduced its stake in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 26.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,368,297 shares of the company's stock after selling 2,650,565 shares during the quarter. Freshworks accounts for 12.9% of WFM ASIA BVI Ltd's holdings, making the stock its 5th largest position. WFM ASIA BVI Ltd owned approximately 2.43% of Freshworks worth $119,145,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Avion Wealth purchased a new position in shares of Freshworks during the 4th quarter worth $26,000. Blue Trust Inc. boosted its position in Freshworks by 32.2% in the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company's stock valued at $63,000 after buying an additional 954 shares during the period. National Bank of Canada FI increased its holdings in Freshworks by 1,385.8% during the 4th quarter. National Bank of Canada FI now owns 3,967 shares of the company's stock worth $64,000 after purchasing an additional 3,700 shares during the period. Nisa Investment Advisors LLC lifted its stake in Freshworks by 102.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company's stock worth $71,000 after acquiring an additional 2,223 shares during the last quarter. Finally, KBC Group NV increased its holdings in Freshworks by 59.1% in the fourth quarter. KBC Group NV now owns 7,604 shares of the company's stock valued at $123,000 after buying an additional 2,824 shares during the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

Freshworks Price Performance

Shares of FRSH stock traded down $0.71 during midday trading on Thursday, reaching $12.51. 1,600,296 shares of the company traded hands, compared to its average volume of 3,295,080. The firm's 50 day simple moving average is $15.88 and its two-hundred day simple moving average is $15.18. The firm has a market cap of $3.77 billion, a PE ratio of -39.05 and a beta of 0.98. Freshworks Inc. has a 1-year low of $10.81 and a 1-year high of $19.77.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share 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%. As a group, research analysts anticipate that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

FRSH has been the subject of several research analyst reports. Piper Sandler upped their price objective on shares of Freshworks from $20.00 to $24.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. Oppenheimer dropped their price target on Freshworks from $24.00 to $19.00 and set an "outperform" rating on the stock in a research note on Wednesday. Cantor Fitzgerald boosted their price objective on Freshworks from $18.00 to $22.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. Canaccord Genuity Group lifted their target price on shares of Freshworks from $19.00 to $23.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Finally, Jefferies Financial Group dropped their price objective on shares of Freshworks from $22.00 to $20.00 and set a "hold" rating on the stock in a research note on Monday, March 31st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $20.79.

Insider Buying and Selling

In other news, Director Jennifer H. Taylor sold 4,685 shares of the firm's stock in a transaction on Friday, January 10th. The stock was sold at an average price of $15.49, for a total transaction of $72,570.65. Following the sale, the director now owns 37,286 shares in the company, valued at $577,560.14. This trade represents a 11.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Johanna Flower sold 21,400 shares of the company's stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $18.00, for a total transaction of $385,200.00. Following the transaction, the director now directly owns 41,491 shares of the company's stock, valued at approximately $746,838. This represents a 34.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 55,262 shares of company stock worth $955,812 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.