Y Intercept Hong Kong Ltd cut its position in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 72.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 36,101 shares of the company's stock after selling 96,160 shares during the period. Y Intercept Hong Kong Ltd's holdings in Freshworks were worth $584,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Smith Group Asset Management LLC acquired a new stake in Freshworks during the 4th quarter valued at $589,000. Quantbot Technologies LP boosted its holdings in shares of Freshworks by 80.1% during the 3rd quarter. Quantbot Technologies LP now owns 426,432 shares of the company's stock worth $4,895,000 after buying an additional 189,616 shares during the period. Barclays PLC grew its stake in Freshworks by 33.4% in the 3rd quarter. Barclays PLC now owns 337,621 shares of the company's stock valued at $3,875,000 after buying an additional 84,568 shares during the last quarter. Edgestream Partners L.P. bought a new position in Freshworks in the 3rd quarter valued at about $1,193,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in Freshworks by 806.1% during 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 last quarter. 75.58% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at Freshworks
In other Freshworks news, insider Mika Yamamoto sold 2,859 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $16.74, for a total value of $47,859.66. Following the completion of the transaction, the insider now owns 615,893 shares in the company, valued at $10,310,048.82. This represents a 0.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Barry L. Padgett sold 2,345 shares of Freshworks stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total value of $40,568.50. Following the sale, the director now owns 26,957 shares in the company, valued at $466,356.10. The trade was a 8.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,739,953 shares of company stock worth $27,439,720 in the last quarter. 19.15% of the stock is currently owned by corporate insiders.
Freshworks Stock Up 1.7 %
FRSH stock traded up $0.27 during midday trading on Wednesday, reaching $16.63. 2,244,990 shares of the company's stock traded hands, compared to its average volume of 4,082,628. The firm's fifty day moving average price is $17.22 and its 200-day moving average price is $14.64. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $19.77. The company has a market cap of $5.01 billion, a price-to-earnings ratio of -51.97 and a beta of 0.91.
Freshworks (NASDAQ:FRSH - Get Free Report) last posted its 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 return on equity of 6.63% and a negative net margin of 13.24%. Analysts forecast that Freshworks Inc. will post -0.19 earnings per share for the current year.
Analyst Upgrades and Downgrades
A number of research firms have recently weighed in on FRSH. Barclays lifted their target price on Freshworks from $14.00 to $20.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 12th. UBS Group set a $22.00 target price on shares of Freshworks in a report on Thursday, February 6th. Needham & Company LLC boosted their price target on Freshworks from $20.00 to $25.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. Piper Sandler raised their price objective on Freshworks from $20.00 to $24.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. Finally, Canaccord Genuity Group upped their target price on Freshworks from $19.00 to $23.00 and gave the company a "buy" rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $21.14.
Read Our Latest Research Report on Freshworks
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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