AlphaQuest LLC Reduces Stock Position in Freshworks Inc. (NASDAQ:FRSH)

AlphaQuest LLC lessened its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 31.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,644 shares of the company’s stock after selling 6,833 shares during the period. AlphaQuest LLC’s holdings in Freshworks were worth $237,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FRSH. JPMorgan Chase & Co. raised its holdings in shares of 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 acquiring an additional 1,752,995 shares in the last quarter. Raymond James Financial Inc. bought a new position in Freshworks in the fourth quarter worth about $20,666,000. Franklin Resources Inc. lifted its holdings in Freshworks by 18.1% in the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock worth $44,934,000 after buying an additional 604,658 shares during the period. Invenomic Capital Management LP bought a new stake in Freshworks during the 3rd quarter valued at approximately $5,260,000. Finally, Ieq Capital LLC grew its holdings in shares of Freshworks by 29.3% during the 4th quarter. Ieq Capital LLC now owns 1,462,541 shares of the company’s stock worth $23,649,000 after acquiring an additional 331,298 shares during the period. Institutional investors own 75.58% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on FRSH. Oppenheimer lifted their price target on Freshworks from $22.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. UBS Group set a $22.00 target price on shares of Freshworks in a research report on Thursday, February 6th. Needham & Company LLC lifted their price target on shares of Freshworks from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Piper Sandler upped their price objective on shares of Freshworks from $20.00 to $24.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Finally, Morgan Stanley lifted their target price on shares of Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $21.14.

Insider Activity

In other news, Director Johanna Flower sold 1,450 shares of the company’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $18.01, for a total transaction of $26,114.50. Following the completion of the sale, the director now owns 41,491 shares of the company’s stock, valued at $747,252.91. This represents a 3.38 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $16.72, for a total transaction of $140,999.76. Following the sale, the director now owns 24,187 shares of the company’s stock, valued at $404,406.64. This trade represents a 25.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,735,263 shares of company stock valued at $27,361,209 in the last ninety days. 19.15% of the stock is currently owned by company insiders.

Freshworks Price Performance

Freshworks stock opened at $14.88 on Friday. Freshworks Inc. has a one year low of $10.81 and a one year high of $19.77. The business’s fifty day moving average is $17.10 and its 200 day moving average is $14.81. The stock has a market capitalization of $4.49 billion, a PE ratio of -46.50 and a beta of 0.92.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) EPS 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%. As a group, sell-side analysts expect that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

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.