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

Walleye Capital LLC lowered its position in shares of Freshworks Inc. (NASDAQ:FRSH) by 78.0% during the fourth quarter, Holdings Channel.com reports. The firm 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 filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Barclays PLC lifted its holdings in shares of Freshworks by 33.4% during the third quarter. Barclays PLC now owns 337,621 shares of the company’s stock worth $3,875,000 after buying an additional 84,568 shares in the last quarter. Geode Capital Management LLC raised its stake in Freshworks by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company’s stock worth $52,750,000 after purchasing an additional 66,342 shares in the last quarter. Tidal Investments LLC bought a new stake in Freshworks in the 3rd quarter valued at about $534,000. Franklin Resources Inc. grew its position 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 in the last quarter. Finally, JPMorgan Chase & Co. increased 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 worth $60,503,000 after purchasing an additional 1,752,995 shares during the period. 75.58% of the stock is currently owned by institutional investors.

Insider Activity

In other Freshworks news, insider Mika Yamamoto sold 3,574 shares of Freshworks stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $14.20, for a total transaction of $50,750.80. Following the transaction, the insider now directly owns 611,604 shares of the company’s stock, valued at approximately $8,684,776.80. The trade was a 0.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Johanna Flower sold 21,400 shares of the stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $18.00, for a total value of $385,200.00. Following the completion of the sale, the director now directly owns 41,491 shares of the company’s stock, valued at approximately $746,838. The trade was a 34.03 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,577 shares of company stock valued at $883,242. Insiders own 19.15% of the company’s stock.

Freshworks Stock Up 0.5 %

Shares of FRSH stock opened at $12.60 on Friday. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $19.77. The stock’s fifty day simple moving average is $15.09 and its 200 day simple moving average is $15.25. The firm has a market capitalization of $3.80 billion, a P/E ratio of -39.38 and a beta of 0.98.

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

Analysts Set New Price Targets

A number of equities analysts have commented on FRSH shares. Needham & Company LLC restated a “buy” rating and set a $25.00 price objective on shares of Freshworks in a research note on Monday, March 17th. Oppenheimer decreased their price target on Freshworks from $24.00 to $19.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 9th. JMP Securities set a $27.00 price objective on shares of Freshworks in a research report on Wednesday, February 12th. Piper Sandler raised their target price on shares of Freshworks from $20.00 to $24.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Finally, Barclays increased their price target on shares of Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Freshworks presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.43.

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.