Principal Financial Group Inc. lessened its holdings in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 95.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,796 shares of the company's stock after selling 489,350 shares during the quarter. Principal Financial Group Inc.'s holdings in Freshworks were worth $397,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its position in shares of Freshworks by 5.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,304,325 shares of the company's stock valued at $30,639,000 after acquiring an additional 67,254 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Freshworks by 14.6% during the 3rd quarter. Vanguard Group Inc. now owns 18,530,801 shares of the company's stock valued at $369,134,000 after acquiring an additional 2,363,550 shares during the last quarter. FACT Capital LP lifted its position in Freshworks by 9.3% in the 4th quarter. FACT Capital LP now owns 764,373 shares of the company's stock worth $17,955,000 after buying an additional 64,957 shares during the last quarter. Norges Bank bought a new stake in Freshworks in the 4th quarter worth approximately $44,919,000. Finally, Qube Research & Technologies Ltd bought a new stake in Freshworks in the 3rd quarter worth approximately $2,445,000. Institutional investors own 75.58% of the company's stock.
Insider Buying and Selling
In related news, Director Barry L. Padgett sold 5,546 shares of the company's stock in a transaction on Monday, July 1st. The stock was sold at an average price of $12.77, for a total value of $70,822.42. Following the sale, the director now directly owns 26,957 shares of the company's stock, valued at $344,240.89. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Barry L. Padgett sold 5,546 shares of the company's stock in a transaction on Monday, July 1st. The stock was sold at an average price of $12.77, for a total value of $70,822.42. Following the sale, the director now directly owns 26,957 shares of the company's stock, valued at $344,240.89. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Jennifer H. Taylor sold 7,028 shares of the company's stock in a transaction on Friday, May 10th. The stock was sold at an average price of $13.74, for a total value of $96,564.72. Following the completion of the sale, the director now directly owns 19,991 shares in the company, valued at $274,676.34. The disclosure for this sale can be found here. Insiders have sold a total of 36,646 shares of company stock valued at $513,291 over the last ninety days. Company insiders own 19.15% of the company's stock.
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on the company. Cantor Fitzgerald dropped their target price on Freshworks from $25.00 to $19.00 and set an "overweight" rating for the company in a research report on Thursday, May 2nd. Barclays dropped their target price on Freshworks from $20.00 to $15.00 and set an "equal weight" rating for the company in a research report on Friday, May 3rd. JMP Securities dropped their target price on Freshworks from $29.00 to $21.00 and set a "market outperform" rating for the company in a research report on Thursday, May 2nd. StockNews.com downgraded Freshworks from a "buy" rating to a "hold" rating in a research report on Saturday, June 22nd. Finally, Robert W. Baird downgraded Freshworks from an "outperform" rating to a "neutral" rating and lowered their price objective for the company from $28.00 to $16.00 in a research report on Thursday, May 2nd. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.00.
Check Out Our Latest Stock Analysis on FRSH
Freshworks Stock Up 1.0 %
Shares of FRSH traded up $0.13 during mid-day trading on Friday, hitting $12.87. 1,162,043 shares of the company's stock traded hands, compared to its average volume of 1,941,046. Freshworks Inc. has a 1 year low of $11.90 and a 1 year high of $24.98. The firm has a market capitalization of $3.85 billion, a P/E ratio of -32.17 and a beta of 0.74. The business's 50-day moving average price is $13.42 and its 200-day moving average price is $17.98.
Freshworks (NASDAQ:FRSH - Get Free Report) last posted its earnings results on Wednesday, May 1st. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.02. The firm had revenue of $165.14 million for the quarter, compared to analysts' expectations of $163.53 million. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. Sell-side analysts anticipate that Freshworks Inc. will post -0.34 earnings per share for the current fiscal year.
Freshworks Profile
(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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