Zurcher Kantonalbank Zurich Cantonalbank Grows Position in Freshworks Inc. (NASDAQ:FRSH)

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Freshworks Inc. (NASDAQ:FRSH) by 32.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 37,047 shares of the company’s stock after acquiring an additional 9,180 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Freshworks were worth $470,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. CWM LLC increased its holdings in shares of Freshworks by 554.5% during the second quarter. CWM LLC now owns 3,397 shares of the company’s stock valued at $43,000 after acquiring an additional 2,878 shares in the last quarter. Advisors Asset Management Inc. increased its position in shares of Freshworks by 34.2% during the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock valued at $54,000 after purchasing an additional 757 shares during the last quarter. EntryPoint Capital LLC purchased a new position in Freshworks during the 1st quarter valued at $82,000. Moody National Bank Trust Division purchased a new position in Freshworks during the 2nd quarter valued at $144,000. Finally, Quest Partners LLC purchased a new stake in shares of Freshworks in the 4th quarter worth $166,000. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on FRSH shares. Piper Sandler reduced their target price on Freshworks from $22.00 to $17.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Scotiabank reduced their price objective on Freshworks from $18.00 to $16.00 and set a “sector perform” rating for the company in a research note on Wednesday, July 31st. JPMorgan Chase & Co. reduced their price target on Freshworks from $19.00 to $17.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Jefferies Financial Group reduced their price target on Freshworks from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Finally, Canaccord Genuity Group dropped their price objective on Freshworks from $20.00 to $17.00 and set a “buy” rating on the stock in a report on Wednesday, July 10th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.40.

Freshworks Stock Performance

Shares of NASDAQ:FRSH opened at $11.35 on Friday. Freshworks Inc. has a one year low of $10.96 and a one year high of $24.98. The business’s fifty day moving average price is $12.22 and its two-hundred day moving average price is $14.80. The stock has a market cap of $3.39 billion, a PE ratio of -28.38 and a beta of 0.73.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Tuesday, July 30th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.06 by $0.02. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. The company had revenue of $174.13 million for the quarter, compared to analyst estimates of $169.05 million. During the same period last year, the company posted ($0.12) earnings per share. The firm’s revenue was up 20.0% compared to the same quarter last year. As a group, equities research analysts predict that Freshworks Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $11.54, for a total value of $97,316.82. Following the completion of the transaction, the director now directly owns 22,530 shares in the company, valued at $259,996.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Barry L. Padgett sold 5,546 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $12.77, for a total transaction of $70,822.42. Following the transaction, the director now directly owns 26,957 shares in the company, valued at approximately $344,240.89. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $11.54, for a total transaction of $97,316.82. Following the transaction, the director now owns 22,530 shares in the company, valued at $259,996.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 46,694 shares of company stock worth $554,318. Corporate insiders own 19.15% of the company’s stock.

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.