Victory Capital Management Inc. Lowers Stock Position in Freshworks Inc. (NASDAQ:FRSH)

Victory Capital Management Inc. trimmed its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 64.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,281 shares of the company’s stock after selling 38,427 shares during the period. Victory Capital Management Inc.’s holdings in Freshworks were worth $344,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Smith Group Asset Management LLC acquired a new position in Freshworks during the fourth quarter worth $589,000. Quantbot Technologies LP boosted its position 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 purchasing an additional 189,616 shares in the last quarter. Barclays PLC grew its stake in shares of Freshworks by 33.4% during the 3rd quarter. Barclays PLC now owns 337,621 shares of the company’s stock worth $3,875,000 after purchasing an additional 84,568 shares during the period. Edgestream Partners L.P. purchased a new position in shares of Freshworks in the 3rd quarter valued at about $1,193,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Freshworks by 806.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company’s stock valued at $2,699,000 after purchasing an additional 209,194 shares during the period. 75.58% of the stock is owned by institutional investors and hedge funds.

Freshworks Stock Up 1.6 %

FRSH opened at $15.54 on Friday. The firm has a market cap of $4.69 billion, a P/E ratio of -48.56 and a beta of 0.92. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $19.77. The business’s fifty day simple moving average is $17.02 and its 200 day simple moving average is $14.93.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data 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 net margin of 13.24% and a negative return on equity of 6.63%. As a group, equities analysts expect that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Insider Activity at Freshworks

In related news, Director Johanna Flower sold 21,400 shares of the stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $18.00, for a total transaction of $385,200.00. Following the sale, the director now owns 41,491 shares of the company’s stock, valued at $746,838. This trade represents a 34.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mika Yamamoto sold 2,859 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $16.74, for a total value of $47,859.66. Following the sale, the insider now directly owns 615,893 shares in the company, valued at approximately $10,310,048.82. The trade was a 0.46 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 62,200 shares of company stock valued at $1,073,021 over the last quarter. Insiders own 19.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on FRSH shares. Morgan Stanley boosted their price objective on shares of Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. Oppenheimer boosted their price target on Freshworks from $22.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Freshworks in a research note on Monday, March 17th. Cantor Fitzgerald lifted their price objective on Freshworks from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Finally, Barclays upped their target price on Freshworks from $14.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.14.

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.