Corebridge Financial Inc. Reduces Stock Position in Freshworks Inc. (NASDAQ:FRSH)

Corebridge Financial Inc. reduced its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 7.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 102,805 shares of the company’s stock after selling 7,761 shares during the period. Corebridge Financial Inc.’s holdings in Freshworks were worth $1,662,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in FRSH. Blue Trust Inc. raised its holdings in Freshworks by 32.2% in the fourth quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock valued at $63,000 after acquiring an additional 954 shares in the last quarter. Versor Investments LP increased its position in shares of Freshworks by 3.0% in the 4th quarter. Versor Investments LP now owns 34,400 shares of the company’s stock worth $556,000 after purchasing an additional 1,000 shares during the last quarter. Arizona State Retirement System raised its stake in shares of Freshworks by 2.2% in the 4th quarter. Arizona State Retirement System now owns 51,704 shares of the company’s stock valued at $836,000 after purchasing an additional 1,103 shares in the last quarter. Xponance Inc. lifted its position in shares of Freshworks by 10.2% during the fourth quarter. Xponance Inc. now owns 14,847 shares of the company’s stock worth $240,000 after purchasing an additional 1,369 shares during the last quarter. Finally, Avion Wealth bought a new stake in Freshworks in the fourth quarter valued at about $26,000. Institutional investors and hedge funds own 75.58% of the company’s stock.

Freshworks Price Performance

FRSH opened at $14.59 on Thursday. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $19.77. The stock’s 50 day moving average price is $16.73 and its 200 day moving average price is $15.15. The stock has a market cap of $4.40 billion, a P/E ratio of -45.59 and a beta of 0.92.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) earnings per share 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%. Equities analysts anticipate that Freshworks Inc. will post -0.19 EPS for the current year.

Insiders Place Their Bets

In related news, Director Zachary Nelson sold 8,442 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $18.30, for a total transaction of $154,488.60. Following the sale, the director now owns 24,187 shares of the company’s stock, valued at $442,622.10. The trade was a 25.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mika Yamamoto sold 2,859 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $16.74, for a total value of $47,859.66. Following the completion of the sale, the insider now owns 615,893 shares of the company’s stock, valued at $10,310,048.82. This trade represents a 0.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 51,688 shares of company stock worth $905,061. 19.15% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

FRSH has been the topic of a number of research analyst reports. Oppenheimer increased their target price on Freshworks from $22.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. StockNews.com upgraded Freshworks from a “hold” rating to a “buy” rating in a research note on Thursday, February 13th. Piper Sandler boosted their target price on shares of Freshworks from $20.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. JMP Securities set a $27.00 price target on shares of Freshworks in a research report on Wednesday, February 12th. Finally, UBS Group set a $22.00 price objective on shares of Freshworks in a research report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $21.14.

About Freshworks

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.