New York State Common Retirement Fund Sells 123,653 Shares of Freshworks Inc. (NASDAQ:FRSH)

New York State Common Retirement Fund lowered its position in Freshworks Inc. (NASDAQ:FRSH) by 50.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 121,712 shares of the company’s stock after selling 123,653 shares during the period. New York State Common Retirement Fund’s holdings in Freshworks were worth $2,859,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake 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 purchasing an additional 2,363,550 shares during the period. FMR LLC increased its holdings in Freshworks by 76.5% during the third quarter. FMR LLC now owns 2,222,907 shares of the company’s stock valued at $44,280,000 after buying an additional 963,426 shares during the last quarter. Clearbridge Investments LLC raised its position in Freshworks by 20.9% in the third quarter. Clearbridge Investments LLC now owns 1,803,628 shares of the company’s stock worth $35,928,000 after acquiring an additional 312,253 shares during the period. Lord Abbett & CO. LLC purchased a new position in shares of Freshworks during the 3rd quarter worth $34,644,000. Finally, Northern Trust Corp grew its position in shares of Freshworks by 4.0% during the 3rd quarter. Northern Trust Corp now owns 1,637,507 shares of the company’s stock valued at $32,619,000 after acquiring an additional 63,726 shares during the period. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Freshworks Stock Up 0.7 %

Shares of NASDAQ:FRSH opened at $14.13 on Tuesday. The firm has a fifty day simple moving average of $18.17 and a two-hundred day simple moving average of $19.95. The stock has a market capitalization of $4.21 billion, a P/E ratio of -35.33 and a beta of 0.88. Freshworks Inc. has a 52 week low of $13.01 and a 52 week high of $24.98.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.04. The company had revenue of $160.11 million for the quarter, compared to analysts’ expectations of $158.11 million. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. On average, analysts expect that Freshworks Inc. will post -0.37 earnings per share for the current year.

Insider Activity

In related news, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $21.71, for a total value of $152,729.85. Following the completion of the sale, the director now directly owns 19,490 shares in the company, valued at $423,127.90. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Freshworks news, Director Barry L. Padgett sold 4,690 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $20.22, for a total transaction of $94,831.80. Following the completion of the transaction, the director now owns 17,387 shares in the company, valued at $351,565.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $21.71, for a total value of $152,729.85. Following the sale, the director now directly owns 19,490 shares of the company’s stock, valued at $423,127.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 460,792 shares of company stock valued at $9,408,403. 19.15% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Barclays lowered their target price on Freshworks from $20.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Friday. JMP Securities cut their price objective on Freshworks from $29.00 to $21.00 and set a “market outperform” rating for the company in a research note on Thursday, May 2nd. Oppenheimer lowered shares of Freshworks from an “outperform” rating to a “market perform” rating in a report on Thursday, May 2nd. Piper Sandler lowered their price target on shares of Freshworks from $28.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, May 2nd. Finally, Cantor Fitzgerald decreased their price objective on shares of Freshworks from $25.00 to $19.00 and set an “overweight” rating on the stock in a research report on Thursday, May 2nd. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $22.59.

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.