Arrowstreet Capital Limited Partnership Reduces Position in Freshworks Inc. $FRSH

Arrowstreet Capital Limited Partnership lowered its holdings in Freshworks Inc. (NASDAQ:FRSH) by 16.4% in the second quarter, Holdings Channel.com reports. The firm owned 4,489,843 shares of the company’s stock after selling 881,693 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Freshworks were worth $66,944,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FRSH. Vanguard Group Inc. raised its holdings in Freshworks by 4.5% in the first quarter. Vanguard Group Inc. now owns 26,189,892 shares of the company’s stock valued at $369,539,000 after acquiring an additional 1,126,013 shares in the last quarter. Geode Capital Management LLC raised its stake in Freshworks by 1.6% during the 2nd quarter. Geode Capital Management LLC now owns 4,856,163 shares of the company’s stock valued at $72,414,000 after acquiring an additional 75,688 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its position in Freshworks by 27.9% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 3,951,115 shares of the company’s stock valued at $55,750,000 after buying an additional 862,315 shares in the last quarter. Wellington Management Group LLP bought a new position in Freshworks during the 1st quarter valued at $48,813,000. Finally, Franklin Resources Inc. grew its holdings in Freshworks by 15.1% during the second quarter. Franklin Resources Inc. now owns 2,540,275 shares of the company’s stock worth $37,875,000 after acquiring an additional 333,137 shares during the period. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CAO Philippa Lawrence sold 5,846 shares of the stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $12.06, for a total value of $70,502.76. Following the completion of the sale, the chief accounting officer directly owned 392,711 shares in the company, valued at $4,736,094.66. This represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Dennis Woodside purchased 176,100 shares of the company’s stock in a transaction dated Monday, November 10th. The stock was purchased at an average price of $11.31 per share, for a total transaction of $1,991,691.00. Following the transaction, the chief executive officer directly owned 2,111,517 shares in the company, valued at approximately $23,881,257.27. This trade represents a 9.10% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders sold 14,631 shares of company stock worth $181,349. 11.17% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on FRSH shares. Piper Sandler dropped their price target on Freshworks from $25.00 to $20.00 and set an “overweight” rating on the stock in a research note on Friday, November 7th. Needham & Company LLC restated a “buy” rating and set a $25.00 price target on shares of Freshworks in a research note on Friday, September 12th. Morgan Stanley reduced their target price on Freshworks from $18.00 to $16.00 and set an “equal weight” rating for the company in a report on Friday, September 12th. Robert W. Baird dropped their price objective on Freshworks from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, September 15th. Finally, Wells Fargo & Company initiated coverage on shares of Freshworks in a research note on Tuesday, September 30th. They set an “equal weight” rating and a $13.00 target price for the company. Seven investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $19.23.

Freshworks Price Performance

NASDAQ:FRSH opened at $12.60 on Friday. The business’s 50-day simple moving average is $11.55 and its 200-day simple moving average is $13.19. Freshworks Inc. has a fifty-two week low of $10.51 and a fifty-two week high of $19.77. The stock has a market capitalization of $3.55 billion, a PE ratio of -125.99 and a beta of 0.89.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings results on Thursday, September 11th. The company reported $0.18 earnings per share for the quarter. Freshworks had a negative return on equity of 0.37% and a negative net margin of 3.65%.The firm had revenue of $204.68 million for the quarter. On average, research analysts expect that Freshworks Inc. will post -0.19 earnings per share for the current year.

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.