Ieq Capital LLC Has $9.65 Million Stake in Freshworks Inc. (NASDAQ:FRSH)

Ieq Capital LLC boosted its position in shares of Freshworks Inc. (NASDAQ:FRSH) by 1.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 760,778 shares of the company’s stock after acquiring an additional 10,000 shares during the quarter. Ieq Capital LLC owned 0.25% of Freshworks worth $9,654,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in FRSH. CWM LLC raised its stake in Freshworks by 554.5% in the second quarter. CWM LLC now owns 3,397 shares of the company’s stock valued at $43,000 after buying an additional 2,878 shares during the period. Advisors Asset Management Inc. increased its holdings 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 worth $54,000 after acquiring an additional 757 shares during the last quarter. International Assets Investment Management LLC bought a new stake in Freshworks in the 2nd quarter valued at $58,000. EntryPoint Capital LLC acquired a new stake in Freshworks during the 1st quarter valued at $82,000. Finally, Amalgamated Bank boosted its position in Freshworks by 29.1% during the second quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock worth $90,000 after purchasing an additional 1,588 shares during the period. Institutional investors and hedge funds own 75.58% of the company’s stock.

Freshworks Stock Performance

Shares of NASDAQ FRSH opened at $11.57 on Friday. Freshworks Inc. has a 52 week low of $10.96 and a 52 week high of $24.98. The stock’s fifty day moving average is $11.97 and its 200 day moving average is $14.23. The stock has a market capitalization of $3.46 billion, a P/E ratio of -28.93 and a beta of 0.73.

Freshworks (NASDAQ:FRSH) last released its earnings results 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 net margin of 15.72% and a negative return on equity of 9.08%. The firm had revenue of $174.13 million for the quarter, compared to analyst estimates of $169.05 million. During the same period last year, the firm earned ($0.12) EPS. The business’s quarterly revenue was up 20.0% compared to the same quarter last year. Equities research analysts forecast that Freshworks Inc. will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $11.17, for a total value of $52,331.45. Following the transaction, the director now owns 35,853 shares in the company, valued at approximately $400,478.01. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $11.60, for a total transaction of $97,927.20. Following the completion of the transaction, the director now directly owns 22,530 shares in the company, valued at approximately $261,348. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $11.17, for a total transaction of $52,331.45. Following the completion of the sale, the director now owns 35,853 shares in the company, valued at approximately $400,478.01. The disclosure for this sale can be found here. Insiders sold 44,344 shares of company stock worth $517,094 over the last three months. Insiders own 19.15% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Jefferies Financial Group cut their target price on shares of Freshworks from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. JPMorgan Chase & Co. cut their price objective on shares of Freshworks from $19.00 to $17.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Scotiabank decreased their target price on Freshworks from $18.00 to $16.00 and set a “sector perform” rating on the stock in a research report on Wednesday, July 31st. StockNews.com cut Freshworks from a “buy” rating to a “hold” rating in a report on Saturday, June 22nd. Finally, Cantor Fitzgerald reduced their price target on Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.69.

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.