DekaBank Deutsche Girozentrale Has $39,000 Position in Freshworks Inc. (NASDAQ:FRSH)

DekaBank Deutsche Girozentrale cut its holdings in Freshworks Inc. (NASDAQ:FRSH) by 47.7% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,085 shares of the company’s stock after selling 2,814 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Freshworks were worth $39,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in FRSH. Vanguard Group Inc. lifted its position in shares of Freshworks by 6.8% during the first quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock worth $385,525,000 after purchasing an additional 1,354,530 shares in the last quarter. FACT Capital LP boosted its position in Freshworks by 9.3% in the 4th quarter. FACT Capital LP now owns 764,373 shares of the company’s stock valued at $17,955,000 after buying an additional 64,957 shares during the last quarter. Norges Bank acquired a new stake in shares of Freshworks in the 4th quarter valued at $44,919,000. ProShare Advisors LLC raised its position in shares of Freshworks by 8.5% during the first quarter. ProShare Advisors LLC now owns 29,127 shares of the company’s stock worth $530,000 after acquiring an additional 2,293 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Freshworks by 53.4% in the fourth quarter. Principal Financial Group Inc. now owns 511,146 shares of the company’s stock valued at $12,007,000 after acquiring an additional 177,836 shares during the last quarter. 75.58% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have weighed in on FRSH. JPMorgan Chase & Co. dropped their price objective on Freshworks from $19.00 to $17.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Jefferies Financial Group reduced their price objective on shares of Freshworks from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Cantor Fitzgerald dropped their target price on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Canaccord Genuity Group reduced their price target on Freshworks from $20.00 to $17.00 and set a “buy” rating on the stock in a research report on Wednesday, July 10th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price objective on shares of Freshworks in a report on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.69.

Freshworks Stock Performance

Shares of FRSH stock opened at $11.33 on Friday. Freshworks Inc. has a 52 week low of $10.96 and a 52 week high of $24.98. The company’s 50 day moving average price is $11.94 and its two-hundred day moving average price is $14.14. The company has a market capitalization of $3.39 billion, a P/E ratio of -28.33 and a beta of 0.73.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.06 by $0.02. The business had revenue of $174.13 million for the quarter, compared to analysts’ expectations of $169.05 million. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.08%. The firm’s revenue was up 20.0% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.12) EPS. Analysts forecast that Freshworks Inc. will post -0.38 earnings per share for the current year.

Insider Transactions at Freshworks

In related news, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $12.28, for a total value of $57,531.80. Following the sale, the director now owns 35,853 shares of the company’s stock, valued at approximately $440,274.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $12.28, for a total value of $57,531.80. Following the sale, the director now directly owns 35,853 shares in the company, valued at $440,274.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jennifer H. Taylor sold 4,690 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $11.23, for a total transaction of $52,668.70. Following the completion of the sale, the director now directly owns 35,853 shares in the company, valued at approximately $402,629.19. The disclosure for this sale can be found here. Insiders sold 44,344 shares of company stock valued at $517,094 over the last three months. Company insiders own 19.15% of the company’s stock.

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.