Seven Eight Capital LP Decreases Stake in Freshworks Inc. (NASDAQ:FRSH)

Seven Eight Capital LP trimmed its position in shares of Freshworks Inc. (NASDAQ:FRSH) by 10.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 64,464 shares of the company’s stock after selling 7,793 shares during the period. Seven Eight Capital LP’s holdings in Freshworks were worth $818,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. increased its position in shares of Freshworks by 31.4% in the 4th quarter. Victory Capital Management Inc. now owns 21,308 shares of the company’s stock valued at $501,000 after purchasing an additional 5,093 shares during the last quarter. Teacher Retirement System of Texas increased its holdings in Freshworks by 13.9% in the fourth quarter. Teacher Retirement System of Texas now owns 28,714 shares of the company’s stock valued at $674,000 after buying an additional 3,503 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Freshworks by 16.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,731,120 shares of the company’s stock valued at $40,667,000 after buying an additional 245,242 shares during the last quarter. Principal Financial Group Inc. raised its stake 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 buying an additional 177,836 shares in the last quarter. Finally, Norges Bank purchased a new stake in Freshworks during the 4th quarter worth about $44,919,000. Institutional investors and hedge funds own 75.58% of the company’s stock.

Freshworks Stock Down 2.1 %

FRSH opened at $11.33 on Friday. The business has a 50 day moving average price of $11.94 and a two-hundred day moving average price of $14.14. Freshworks Inc. has a 52 week low of $10.96 and a 52 week high of $24.98. The company has a market cap of $3.39 billion, a PE ratio of -28.33 and a beta of 0.73.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.02. The firm had revenue of $174.13 million during the quarter, compared to the consensus estimate of $169.05 million. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same period last year, the company earned ($0.12) earnings per share. As a group, sell-side analysts expect that Freshworks Inc. will post -0.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FRSH. Cantor Fitzgerald cut their target price on Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Jefferies Financial Group cut their price objective on shares of Freshworks from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Canaccord Genuity Group lowered their target price on shares of Freshworks from $20.00 to $17.00 and set a “buy” rating for the company in a report on Wednesday, July 10th. Piper Sandler cut their price target on shares of Freshworks from $22.00 to $17.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $20.00 price target on shares of Freshworks in a research report on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Freshworks presently has an average rating of “Moderate Buy” and a consensus price target of $18.69.

Insider Activity

In related news, Director Barry L. Padgett sold 5,546 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $12.77, for a total transaction of $70,822.42. Following the completion of the transaction, the director now directly owns 26,957 shares of the company’s stock, valued at $344,240.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Jennifer H. Taylor sold 4,685 shares of the company’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $12.28, for a total transaction of $57,531.80. Following the transaction, the director now owns 35,853 shares of the company’s stock, valued at $440,274.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Barry L. Padgett sold 5,546 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $12.77, for a total value of $70,822.42. Following the completion of the sale, the director now directly owns 26,957 shares of the company’s stock, valued at approximately $344,240.89. The disclosure for this sale can be found here. Insiders have sold a total of 44,344 shares of company stock valued at $517,094 over the last quarter. Corporate insiders own 19.15% of the company’s stock.

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.