Principal Financial Group Inc. Sells 1,502 Shares of Freshworks Inc. (NASDAQ:FRSH)

Principal Financial Group Inc. trimmed its stake in shares of Freshworks Inc. (NASDAQ:FRSH) by 7.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 17,767 shares of the company’s stock after selling 1,502 shares during the quarter. Principal Financial Group Inc.’s holdings in Freshworks were worth $287,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Rhumbline Advisers increased its stake in Freshworks by 2.6% in the 4th quarter. Rhumbline Advisers now owns 275,831 shares of the company’s stock worth $4,460,000 after acquiring an additional 7,089 shares during the last quarter. Legato Capital Management LLC bought a new position in Freshworks in the 4th quarter worth about $515,000. Avion Wealth bought a new position in Freshworks in the 4th quarter worth about $26,000. Sapient Capital LLC increased its stake in Freshworks by 48.1% in the 4th quarter. Sapient Capital LLC now owns 21,221 shares of the company’s stock worth $343,000 after acquiring an additional 6,895 shares during the last quarter. Finally, Smith Group Asset Management LLC bought a new position in Freshworks in the 4th quarter worth about $589,000. 75.58% of the stock is currently owned by institutional investors.

Insider Activity at Freshworks

In other Freshworks news, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $16.08, for a total value of $13,426,800.00. Following the completion of the sale, the chairman now owns 551,137 shares in the company, valued at approximately $8,862,282.96. This trade represents a 60.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jennifer H. Taylor sold 4,690 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $16.74, for a total value of $78,510.60. Following the completion of the sale, the director now owns 36,689 shares of the company’s stock, valued at approximately $614,173.86. This trade represents a 11.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,739,953 shares of company stock worth $27,439,720 in the last ninety days. 19.15% of the stock is owned by company insiders.

Freshworks Price Performance

Shares of FRSH stock opened at $15.80 on Friday. The stock has a market capitalization of $4.76 billion, a PE ratio of -49.38 and a beta of 0.92. Freshworks Inc. has a 1-year low of $10.81 and a 1-year high of $19.77. The business has a 50-day moving average of $17.23 and a 200 day moving average of $14.66.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. Analysts anticipate that Freshworks Inc. will post -0.19 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on FRSH shares. Wells Fargo & Company lowered Freshworks from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $16.00 to $13.00 in a research note on Tuesday, January 21st. Piper Sandler upped their target price on Freshworks from $20.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Morgan Stanley increased their price objective on Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research report on Monday, January 13th. JMP Securities set a $27.00 price objective on Freshworks in a research report on Wednesday, February 12th. Finally, Needham & Company LLC increased their price objective on Freshworks from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $21.14.

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.