Freshworks Inc. (NASDAQ:FRSH) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. reduced its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 7.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 102,805 shares of the company’s stock after selling 7,761 shares during the quarter. Corebridge Financial Inc.’s holdings in Freshworks were worth $1,662,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FRSH. Charles Schwab Investment Management Inc. increased its stake in shares of Freshworks by 1.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,556,772 shares of the company’s stock worth $17,872,000 after purchasing an additional 24,558 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Freshworks by 8.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 40,229 shares of the company’s stock worth $462,000 after buying an additional 3,182 shares in the last quarter. Verition Fund Management LLC raised its holdings in shares of Freshworks by 1,099.9% in the third quarter. Verition Fund Management LLC now owns 211,171 shares of the company’s stock worth $2,424,000 after acquiring an additional 193,572 shares during the last quarter. Edgestream Partners L.P. purchased a new stake in shares of Freshworks in the third quarter valued at $1,193,000. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Freshworks during the third quarter valued at $57,000. Institutional investors and hedge funds own 75.58% of the company’s stock.

Freshworks Price Performance

Freshworks stock opened at $14.59 on Thursday. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $19.77. The company has a market cap of $4.40 billion, a price-to-earnings ratio of -45.59 and a beta of 0.92. The stock’s 50-day moving average is $16.73 and its 200-day moving average is $15.15.

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

Wall Street Analyst Weigh In

FRSH has been the subject of several analyst reports. Piper Sandler boosted their target price on shares of Freshworks from $20.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. StockNews.com raised shares of Freshworks from a “hold” rating to a “buy” rating in a research note on Thursday, February 13th. Scotiabank lifted their target price on shares of Freshworks from $17.00 to $19.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 12th. Cantor Fitzgerald increased their price target on Freshworks from $18.00 to $22.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Finally, Canaccord Genuity Group lifted their price objective on Freshworks from $19.00 to $23.00 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, five have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $21.14.

Insider Buying and Selling

In other news, insider Mika Yamamoto sold 2,859 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $18.29, for a total value of $52,291.11. Following the completion of the transaction, the insider now directly owns 397,390 shares in the company, valued at approximately $7,268,263.10. This represents a 0.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $15.49, for a total transaction of $72,570.65. Following the sale, the director now directly owns 37,286 shares of the company’s stock, valued at approximately $577,560.14. The trade was a 11.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 51,688 shares of company stock valued at $905,061. 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.