Federated Hermes Inc. Cuts Holdings in Freshworks Inc. (NASDAQ:FRSH)

Federated Hermes Inc. reduced its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 93.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 43,744 shares of the company’s stock after selling 609,783 shares during the quarter. Federated Hermes Inc.’s holdings in Freshworks were worth $555,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of FRSH. Advisors Asset Management Inc. raised its holdings in shares of Freshworks by 34.2% during the first quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock valued at $54,000 after purchasing an additional 757 shares during the last quarter. CWM LLC lifted its holdings 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 acquiring an additional 2,878 shares during the period. EntryPoint Capital LLC bought a new position in shares of Freshworks in the 1st quarter worth approximately $82,000. International Assets Investment Management LLC bought a new position in Freshworks in the second quarter worth approximately $58,000. Finally, Quest Partners LLC purchased a new position in Freshworks during the fourth quarter valued at $166,000. 75.58% of the stock is owned by hedge funds and other institutional investors.

Freshworks Price Performance

FRSH opened at $11.25 on Tuesday. The firm has a market capitalization of $3.36 billion, a PE ratio of -28.13 and a beta of 0.73. The business’s 50-day moving average is $11.89 and its two-hundred day moving average is $14.06. Freshworks Inc. has a 1 year low of $10.96 and a 1 year high of $24.98.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.08 EPS for the quarter, topping 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 during the quarter, compared to analyst estimates of $169.05 million. During the same quarter in the previous year, the business posted ($0.12) EPS. Freshworks’s revenue was up 20.0% on a year-over-year basis. As a group, sell-side analysts expect that Freshworks Inc. will post -0.38 EPS for the current year.

Insider Transactions at Freshworks

In other news, Director Barry L. Padgett sold 5,546 shares of Freshworks stock in a transaction on 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 sale, the director now directly owns 26,957 shares in the company, valued at $344,240.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $11.60, for a total transaction of $97,927.20. Following the sale, the director now directly owns 22,530 shares of the company’s stock, valued at $261,348. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Barry L. Padgett sold 5,546 shares of Freshworks stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $12.77, for a total transaction of $70,822.42. Following the transaction, the director now directly owns 26,957 shares of the company’s stock, valued at $344,240.89. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 44,344 shares of company stock worth $517,094. Insiders own 19.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Cantor Fitzgerald lowered their target price on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Canaccord Genuity Group decreased their price objective on Freshworks from $20.00 to $17.00 and set a “buy” rating on the stock in a research report on Wednesday, July 10th. Barclays cut their price target on shares of Freshworks from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 31st. Jefferies Financial Group reduced their target price on Freshworks from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Finally, StockNews.com lowered shares of Freshworks from a “buy” rating to a “hold” rating in a research report on Saturday, June 22nd. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average 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.