Principal Financial Group Inc. Sells 8,272 Shares of Freshworks Inc. (NASDAQ:FRSH)

Principal Financial Group Inc. cut its holdings in Freshworks Inc. (NASDAQ:FRSH) by 30.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,269 shares of the company’s stock after selling 8,272 shares during the period. Principal Financial Group Inc.’s holdings in Freshworks were worth $221,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Freshworks by 6.8% in 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. Renaissance Technologies LLC grew its position in shares of Freshworks by 7.6% during the 2nd quarter. Renaissance Technologies LLC now owns 3,134,600 shares of the company’s stock worth $39,778,000 after buying an additional 221,900 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Freshworks by 10.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,428,755 shares of the company’s stock valued at $30,821,000 after acquiring an additional 239,671 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Freshworks by 35.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,588,968 shares of the company’s stock valued at $20,164,000 after acquiring an additional 420,135 shares during the period. Finally, M&G PLC bought a new position in Freshworks during the third quarter worth $9,094,000. 75.58% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Freshworks

In other news, Director Zachary Nelson sold 8,433 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $12.19, for a total transaction of $102,798.27. Following the completion of the sale, the director now owns 23,497 shares in the company, valued at $286,428.43. This trade represents a 26.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jennifer H. Taylor sold 4,690 shares of the business’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $11.06, for a total value of $51,871.40. Following the completion of the sale, the director now owns 36,689 shares in the company, valued at approximately $405,780.34. The trade was a 11.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,463 shares of company stock worth $406,714 in the last ninety days. Company insiders own 19.15% of the company’s stock.

Freshworks Trading Down 0.5 %

FRSH stock opened at $16.45 on Tuesday. The stock has a market cap of $4.98 billion, a P/E ratio of -48.38 and a beta of 0.72. The stock’s fifty day simple moving average is $12.56 and its two-hundred day simple moving average is $12.52. Freshworks Inc. has a 1-year low of $10.81 and a 1-year high of $24.98.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FRSH. Piper Sandler lifted their price target on shares of Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Wells Fargo & Company boosted their target price on Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Canaccord Genuity Group upped their price target on Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. JMP Securities raised their price objective on Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Thursday, November 7th. Finally, JPMorgan Chase & Co. upped their target price on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.69.

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.