Principal Financial Group Inc. Decreases Stake in Freshworks Inc. (NASDAQ:FRSH)

Principal Financial Group Inc. decreased its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 30.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,269 shares of the company’s stock after selling 8,272 shares during the quarter. Principal Financial Group Inc.’s holdings in Freshworks were worth $221,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Blue Trust Inc. grew its stake in Freshworks by 1,987.3% during the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after acquiring an additional 2,822 shares in the last quarter. Covestor Ltd grew its position in shares of Freshworks by 89.9% in the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after purchasing an additional 1,704 shares in the last quarter. Quarry LP increased its holdings in shares of Freshworks by 157.6% in the second quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after purchasing an additional 2,645 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in Freshworks during the third quarter worth $57,000. Finally, Amalgamated Bank grew its holdings in Freshworks by 29.1% in the 2nd quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock valued at $90,000 after buying an additional 1,588 shares in the last quarter. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $15.85, for a total transaction of $133,663.05. Following the completion of the transaction, the director now directly owns 24,187 shares of the company’s stock, valued at $383,363.95. The trade was a 25.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mika Yamamoto sold 2,859 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $15.84, for a total value of $45,286.56. Following the sale, the insider now owns 400,249 shares in the company, valued at approximately $6,339,944.16. This trade represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,702,168 shares of company stock worth $26,700,318 in the last ninety days. 19.15% of the stock is owned by corporate insiders.

Freshworks Stock Performance

NASDAQ FRSH opened at $16.33 on Tuesday. The firm has a market cap of $4.95 billion, a price-to-earnings ratio of -48.03 and a beta of 0.88. The firm has a 50 day simple moving average of $15.60 and a 200-day simple moving average of $13.18. Freshworks Inc. has a one year low of $10.81 and a one year high of $23.93.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FRSH. Needham & Company LLC reiterated a “buy” rating and set a $20.00 price target on shares of Freshworks in a report on Tuesday, December 17th. Wells Fargo & Company boosted their target price on shares of Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. JMP Securities raised their price target on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Piper Sandler increased their price objective on Freshworks from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Robert W. Baird reduced their target price on Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.85.

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.