Freshworks Inc. (NASDAQ:FRSH) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its stake in shares of Freshworks Inc. (NASDAQ:FRSH) by 25.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,159,063 shares of the company’s stock after selling 387,793 shares during the period. Bank of New York Mellon Corp owned about 0.38% of Freshworks worth $18,742,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Blue Trust Inc. grew its holdings in Freshworks by 32.2% during the fourth quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock worth $63,000 after acquiring an additional 954 shares during the period. Avion Wealth acquired a new stake in Freshworks in the fourth quarter valued at approximately $26,000. Covestor Ltd grew its holdings in 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 during the period. Nisa Investment Advisors LLC grew its holdings in Freshworks by 102.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock valued at $71,000 after purchasing an additional 2,223 shares during the period. Finally, KBC Group NV grew its holdings in Freshworks by 59.1% in the fourth quarter. KBC Group NV now owns 7,604 shares of the company’s stock valued at $123,000 after purchasing an additional 2,824 shares during the period. 75.58% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

FRSH has been the topic of several research analyst reports. StockNews.com raised Freshworks from a “hold” rating to a “buy” rating in a report on Thursday, February 13th. Scotiabank raised their price objective on Freshworks from $17.00 to $19.00 and gave the company a “sector perform” rating in a report on Wednesday, February 12th. Morgan Stanley raised their price objective on Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. Needham & Company LLC raised their price objective on Freshworks from $20.00 to $25.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Finally, Oppenheimer raised their target price on Freshworks from $22.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $21.14.

Freshworks Trading Down 0.1 %

Shares of NASDAQ FRSH opened at $14.84 on Wednesday. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $19.77. The stock has a fifty day simple moving average of $17.20 and a 200-day simple moving average of $14.75. The stock has a market capitalization of $4.47 billion, a PE ratio of -46.38 and a beta of 0.92.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data 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%. On average, equities analysts predict that Freshworks Inc. will post -0.19 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Zachary Nelson sold 8,442 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $18.30, for a total transaction of $154,488.60. Following the completion of the transaction, the director now directly owns 24,187 shares of the company’s stock, valued at $442,622.10. The trade was a 25.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Rathnagirish Mathrubootham sold 830,000 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $15.33, for a total value of $12,723,900.00. Following the transaction, the chairman now directly owns 551,137 shares of the company’s stock, valued at $8,448,930.21. The trade was a 60.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,735,263 shares of company stock valued at $27,361,209 in the last three months. 19.15% of the stock is owned by corporate insiders.

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.