Crestone Asset Management LLC Sells 11,904 Shares of Freshworks Inc. (NASDAQ:FRSH)

Crestone Asset Management LLC decreased its position in shares of Freshworks Inc. (NASDAQ:FRSH) by 18.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 52,760 shares of the company’s stock after selling 11,904 shares during the period. Crestone Asset Management LLC’s holdings in Freshworks were worth $1,239,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of FRSH. Arizona State Retirement System boosted its position in Freshworks by 2.6% during the third quarter. Arizona State Retirement System now owns 40,667 shares of the company’s stock worth $810,000 after purchasing an additional 1,020 shares in the last quarter. Victory Capital Management Inc. raised its position in Freshworks by 12.1% during the third quarter. Victory Capital Management Inc. now owns 16,215 shares of the company’s stock worth $323,000 after acquiring an additional 1,750 shares during the period. Diversified Trust Co lifted its holdings in Freshworks by 5.6% during the third quarter. Diversified Trust Co now owns 45,771 shares of the company’s stock valued at $912,000 after purchasing an additional 2,440 shares in the last quarter. Jennison Associates LLC grew its position in shares of Freshworks by 9.4% in the fourth quarter. Jennison Associates LLC now owns 31,971 shares of the company’s stock valued at $751,000 after purchasing an additional 2,743 shares during the period. Finally, Russell Investments Group Ltd. raised its stake in Freshworks by 1.5% in the 4th quarter. Russell Investments Group Ltd. now owns 195,031 shares of the company’s stock valued at $4,583,000 after purchasing an additional 2,918 shares during the last quarter. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on FRSH. Canaccord Genuity Group cut their price target on Freshworks from $27.00 to $20.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Morgan Stanley decreased their price target on shares of Freshworks from $22.00 to $18.00 and set an “equal weight” rating for the company in a research note on Thursday, May 2nd. Cantor Fitzgerald cut their target price on Freshworks from $25.00 to $19.00 and set an “overweight” rating for the company in a research note on Thursday, May 2nd. Piper Sandler dropped their price objective on Freshworks from $28.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, May 2nd. Finally, Oppenheimer cut Freshworks from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 2nd. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.59.

Freshworks Price Performance

NASDAQ:FRSH traded down $0.44 during midday trading on Wednesday, reaching $13.82. 2,337,223 shares of the company traded hands, compared to its average volume of 2,841,423. Freshworks Inc. has a twelve month low of $13.01 and a twelve month high of $24.98. The company has a fifty day moving average price of $18.04 and a 200 day moving average price of $19.92. The firm has a market capitalization of $4.12 billion, a price-to-earnings ratio of -34.55 and a beta of 0.88.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. The business had revenue of $160.11 million for the quarter, compared to analysts’ expectations of $158.11 million. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. On average, equities research analysts forecast that Freshworks Inc. will post -0.37 earnings per share for the current fiscal year.

Insider Transactions at Freshworks

In related news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $20.44, for a total transaction of $8,792,245.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Jennifer H. Taylor sold 7,035 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $18.08, for a total transaction of $127,192.80. Following the transaction, the director now directly owns 19,991 shares of the company’s stock, valued at $361,437.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Rathnagirish Mathrubootham sold 430,149 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $20.44, for a total transaction of $8,792,245.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 460,792 shares of company stock valued at $9,408,403. Corporate insiders own 19.15% of the company’s stock.

Freshworks Company 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.