AlphaQuest LLC Sells 6,833 Shares of Freshworks Inc. (NASDAQ:FRSH)

AlphaQuest LLC reduced its stake in shares of Freshworks Inc. (NASDAQ:FRSH) by 31.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 14,644 shares of the company’s stock after selling 6,833 shares during the period. AlphaQuest LLC’s holdings in Freshworks were worth $237,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Avion Wealth bought a new position in Freshworks during the fourth quarter valued at $26,000. Covestor Ltd grew its stake in shares of Freshworks by 89.9% during the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after acquiring an additional 1,704 shares during the period. Point72 Hong Kong Ltd purchased a new stake in Freshworks in the 3rd quarter worth about $57,000. Blue Trust Inc. raised its stake in Freshworks by 32.2% in the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock valued at $63,000 after acquiring an additional 954 shares during the period. Finally, Nisa Investment Advisors LLC lifted its holdings in Freshworks by 102.4% during 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 last quarter. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Freshworks Stock Up 3.7 %

Shares of FRSH stock opened at $14.88 on Friday. The firm has a market cap of $4.49 billion, a P/E ratio of -46.50 and a beta of 0.92. The business has a 50-day moving average price of $17.10 and a two-hundred day moving average price of $14.81. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $19.77.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. As a group, research analysts expect that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Insider Activity at Freshworks

In other news, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $18.30, for a total transaction of $154,488.60. Following the transaction, the director now directly owns 24,187 shares of the company’s stock, valued at approximately $442,622.10. This trade represents a 25.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mika Yamamoto sold 5,718 shares of the business’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $16.95, for a total value of $96,920.10. Following the completion of the sale, the insider now directly owns 403,108 shares of the company’s stock, valued at approximately $6,832,680.60. This trade represents a 1.40 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,735,263 shares of company stock valued at $27,361,209. Insiders own 19.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FRSH. Needham & Company LLC boosted their price target on shares of Freshworks from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. JMP Securities set a $27.00 price target on Freshworks in a research report on Wednesday, February 12th. Morgan Stanley increased their price objective on Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. StockNews.com raised Freshworks from a “hold” rating to a “buy” rating in a report on Thursday, February 13th. Finally, Wells Fargo & Company downgraded shares of Freshworks from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $16.00 to $13.00 in a report on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $21.14.

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.