Walleye Capital LLC Sells 340,293 Shares of Freshworks Inc. (NASDAQ:FRSH)

Walleye Capital LLC cut its position in Freshworks Inc. (NASDAQ:FRSH) by 78.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 96,123 shares of the company’s stock after selling 340,293 shares during the period. Walleye Capital LLC’s holdings in Freshworks were worth $1,554,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Barclays PLC increased its holdings in Freshworks by 33.4% during the 3rd quarter. Barclays PLC now owns 337,621 shares of the company’s stock valued at $3,875,000 after purchasing an additional 84,568 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Freshworks by 1.5% in the third quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company’s stock valued at $52,750,000 after buying an additional 66,342 shares during the last quarter. Tidal Investments LLC bought a new stake in Freshworks during the 3rd quarter worth about $534,000. Franklin Resources Inc. increased its position in Freshworks by 18.1% in the 3rd quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock valued at $44,934,000 after acquiring an additional 604,658 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Freshworks by 49.8% in the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock worth $60,503,000 after acquiring an additional 1,752,995 shares during the last quarter. 75.58% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Mika Yamamoto sold 3,574 shares of the business’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $14.20, for a total transaction of $50,750.80. Following the transaction, the insider now directly owns 611,604 shares in the company, valued at $8,684,776.80. The trade was a 0.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $18.30, for a total transaction of $154,488.60. Following the completion of the sale, the director now directly owns 24,187 shares in the company, valued at approximately $442,622.10. The trade was a 25.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,577 shares of company stock worth $883,242. Insiders own 19.15% of the company’s stock.

Freshworks Price Performance

Freshworks stock opened at $12.60 on Friday. The company has a market cap of $3.80 billion, a price-to-earnings ratio of -39.38 and a beta of 0.98. The firm has a 50-day moving average of $15.09 and a 200-day moving average of $15.25. Freshworks Inc. has a one year low of $10.81 and a one year high of $19.77.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FRSH. JMP Securities set a $27.00 price target on shares of Freshworks in a report on Wednesday, February 12th. UBS Group set a $22.00 target price on Freshworks in a research note on Thursday, February 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price target on shares of Freshworks in a research note on Monday, March 17th. Robert W. Baird set a $18.00 price target on Freshworks in a report on Wednesday, February 12th. Finally, Scotiabank lifted their price target on shares of Freshworks from $17.00 to $19.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Freshworks has an average rating of “Moderate Buy” and an average price target of $20.43.

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.