Y Intercept Hong Kong Ltd Lowers Stock Position in Freshworks Inc. (NASDAQ:FRSH)

Y Intercept Hong Kong Ltd cut its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 72.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 36,101 shares of the company’s stock after selling 96,160 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Freshworks were worth $584,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Avion Wealth purchased a new position in shares of Freshworks during the fourth quarter worth approximately $26,000. Blue Trust Inc. grew its position in shares of Freshworks by 1,987.3% during the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock worth $38,000 after acquiring an additional 2,822 shares during the last quarter. Covestor Ltd grew its position in shares of Freshworks by 89.9% during the third 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 last quarter. Point72 Hong Kong Ltd purchased a new position in Freshworks in the 3rd quarter valued at $57,000. Finally, Nisa Investment Advisors LLC grew its position in Freshworks by 102.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock valued at $71,000 after buying an additional 2,223 shares during the last quarter. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

Freshworks Stock Down 0.1 %

NASDAQ:FRSH opened at $17.06 on Friday. The company has a market capitalization of $5.17 billion, a PE ratio of -53.31 and a beta of 0.91. Freshworks Inc. has a 52-week low of $10.81 and a 52-week high of $20.60. The stock has a fifty day simple moving average of $17.19 and a 200-day simple moving average of $14.52.

Freshworks (NASDAQ:FRSH) last released its quarterly 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, equities analysts anticipate that Freshworks Inc. will post -0.19 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. JMP Securities lifted their price objective on shares of Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research report on Thursday, November 7th. Morgan Stanley lifted their price objective on shares of Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research report on Monday, January 13th. Cantor Fitzgerald lifted their price objective on shares of Freshworks from $18.00 to $22.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. JPMorgan Chase & Co. lifted their price objective on shares of Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Finally, Barclays lifted their price objective on shares of Freshworks from $14.00 to $20.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.62.

Insider Activity at Freshworks

In related news, Director Jennifer H. Taylor sold 4,690 shares of the business’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $16.74, for a total value of $78,510.60. Following the completion of the transaction, the director now owns 36,689 shares of the company’s stock, valued at approximately $614,173.86. The trade was a 11.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Rathnagirish Mathrubootham sold 830,000 shares of Freshworks stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $15.33, for a total value of $12,723,900.00. Following the completion of the sale, the chairman now owns 551,137 shares of the company’s stock, valued at $8,448,930.21. This trade represents a 60.10 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,728,661 shares of company stock valued at $27,250,861. 19.15% of the stock is owned by insiders.

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.