SP Asset Management LLC Sells 13,481 Shares of Freshworks Inc. $FRSH

SP Asset Management LLC trimmed its position in Freshworks Inc. (NASDAQ:FRSH) by 5.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 218,000 shares of the company’s stock after selling 13,481 shares during the quarter. SP Asset Management LLC owned about 0.07% of Freshworks worth $3,250,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in FRSH. Wellington Management Group LLP bought a new stake in Freshworks during the first quarter worth approximately $48,813,000. Nuveen LLC bought a new stake in Freshworks during the first quarter worth approximately $35,129,000. Driehaus Capital Management LLC bought a new stake in Freshworks during the first quarter worth approximately $34,231,000. Vanguard Group Inc. increased its stake in Freshworks by 4.5% during the first quarter. Vanguard Group Inc. now owns 26,189,892 shares of the company’s stock worth $369,539,000 after acquiring an additional 1,126,013 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. increased its stake in Freshworks by 27.9% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 3,951,115 shares of the company’s stock worth $55,750,000 after acquiring an additional 862,315 shares during the last quarter. 75.58% of the stock is owned by institutional investors.

Freshworks Stock Performance

FRSH opened at $11.06 on Thursday. The stock has a market cap of $3.22 billion, a price-to-earnings ratio of -61.44 and a beta of 0.90. The stock’s 50 day moving average price is $12.01 and its 200-day moving average price is $13.55. Freshworks Inc. has a one year low of $10.76 and a one year high of $19.77.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Thursday, September 11th. The company reported $0.18 earnings per share (EPS) for the quarter. The firm had revenue of $204.68 million during the quarter. Freshworks had a negative return on equity of 2.56% and a negative net margin of 7.02%. As a group, analysts predict that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Freshworks in a research note on Wednesday, October 8th. Robert W. Baird reduced their price objective on Freshworks from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, September 15th. Wells Fargo & Company assumed coverage on Freshworks in a research note on Tuesday, September 30th. They set an “equal weight” rating and a $13.00 price objective on the stock. Wall Street Zen cut Freshworks from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 23rd. Finally, Piper Sandler boosted their price objective on Freshworks from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $20.07.

Insider Transactions at Freshworks

In related news, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $12.96, for a total value of $60,717.60. Following the completion of the sale, the director owned 44,218 shares in the company, valued at approximately $573,065.28. The trade was a 9.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $13.14, for a total value of $110,809.62. Following the completion of the sale, the director owned 38,870 shares of the company’s stock, valued at $510,751.80. The trade was a 17.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 27,828 shares of company stock worth $358,968 over the last three months. Company insiders own 11.17% 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.