Generation Investment Management LLP Lowers Stock Holdings in Freshworks Inc. $FRSH

Generation Investment Management LLP reduced its holdings in Freshworks Inc. (NASDAQ:FRSH) by 10.4% during the 2nd quarter, Holdings Channel reports. The firm owned 468,477 shares of the company’s stock after selling 54,114 shares during the quarter. Generation Investment Management LLP’s holdings in Freshworks were worth $6,985,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in FRSH. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of Freshworks during the 2nd quarter valued at approximately $25,000. DekaBank Deutsche Girozentrale increased its holdings in Freshworks by 91.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 5,899 shares of the company’s stock worth $84,000 after acquiring an additional 2,814 shares in the last quarter. Nisa Investment Advisors LLC raised its position in Freshworks by 55.1% during the second quarter. Nisa Investment Advisors LLC now owns 6,064 shares of the company’s stock worth $90,000 after acquiring an additional 2,155 shares during the period. Liberty Mutual Group Asset Management Inc. purchased a new position in Freshworks during the first quarter valued at $106,000. Finally, US Bancorp DE grew its position in shares of Freshworks by 671.4% in the first quarter. US Bancorp DE now owns 8,331 shares of the company’s stock valued at $118,000 after purchasing an additional 7,251 shares during the period. 75.58% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Philippa Lawrence sold 2,590 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $12.53, for a total transaction of $32,452.70. Following the completion of the sale, the chief accounting officer owned 415,949 shares in the company, valued at $5,211,840.97. This trade represents a 0.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jennifer H. Taylor sold 4,685 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $12.96, for a total value of $60,717.60. Following the completion of the transaction, the director owned 44,218 shares in the company, valued at $573,065.28. This represents a 9.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 23,138 shares of company stock worth $300,202. Company insiders own 11.17% of the company’s stock.

Freshworks Price Performance

Shares of Freshworks stock opened at $11.19 on Monday. The stock’s 50 day simple moving average is $11.91 and its 200-day simple moving average is $13.54. The stock has a market cap of $3.26 billion, a P/E ratio of -111.89 and a beta of 0.90. Freshworks Inc. has a 1-year low of $10.51 and a 1-year high of $19.77.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Thursday, September 11th. The company reported $0.18 earnings per share (EPS) for the quarter. Freshworks had a negative return on equity of 0.37% and a negative net margin of 3.65%.The company had revenue of $204.68 million during the quarter. As a group, research analysts expect that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FRSH. Needham & Company LLC restated a “buy” rating and set a $25.00 price target on shares of Freshworks in a research report on Friday, September 12th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Freshworks in a research note on Wednesday, October 8th. Piper Sandler reduced their target price on Freshworks from $25.00 to $20.00 and set an “overweight” rating for the company in a report on Friday. Morgan Stanley lowered their price target on Freshworks from $18.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Friday, September 12th. Finally, JMP Securities reiterated a “market outperform” rating and set a $27.00 price target on shares of Freshworks in a research report on Friday, September 12th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Freshworks has a consensus rating of “Moderate Buy” and a consensus target price of $19.38.

About Freshworks

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.