Los Angeles Capital Management LLC Sells 21,983 Shares of Freshworks Inc. $FRSH

Los Angeles Capital Management LLC cut its holdings in Freshworks Inc. (NASDAQ:FRSH) by 17.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 101,671 shares of the company’s stock after selling 21,983 shares during the period. Los Angeles Capital Management LLC’s holdings in Freshworks were worth $1,516,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of FRSH. Inlight Wealth Management LLC purchased a new position in shares of Freshworks in the second quarter valued at $1,773,000. Principal Financial Group Inc. boosted its stake in Freshworks by 2,786.7% in the 1st quarter. Principal Financial Group Inc. now owns 512,875 shares of the company’s stock worth $7,237,000 after purchasing an additional 495,108 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Freshworks by 2.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,642,290 shares of the company’s stock worth $23,173,000 after purchasing an additional 32,333 shares during the period. Pier 88 Investment Partners LLC purchased a new position in Freshworks during the 1st quarter valued at about $675,000. Finally, New York State Common Retirement Fund increased its position in shares of Freshworks by 75.8% during the first quarter. New York State Common Retirement Fund now owns 489,511 shares of the company’s stock valued at $6,907,000 after buying an additional 211,102 shares during the period. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on FRSH shares. Weiss Ratings restated a “sell (e+)” rating on shares of Freshworks in a research report on Wednesday, October 8th. Zacks Research raised shares of Freshworks from a “hold” rating to a “strong-buy” rating in a report on Monday, September 29th. 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. Canaccord Genuity Group lowered their price objective on Freshworks from $23.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, November 6th. Finally, 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 for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.38.

Insider Transactions at Freshworks

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $13.14, for a total transaction of $110,809.62. Following the transaction, the director directly owned 38,870 shares of the company’s stock, valued at approximately $510,751.80. This trade represents a 17.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Mika Yamamoto sold 4,289 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $13.18, for a total transaction of $56,529.02. Following the completion of the sale, the insider owned 533,993 shares of the company’s stock, valued at approximately $7,038,027.74. The trade was a 0.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 23,138 shares of company stock worth $300,202. 11.17% of the stock is owned by corporate insiders.

Freshworks Stock Performance

Shares of NASDAQ:FRSH opened at $11.64 on Wednesday. The firm has a market capitalization of $3.39 billion, a PE ratio of -116.39 and a beta of 0.90. Freshworks Inc. has a 52-week low of $10.51 and a 52-week high of $19.77. The firm has a fifty day moving average of $11.84 and a 200 day moving average of $13.51.

Freshworks (NASDAQ:FRSH) last issued its quarterly 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 firm had revenue of $204.68 million during the quarter. On average, sell-side analysts forecast that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

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.