CIBC Private Wealth Group LLC Lowers Stake in Freshworks Inc. (NASDAQ:FRSH)

CIBC Private Wealth Group LLC decreased its position in Freshworks Inc. (NASDAQ:FRSH) by 1.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 481,115 shares of the company’s stock after selling 7,137 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Freshworks were worth $7,770,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Smith Group Asset Management LLC purchased a new stake in shares of Freshworks in the 4th quarter valued at $589,000. Barclays PLC increased its stake in Freshworks by 33.4% during the third quarter. Barclays PLC now owns 337,621 shares of the company’s stock worth $3,875,000 after purchasing an additional 84,568 shares during the period. Edgestream Partners L.P. acquired a new stake in shares of Freshworks during the third quarter worth about $1,193,000. Raymond James Financial Inc. purchased a new position in shares of Freshworks in the fourth quarter valued at approximately $20,666,000. Finally, Geode Capital Management LLC grew 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 purchasing an additional 66,342 shares in the last quarter. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Zachary Nelson sold 8,433 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $16.72, for a total value of $140,999.76. Following the completion of the sale, the director now directly owns 24,187 shares of the company’s stock, valued at approximately $404,406.64. This represents a 25.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mika Yamamoto sold 2,859 shares of Freshworks stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $16.74, for a total transaction of $47,859.66. Following the completion of the transaction, the insider now directly owns 615,893 shares in the company, valued at $10,310,048.82. The trade was a 0.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 62,980 shares of company stock worth $1,084,011 in the last quarter. 19.15% of the stock is owned by insiders.

Freshworks Trading Up 1.6 %

Shares of Freshworks stock opened at $14.33 on Wednesday. The company has a fifty day simple moving average of $16.79 and a 200-day simple moving average of $15.15. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $19.77. The stock has a market cap of $4.32 billion, a price-to-earnings ratio of -44.78 and a beta of 0.92.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data 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%. On average, analysts forecast that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FRSH has been the subject of several recent research reports. Piper Sandler raised their price target on shares of Freshworks from $20.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Jefferies Financial Group lowered their target price on Freshworks from $22.00 to $20.00 and set a “hold” rating for the company in a research note on Monday. UBS Group set a $22.00 price target on Freshworks in a research report on Thursday, February 6th. Morgan Stanley boosted their price objective on Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research report on Monday, January 13th. Finally, Cantor Fitzgerald raised their target price on shares of Freshworks from $18.00 to $22.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $21.14.

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.