Verdence Capital Advisors LLC Boosts Holdings in Freshworks Inc. $FRSH

Verdence Capital Advisors LLC raised its stake in shares of Freshworks Inc. (NASDAQ:FRSH) by 7.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,547 shares of the company’s stock after purchasing an additional 1,070 shares during the period. Verdence Capital Advisors LLC’s holdings in Freshworks were worth $232,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC lifted its stake in Freshworks by 92.1% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 37,578 shares of the company’s stock valued at $560,000 after buying an additional 18,012 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in shares of Freshworks by 11.0% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 11,694 shares of the company’s stock valued at $174,000 after acquiring an additional 1,160 shares in the last quarter. Gagnon Securities LLC lifted its holdings in Freshworks by 5.4% in the 2nd quarter. Gagnon Securities LLC now owns 924,590 shares of the company’s stock valued at $13,786,000 after purchasing an additional 47,701 shares in the last quarter. KLP Kapitalforvaltning AS lifted its holdings in Freshworks by 9.4% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 39,500 shares of the company’s stock valued at $589,000 after purchasing an additional 3,400 shares in the last quarter. Finally, Inlight Wealth Management LLC purchased a new position in Freshworks in the 2nd quarter valued at $1,773,000. 75.58% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Zachary Nelson sold 8,433 shares of the company’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 transaction of $110,809.62. Following the sale, the director directly owned 38,870 shares in the company, valued at approximately $510,751.80. This represents a 17.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mika Yamamoto sold 4,289 shares of the company’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 sale, the insider owned 533,993 shares in the company, valued at $7,038,027.74. The trade was a 0.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 41,329 shares of company stock worth $534,620 in the last quarter. Company insiders own 11.17% of the company’s stock.

Freshworks Stock Down 1.5%

Shares of FRSH opened at $10.90 on Friday. Freshworks Inc. has a fifty-two week low of $10.84 and a fifty-two week high of $19.77. The firm’s 50 day moving average price is $12.56 and its 200 day moving average price is $13.70. The company has a market cap of $3.18 billion, a P/E ratio of -60.55 and a beta of 0.91.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Piper Sandler raised their price target on shares of Freshworks from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 30th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Freshworks in a research report on Wednesday, October 8th. Robert W. Baird reduced their price target on shares of Freshworks from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, September 15th. Needham & Company LLC restated a “buy” rating and issued a $25.00 price objective on shares of Freshworks in a report on Friday, September 12th. Finally, Wells Fargo & Company initiated coverage on shares of Freshworks in a research note on Tuesday, September 30th. They issued an “equal weight” rating and a $13.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $20.07.

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.