Principal Financial Group Inc. Sells 8,272 Shares of Freshworks Inc. (NASDAQ:FRSH)

Principal Financial Group Inc. reduced its stake in Freshworks Inc. (NASDAQ:FRSH) by 30.0% during the third quarter, Holdings Channel.com reports. The firm owned 19,269 shares of the company’s stock after selling 8,272 shares during the period. Principal Financial Group Inc.’s holdings in Freshworks were worth $221,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in Freshworks by 6.8% during the 1st quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock valued at $385,525,000 after buying an additional 1,354,530 shares during the period. Sei Investments Co. raised its stake in shares of Freshworks by 191.9% during the second quarter. Sei Investments Co. now owns 95,846 shares of the company’s stock valued at $1,216,000 after acquiring an additional 63,006 shares during the last quarter. M&G PLC purchased a new stake in shares of Freshworks during the third quarter worth about $9,094,000. Marshall Wace LLP bought a new stake in shares of Freshworks in the second quarter worth about $1,740,000. Finally, Canada Pension Plan Investment Board increased its holdings in Freshworks by 41.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 505,400 shares of the company’s stock valued at $6,414,000 after purchasing an additional 147,700 shares during the period. Institutional investors own 75.58% of the company’s stock.

Freshworks Stock Down 0.5 %

Shares of FRSH opened at $16.45 on Tuesday. The stock’s 50-day moving average price is $12.56 and its 200-day moving average price is $12.52. The company has a market capitalization of $4.98 billion, a price-to-earnings ratio of -48.38 and a beta of 0.72. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $24.98.

Analyst Upgrades and Downgrades

FRSH has been the topic of several recent analyst reports. Scotiabank cut their price target on shares of Freshworks from $18.00 to $16.00 and set a “sector perform” rating on the stock in a report on Wednesday, July 31st. JMP Securities boosted their price target on shares of Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research report on Thursday, November 7th. Cantor Fitzgerald lowered their price objective on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Wells Fargo & Company upped their target price on Freshworks from $11.00 to $14.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Finally, Robert W. Baird lowered their target price on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.69.

Insiders Place Their Bets

In other news, Director Jennifer H. Taylor sold 4,690 shares of the firm’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $11.06, for a total value of $51,871.40. Following the transaction, the director now directly owns 36,689 shares of the company’s stock, valued at approximately $405,780.34. This trade represents a 11.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $11.54, for a total value of $97,316.82. Following the transaction, the director now owns 22,530 shares in the company, valued at approximately $259,996.20. This represents a 27.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,463 shares of company stock worth $406,714. 19.15% of the stock is owned by corporate insiders.

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.