75,538 Shares in Freshworks Inc. (NASDAQ:FRSH) Bought by Intech Investment Management LLC

Intech Investment Management LLC purchased a new position in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 75,538 shares of the company's stock, valued at approximately $867,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AlpInvest Partners B.V. purchased a new stake in shares of Freshworks during the 3rd quarter worth about $803,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Freshworks by 806.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company's stock worth $2,699,000 after purchasing an additional 209,194 shares during the period. Thompson Davis & CO. Inc. purchased a new position in Freshworks during the third quarter worth approximately $170,000. Cornercap Investment Counsel Inc. acquired a new stake in Freshworks in the third quarter valued at approximately $250,000. Finally, GSA Capital Partners LLP increased its position in shares of Freshworks by 89.4% in the third quarter. GSA Capital Partners LLP now owns 97,910 shares of the company's stock valued at $1,124,000 after buying an additional 46,204 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company's stock.

Freshworks Stock Performance

Shares of NASDAQ FRSH traded up $0.16 during midday trading on Friday, reaching $15.99. 2,210,634 shares of the stock were exchanged, compared to its average volume of 2,915,884. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $24.98. The stock has a market capitalization of $4.84 billion, a P/E ratio of -46.56 and a beta of 0.72. The company has a 50 day simple moving average of $12.95 and a 200 day simple moving average of $12.60.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 target price on shares of Freshworks in a research note on Thursday, November 7th. Piper Sandler increased their price objective on shares of Freshworks from $13.00 to $18.00 and gave the company an "overweight" rating in a report on Thursday, November 7th. Canaccord Genuity Group lifted their price target on Freshworks from $17.00 to $19.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Robert W. Baird reduced their price objective on Freshworks from $16.00 to $15.00 and set a "neutral" rating for the company in a research note on Thursday, November 7th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Freshworks from $17.00 to $20.00 and gave the stock an "overweight" rating in a research note on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $18.69.

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $12.19, for a total transaction of $102,798.27. Following the completion of the sale, the director now directly owns 23,497 shares in the company, valued at $286,428.43. This trade represents a 26.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of the company's stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $11.17, for a total transaction of $52,331.45. Following the completion of the transaction, the director now owns 35,853 shares in the company, valued at approximately $400,478.01. This represents a 11.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,683 shares of company stock worth $397,518 over the last quarter. 19.15% of the stock is currently owned by company insiders.

Freshworks Company 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.