Fmr LLC Sells 542,563 Shares of Freshworks Inc. (NASDAQ:FRSH)

FMR LLC trimmed its holdings in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 38.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 884,650 shares of the company's stock after selling 542,563 shares during the quarter. FMR LLC owned about 0.29% of Freshworks worth $10,156,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of FRSH. Blue Trust Inc. grew its holdings in Freshworks by 1,987.3% in the third quarter. Blue Trust Inc. now owns 2,964 shares of the company's stock worth $38,000 after purchasing an additional 2,822 shares during the period. CWM LLC boosted its position in shares of Freshworks by 554.5% in the 2nd quarter. CWM LLC now owns 3,397 shares of the company's stock worth $43,000 after purchasing an additional 2,878 shares in the last quarter. Covestor Ltd grew its stake in shares of Freshworks by 89.9% in the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company's stock worth $41,000 after buying an additional 1,704 shares during the last quarter. Quarry LP increased its position in Freshworks by 157.6% during the 2nd quarter. Quarry LP now owns 4,323 shares of the company's stock valued at $55,000 after buying an additional 2,645 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in Freshworks during the second quarter valued at $58,000. 75.58% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Freshworks

In other news, Director Jennifer H. Taylor sold 4,690 shares of Freshworks stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $16.74, for a total transaction of $78,510.60. Following the transaction, the director now owns 36,689 shares in the company, valued at $614,173.86. This trade represents a 11.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of the company's stock in a transaction on Monday, November 4th. The stock was sold at an average price of $12.19, for a total value of $102,798.27. Following the completion of the sale, the director now owns 23,497 shares of the company's stock, valued at $286,428.43. This trade represents a 26.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,255 shares of company stock valued at $326,380. 19.15% of the stock is owned by company insiders.

Freshworks Stock Performance

Shares of FRSH stock traded down $0.07 on Thursday, reaching $16.89. The stock had a trading volume of 2,893,128 shares, compared to its average volume of 2,967,813. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $24.98. The stock has a market cap of $5.12 billion, a P/E ratio of -49.88 and a beta of 0.90. The company has a 50 day simple moving average of $13.88 and a 200 day simple moving average of $12.76.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on FRSH shares. Robert W. Baird cut their target price on Freshworks from $16.00 to $15.00 and set a "neutral" rating on the stock in a research note on Thursday, November 7th. JPMorgan Chase & Co. increased their price objective on shares of Freshworks from $17.00 to $20.00 and gave the company an "overweight" rating in a research report on Thursday, November 7th. Wells Fargo & Company lifted their target price on shares of Freshworks from $11.00 to $14.00 and gave the stock an "equal weight" rating in a report on Thursday, November 7th. Piper Sandler increased their price target on shares of Freshworks from $13.00 to $18.00 and gave the company an "overweight" rating in a report on Thursday, November 7th. Finally, JMP Securities boosted their price objective on shares of Freshworks from $21.00 to $24.00 and gave the stock a "market outperform" rating in a report on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $18.69.

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.