Franklin Resources Inc. increased its stake in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 18.1% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,945,001 shares of the company's stock after acquiring an additional 604,658 shares during the quarter. Franklin Resources Inc. owned 1.30% of Freshworks worth $44,934,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Blue Trust Inc. increased its holdings in shares of Freshworks by 1,987.3% during the third quarter. Blue Trust Inc. now owns 2,964 shares of the company's stock valued at $38,000 after acquiring an additional 2,822 shares in the last quarter. CWM LLC raised its holdings 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 acquiring an additional 2,878 shares during the last quarter. Covestor Ltd lifted its position in Freshworks by 89.9% in the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company's stock valued at $41,000 after acquiring an additional 1,704 shares in the last quarter. Quarry LP raised its stake in shares of Freshworks by 157.6% in the second quarter. Quarry LP now owns 4,323 shares of the company's stock worth $55,000 after purchasing an additional 2,645 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new stake in Freshworks during the second quarter worth $58,000. Institutional investors own 75.58% of the company's stock.
Insider Buying and Selling
In other Freshworks news, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction dated Monday, November 4th. The stock was 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 owns 23,497 shares of the company's stock, valued at $286,428.43. The trade was a 26.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jennifer H. Taylor sold 4,690 shares of the business's stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $11.06, for a total value of $51,871.40. Following the completion of the sale, the director now owns 36,689 shares of the company's stock, valued at $405,780.34. The trade was a 11.33 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,255 shares of company stock worth $326,380. Corporate insiders own 19.15% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently weighed in on the company. Piper Sandler boosted their target price on Freshworks from $13.00 to $18.00 and gave the stock an "overweight" rating in a research note on Thursday, November 7th. Wells Fargo & Company increased their price target on shares of Freshworks from $11.00 to $14.00 and gave the company an "equal weight" rating in a research report on Thursday, November 7th. Robert W. Baird decreased their price target on shares of Freshworks from $16.00 to $15.00 and set a "neutral" rating for the company in a research note on Thursday, November 7th. Needham & Company LLC reissued a "buy" rating and set a $20.00 price objective on shares of Freshworks in a report on Tuesday. Finally, JPMorgan Chase & Co. boosted their target price on Freshworks from $17.00 to $20.00 and gave the company 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. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $18.69.
Get Our Latest Analysis on Freshworks
Freshworks Price Performance
NASDAQ:FRSH traded down $1.13 during trading hours on Wednesday, hitting $15.66. The stock had a trading volume of 5,670,092 shares, compared to its average volume of 2,981,239. The company has a 50 day simple moving average of $14.34 and a two-hundred day simple moving average of $12.85. The firm has a market capitalization of $4.74 billion, a price-to-earnings ratio of -46.06 and a beta of 0.90. Freshworks Inc. has a one year low of $10.81 and a one year high of $24.98.
Freshworks Profile
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Free Report)
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.
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