Freshworks Inc. (NASDAQ:FRSH) Shares Sold by Melqart Asset Management UK Ltd

Melqart Asset Management UK Ltd decreased its holdings in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 24.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 124,189 shares of the company's stock after selling 40,836 shares during the quarter. Melqart Asset Management UK Ltd's holdings in Freshworks were worth $1,426,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Blue Trust Inc. boosted its holdings in shares of 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 buying an additional 2,822 shares during the last quarter. Covestor Ltd boosted its holdings in shares of Freshworks by 89.9% in the third 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. CWM LLC boosted its holdings in shares of Freshworks by 554.5% in the second quarter. CWM LLC now owns 3,397 shares of the company's stock worth $43,000 after buying an additional 2,878 shares during the last quarter. Quarry LP boosted its holdings 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 buying an additional 2,645 shares during the last quarter. Finally, Point72 Hong Kong Ltd purchased a new position in shares of Freshworks in the third quarter worth approximately $57,000. Hedge funds and other institutional investors own 75.58% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FRSH. Piper Sandler lifted 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. Wells Fargo & Company lifted their price target on shares of Freshworks from $11.00 to $14.00 and gave the company an "equal weight" rating in a report on Thursday, November 7th. Robert W. Baird lowered their target price on shares of Freshworks from $16.00 to $15.00 and set a "neutral" rating on the stock in a report on Thursday, November 7th. Needham & Company LLC reissued a "buy" rating and issued a $20.00 target price on shares of Freshworks in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Freshworks from $17.00 to $20.00 and gave the stock an "overweight" rating in a report 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's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $18.69.

Insider Buying and Selling

In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $11.06, for a total transaction of $51,871.40. Following the completion of the sale, the director now directly owns 36,689 shares of the company's stock, valued at approximately $405,780.34. This represents a 11.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Zachary Nelson sold 8,442 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $11.04, for a total transaction of $93,199.68. Following the sale, the director now directly owns 23,497 shares of the company's stock, valued at approximately $259,406.88. The trade was a 26.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,250 shares of company stock valued at $300,201 over the last three months. 19.15% of the stock is owned by company insiders.

Freshworks Trading Up 2.3 %

Shares of NASDAQ FRSH traded up $0.37 during mid-day trading on Wednesday, reaching $16.35. The company had a trading volume of 5,047,649 shares, compared to its average volume of 2,942,155. The business's 50-day moving average is $13.23 and its 200-day moving average is $12.63. The stock has a market cap of $4.95 billion, a price-to-earnings ratio of -47.00 and a beta of 0.90. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $24.98.

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.