Geode Capital Management LLC Purchases 66,342 Shares of Freshworks Inc. (NASDAQ:FRSH)

Geode Capital Management LLC lifted its position in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 1.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,594,212 shares of the company's stock after acquiring an additional 66,342 shares during the period. Geode Capital Management LLC owned approximately 1.52% of Freshworks worth $52,750,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. increased its holdings in shares of Freshworks by 1,987.3% in the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company's stock worth $38,000 after purchasing an additional 2,822 shares in the last quarter. Covestor Ltd increased its holdings in 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 in the last quarter. Quarry LP raised its position in Freshworks by 157.6% in the 2nd 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. Point72 Hong Kong Ltd bought a new position in Freshworks during the 3rd quarter valued at about $57,000. Finally, International Assets Investment Management LLC purchased a new stake in shares of Freshworks during the 2nd quarter valued at about $58,000. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Freshworks from $17.00 to $20.00 and gave the company an "overweight" rating in a report on Thursday, November 7th. Piper Sandler boosted their target price on shares of Freshworks from $13.00 to $18.00 and gave the company an "overweight" rating in a research note on Thursday, November 7th. Needham & Company LLC reissued a "buy" rating and set a $20.00 price target on shares of Freshworks in a report on Tuesday, December 17th. JMP Securities lifted their price objective on Freshworks from $21.00 to $24.00 and gave the stock a "market outperform" rating in a report on Thursday, November 7th. Finally, Wells Fargo & Company increased their target price on Freshworks from $11.00 to $14.00 and gave the company an "equal weight" rating in a report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Freshworks currently has an average rating of "Moderate Buy" and an average target price of $18.69.

Freshworks Stock Up 1.7 %

NASDAQ:FRSH traded up $0.26 during trading hours on Monday, hitting $15.59. 2,697,299 shares of the stock traded hands, compared to its average volume of 2,996,692. The company has a market cap of $4.72 billion, a price-to-earnings ratio of -45.85 and a beta of 0.90. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $24.25. The stock has a 50 day moving average price of $14.67 and a 200 day moving average price of $12.93.

Insider Activity

In other Freshworks news, Director Barry L. Padgett sold 2,345 shares of the company's stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total value of $40,568.50. Following the completion of the transaction, the director now directly owns 26,957 shares in the company, valued at $466,356.10. This represents a 8.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction that occurred on 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 owns 23,497 shares in the company, valued at approximately $259,406.88. The trade was a 26.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,699,318 shares of company stock worth $26,614,569 in the last three months. Company insiders own 19.15% of the company's stock.

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.