GSA Capital Partners LLP Boosts Position in Freshworks Inc. (NASDAQ:FRSH)

GSA Capital Partners LLP increased its holdings in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 89.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 97,910 shares of the company's stock after buying an additional 46,204 shares during the quarter. GSA Capital Partners LLP's holdings in Freshworks were worth $1,124,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC boosted its position in shares of Freshworks by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company's stock worth $250,000 after purchasing an additional 1,160 shares during the period. SG Americas Securities LLC bought a new stake in Freshworks during the first quarter valued at about $179,000. Oppenheimer & Co. Inc. purchased a new position in shares of Freshworks in the first quarter valued at about $444,000. Swiss National Bank boosted its stake in shares of Freshworks by 7.6% in the first quarter. Swiss National Bank now owns 319,400 shares of the company's stock worth $5,816,000 after acquiring an additional 22,500 shares during the period. Finally, QRG Capital Management Inc. purchased a new stake in shares of Freshworks during the first quarter worth about $205,000. 75.58% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $11.54, for a total value of $97,316.82. Following the completion of the sale, the director now owns 22,530 shares of the company's stock, valued at approximately $259,996.20. This trade represents a 27.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jennifer H. Taylor sold 4,690 shares of the stock in a transaction that occurred on 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 transaction, the director now directly owns 36,689 shares of the company's stock, valued at $405,780.34. The trade was a 11.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,463 shares of company stock worth $406,714. Corporate insiders own 19.15% of the company's stock.

Freshworks Stock Performance

FRSH stock traded down $0.59 during trading on Friday, reaching $15.73. 4,758,802 shares of the company traded hands, compared to its average volume of 2,841,506. The business has a 50 day simple moving average of $12.13 and a 200 day simple moving average of $12.54. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $24.98. The company has a market capitalization of $4.75 billion, a price-to-earnings ratio of -46.26 and a beta of 0.72.

Wall Street Analyst Weigh In

FRSH has been the subject of a number of research reports. JMP Securities increased their price target on Freshworks from $21.00 to $24.00 and gave the company a "market outperform" rating in a research note on Thursday, November 7th. Wells Fargo & Company lifted their price objective on shares of Freshworks from $11.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Thursday, November 7th. Piper Sandler upped their target price on Freshworks from $13.00 to $18.00 and gave the company an "overweight" rating in a research note on Thursday, November 7th. Scotiabank decreased their target price on Freshworks from $18.00 to $16.00 and set a "sector perform" rating for the company in a research report on Wednesday, July 31st. Finally, Robert W. Baird reduced their price target on shares of Freshworks from $16.00 to $15.00 and set a "neutral" rating on the stock in a research note on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $18.69.

About Freshworks

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.