JPMorgan Chase & Co. Has $60.50 Million Holdings in Freshworks Inc. (NASDAQ:FRSH)

JPMorgan Chase & Co. lifted its holdings in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 49.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,270,338 shares of the company's stock after purchasing an additional 1,752,995 shares during the period. JPMorgan Chase & Co. owned about 1.74% of Freshworks worth $60,503,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Franklin Resources Inc. grew its position in Freshworks by 18.1% in the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company's stock worth $44,934,000 after buying an additional 604,658 shares during the last quarter. Tidal Investments LLC bought a new stake in shares of Freshworks during the 3rd quarter worth $534,000. Geode Capital Management LLC grew its holdings in shares of Freshworks by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company's stock worth $52,750,000 after acquiring an additional 66,342 shares during the last quarter. Barclays PLC lifted its holdings in shares of Freshworks by 33.4% during the third quarter. Barclays PLC now owns 337,621 shares of the company's stock valued at $3,875,000 after purchasing an additional 84,568 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd boosted its position in shares of Freshworks by 4.7% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 132,261 shares of the company's stock valued at $1,518,000 after purchasing an additional 5,901 shares during the period. 75.58% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on FRSH shares. Robert W. Baird cut their price objective on Freshworks from $16.00 to $15.00 and set a "neutral" rating on the stock in a report on Thursday, November 7th. Canaccord Genuity Group raised their price objective on shares of Freshworks from $17.00 to $19.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Piper Sandler lifted their price objective on shares of Freshworks from $13.00 to $18.00 and gave the stock an "overweight" rating in a research report on Thursday, November 7th. Needham & Company LLC restated a "buy" rating and issued a $20.00 target price on shares of Freshworks in a report on Tuesday, December 17th. Finally, Wells Fargo & Company lifted their price target on Freshworks from $11.00 to $14.00 and gave the company an "equal weight" 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. According to data from MarketBeat, Freshworks currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.69.

Freshworks Stock Performance

Shares of Freshworks stock traded up $0.17 during midday trading on Friday, reaching $16.07. 2,900,193 shares of the company's stock traded hands, compared to its average volume of 2,864,296. The company has a market cap of $4.87 billion, a price-to-earnings ratio of -47.26 and a beta of 0.90. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $23.93. The company's 50 day simple moving average is $15.51 and its 200 day simple moving average is $13.15.

Insider Buying and Selling

In other Freshworks news, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the business's stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $16.08, for a total transaction of $13,426,800.00. Following the completion of the transaction, the chairman now owns 551,137 shares of the company's stock, valued at $8,862,282.96. The trade was a 60.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Zachary Nelson sold 8,433 shares of the firm's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $15.85, for a total value of $133,663.05. Following the completion of the sale, the director now directly owns 24,187 shares in the company, valued at approximately $383,363.95. This represents a 25.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,702,168 shares of company stock worth $26,700,318. 19.15% of the stock is currently owned by insiders.

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.