Point72 DIFC Ltd Makes New $599,000 Investment in Freshworks Inc. (NASDAQ:FRSH)

Point72 DIFC Ltd bought a new position in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 52,179 shares of the company's stock, valued at approximately $599,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. California State Teachers Retirement System increased its holdings in Freshworks by 0.5% during the 1st quarter. California State Teachers Retirement System now owns 161,706 shares of the company's stock worth $2,945,000 after purchasing an additional 831 shares in the last quarter. Amalgamated Bank boosted its position in shares of Freshworks by 29.1% in the second quarter. Amalgamated Bank now owns 7,054 shares of the company's stock valued at $90,000 after acquiring an additional 1,588 shares during the period. Covestor Ltd grew its position in Freshworks by 89.9% during 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 in the last quarter. Quarry LP grew its holdings in shares of Freshworks by 157.6% during the 2nd quarter. Quarry LP now owns 4,323 shares of the company's stock worth $55,000 after purchasing an additional 2,645 shares in the last quarter. Finally, Blue Trust Inc. increased its holdings in Freshworks by 1,987.3% in the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company's stock valued at $38,000 after buying an additional 2,822 shares during the period. 75.58% of the stock is owned by institutional investors.

Insiders Place Their Bets

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

Freshworks Trading Up 3.2 %

Freshworks stock traded up $0.52 during mid-day trading on Friday, hitting $16.61. The stock had a trading volume of 2,902,230 shares, compared to its average volume of 2,939,260. The firm's 50 day moving average is $13.55 and its 200 day moving average is $12.70. Freshworks Inc. has a one year low of $10.81 and a one year high of $24.98. The firm has a market capitalization of $5.03 billion, a P/E ratio of -48.85 and a beta of 0.90.

Analyst Ratings Changes

A number of brokerages have weighed in on FRSH. JPMorgan Chase & Co. raised their target price on shares of Freshworks from $17.00 to $20.00 and gave the company an "overweight" rating in a research report on Thursday, November 7th. Canaccord Genuity Group upped their price objective on shares of Freshworks from $17.00 to $19.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. JMP Securities lifted their price objective on shares of Freshworks from $21.00 to $24.00 and gave the company a "market outperform" rating in a research note on Thursday, November 7th. Robert W. Baird dropped their price target on Freshworks from $16.00 to $15.00 and set a "neutral" rating on the stock in a research note on Thursday, November 7th. Finally, Piper Sandler raised their price objective 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. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $18.69.

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.