Quadrature Capital Ltd cut its holdings in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 64.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 71,142 shares of the company's stock after selling 127,605 shares during the period. Quadrature Capital Ltd's holdings in Freshworks were worth $817,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in FRSH. M&G PLC acquired a new stake in Freshworks during the 3rd quarter worth approximately $9,094,000. Stanley Laman Group Ltd. acquired a new stake in shares of Freshworks in the second quarter valued at $9,133,000. Lake Street Advisors Group LLC acquired a new stake in shares of Freshworks in the second quarter valued at $8,717,000. Invenomic Capital Management LP purchased a new position in Freshworks in the third quarter valued at $5,260,000. Finally, Bank of New York Mellon Corp grew its stake in Freshworks by 35.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,588,968 shares of the company's stock worth $20,164,000 after purchasing an additional 420,135 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company's stock.
Freshworks Stock Up 3.2 %
NASDAQ:FRSH traded up $0.52 during mid-day trading on Friday, reaching $16.61. 2,902,230 shares of the stock were exchanged, compared to its average volume of 5,532,080. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $24.98. The company has a 50 day simple moving average of $13.55 and a 200-day simple moving average of $12.69. The stock has a market capitalization of $5.03 billion, a P/E ratio of -48.85 and a beta of 0.90.
Insider Activity
In other news, Director Zachary Nelson sold 8,442 shares of the 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 completion of the transaction, the director now directly owns 23,497 shares of the company's stock, valued at approximately $259,406.88. This represents a 26.43 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Jennifer H. Taylor sold 4,690 shares of Freshworks stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $11.06, for a total value of $51,871.40. Following the completion of the sale, the director now owns 36,689 shares in the company, valued at approximately $405,780.34. This trade represents a 11.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,250 shares of company stock valued at $300,201 in the last ninety days. 19.15% of the stock is currently owned by company insiders.
Analyst Ratings Changes
Several equities analysts have recently issued reports on the company. Wells Fargo & Company lifted their price objective on Freshworks from $11.00 to $14.00 and gave the company an "equal weight" rating in a research note on Thursday, November 7th. Canaccord Genuity Group lifted their price target 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. JPMorgan Chase & Co. increased their price objective 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. Robert W. Baird decreased their price objective on shares of Freshworks from $16.00 to $15.00 and set a "neutral" rating for the company in a research report on Thursday, November 7th. Finally, 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. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $18.69.
Get Our Latest Stock Analysis on Freshworks
Freshworks Company Profile
(
Free Report)
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.
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