State Street Corp Has $54.29 Million Stock Position in Freshworks Inc. (NASDAQ:FRSH)

State Street Corp lifted its holdings in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 7.1% in the third quarter, according to its most recent filing with the SEC. The firm owned 4,729,093 shares of the company's stock after acquiring an additional 313,982 shares during the period. State Street Corp owned approximately 1.57% of Freshworks worth $54,290,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the business. Blue Trust Inc. lifted its stake in Freshworks by 1,987.3% during the third quarter. Blue Trust Inc. now owns 2,964 shares of the company's stock worth $38,000 after purchasing an additional 2,822 shares during the period. Covestor Ltd boosted its stake in Freshworks by 89.9% in the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company's stock valued at $41,000 after buying an additional 1,704 shares in the last quarter. CWM LLC raised its stake in Freshworks by 554.5% during the second quarter. CWM LLC now owns 3,397 shares of the company's stock worth $43,000 after acquiring an additional 2,878 shares in the last quarter. Quarry LP lifted its holdings in shares of Freshworks by 157.6% during the second quarter. Quarry LP now owns 4,323 shares of the company's stock valued at $55,000 after acquiring an additional 2,645 shares during the period. Finally, Point72 Hong Kong Ltd bought a new position in shares of Freshworks during the third quarter valued at $57,000. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Freshworks news, Director Zachary Nelson sold 8,442 shares of the business's stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $11.04, for a total value 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. The trade was a 26.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Barry L. Padgett sold 2,345 shares of Freshworks stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $17.30, for a total value of $40,568.50. Following the transaction, the director now owns 26,957 shares in the company, valued at $466,356.10. This trade represents a 8.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,318 shares of company stock valued at $463,869 in the last quarter. Company insiders own 19.15% of the company's stock.

Freshworks Trading Down 1.7 %

Shares of NASDAQ:FRSH traded down $0.26 during midday trading on Thursday, hitting $15.40. The company had a trading volume of 4,591,573 shares, compared to its average volume of 2,987,847. The stock has a market cap of $4.66 billion, a price-to-earnings ratio of -45.29 and a beta of 0.90. The firm has a fifty day simple moving average of $14.43 and a 200 day simple moving average of $12.87. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $24.59.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FRSH. Needham & Company LLC reiterated a "buy" rating and set a $20.00 target price on shares of Freshworks in a research report on Tuesday. Canaccord Genuity Group lifted their target price 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. Piper Sandler increased their price target on Freshworks from $13.00 to $18.00 and gave the stock an "overweight" rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. raised their price target on Freshworks from $17.00 to $20.00 and gave the company an "overweight" rating in a report on Thursday, November 7th. Finally, Robert W. Baird reduced their price objective on Freshworks from $16.00 to $15.00 and set a "neutral" rating on the stock in a research note on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $18.69.

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.