UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC reduced its holdings in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 10.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 310,024 shares of the company's stock after selling 36,614 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.10% of Freshworks worth $3,559,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. M&G PLC acquired a new stake in shares of Freshworks during the third quarter worth about $9,094,000. Stanley Laman Group Ltd. acquired a new position in Freshworks during the second quarter worth approximately $9,133,000. Lake Street Advisors Group LLC purchased a new stake in Freshworks in the second quarter valued at approximately $8,717,000. Bank of New York Mellon Corp boosted its holdings in shares of Freshworks by 35.9% in the second quarter. Bank of New York Mellon Corp now owns 1,588,968 shares of the company's stock valued at $20,164,000 after acquiring an additional 420,135 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Freshworks by 10.9% during the second quarter. Dimensional Fund Advisors LP now owns 2,428,755 shares of the company's stock worth $30,821,000 after acquiring an additional 239,671 shares during the last quarter. Hedge funds and other institutional investors own 75.58% of the company's stock.
Insider Buying and Selling
In related 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 sale, the director now directly owns 23,497 shares of the company's stock, valued at $259,406.88. The trade was a 26.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jennifer H. Taylor sold 4,690 shares of the business's 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 of the company's stock, valued at $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 26,255 shares of company stock valued at $326,380 in the last quarter. Company insiders own 19.15% of the company's stock.
Freshworks Stock Performance
Freshworks stock traded down $0.34 during trading on Friday, reaching $16.55. 3,419,673 shares of the company's stock were exchanged, compared to its average volume of 2,969,811. Freshworks Inc. has a 52-week low of $10.81 and a 52-week high of $24.98. The firm has a market cap of $5.01 billion, a price-to-earnings ratio of -48.68 and a beta of 0.90. The company's 50-day moving average is $14.10 and its two-hundred day moving average is $12.81.
Analyst Upgrades and Downgrades
A number of analysts have weighed in on FRSH shares. Canaccord Genuity Group increased their price objective on Freshworks from $17.00 to $19.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Robert W. Baird dropped their target price on Freshworks from $16.00 to $15.00 and set a "neutral" rating on the stock in a research report on Thursday, November 7th. JMP Securities raised their price target on Freshworks from $21.00 to $24.00 and gave the company a "market outperform" rating in a report on Thursday, November 7th. JPMorgan Chase & Co. upped their price objective on Freshworks from $17.00 to $20.00 and gave the stock an "overweight" rating in a 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 assigned a buy rating to the company. Based on data from MarketBeat.com, Freshworks currently has a consensus rating of "Moderate Buy" and an average target price of $18.69.
Read Our Latest Stock Report on Freshworks
Freshworks 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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