Verition Fund Management LLC increased its position in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 1,099.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 211,171 shares of the company's stock after buying an additional 193,572 shares during the period. Verition Fund Management LLC owned 0.07% of Freshworks worth $2,424,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its position in shares of Freshworks by 1,987.3% during 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 in the last quarter. Covestor Ltd raised 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 acquiring an additional 1,704 shares during the period. CWM LLC lifted its holdings in Freshworks by 554.5% during the second quarter. CWM LLC now owns 3,397 shares of the company's stock valued at $43,000 after purchasing an additional 2,878 shares in the last quarter. Quarry LP grew its position in shares of Freshworks by 157.6% in the second quarter. Quarry LP now owns 4,323 shares of the company's stock valued at $55,000 after purchasing an additional 2,645 shares during the period. Finally, International Assets Investment Management LLC acquired a new stake in shares of Freshworks in the second quarter valued at about $58,000. Hedge funds and other institutional investors own 75.58% of the company's stock.
Freshworks Stock Up 3.2 %
NASDAQ:FRSH traded up $0.52 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. Freshworks Inc. has a 1-year low of $10.81 and a 1-year high of $24.98. The stock has a market cap of $5.03 billion, a price-to-earnings ratio of -48.85 and a beta of 0.90. The company has a fifty day moving average price of $13.55 and a two-hundred day moving average price of $12.70.
Analysts Set New Price Targets
A number of brokerages recently weighed in on FRSH. Robert W. Baird decreased their price target on shares of Freshworks from $16.00 to $15.00 and set a "neutral" rating on the stock in a research note on Thursday, November 7th. Wells Fargo & Company increased their target price on Freshworks from $11.00 to $14.00 and gave the company an "equal weight" rating in a report on Thursday, November 7th. JPMorgan Chase & Co. lifted their price target on Freshworks from $17.00 to $20.00 and gave the stock an "overweight" rating in a research note on Thursday, November 7th. JMP Securities increased their price objective on Freshworks from $21.00 to $24.00 and gave the company a "market outperform" rating in a research note on Thursday, November 7th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 target price on shares of Freshworks in a research note on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $18.69.
Check Out Our Latest Report on Freshworks
Insiders Place Their Bets
In related news, Director Zachary Nelson sold 8,433 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $12.19, for a total transaction of $102,798.27. Following the completion of the transaction, the director now owns 23,497 shares of the company's stock, valued at approximately $286,428.43. This trade represents a 26.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jennifer H. Taylor sold 4,685 shares of the business's stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $11.17, for a total value of $52,331.45. Following the completion of the sale, the director now directly owns 35,853 shares in the company, valued at approximately $400,478.01. The trade was a 11.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,250 shares of company stock valued at $300,201 over the last quarter. 19.15% of the stock is owned by insiders.
About Freshworks
(
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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