Connor Clark & Lunn Investment Management Ltd. Acquires 209,194 Shares of Freshworks Inc. (NASDAQ:FRSH)

Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Freshworks Inc. (NASDAQ:FRSH) by 806.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 235,146 shares of the company’s stock after buying an additional 209,194 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.08% of Freshworks worth $2,699,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Advisors Asset Management Inc. grew its stake in shares of Freshworks by 34.2% during the first quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock worth $54,000 after purchasing an additional 757 shares during the period. California State Teachers Retirement System grew its position in shares of 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 buying an additional 831 shares during the period. Amalgamated Bank increased its stake in shares of Freshworks by 29.1% in the 2nd 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 last quarter. Covestor Ltd boosted its stake in Freshworks by 89.9% during the 3rd 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 last quarter. Finally, Quarry LP grew its holdings in 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 purchasing an additional 2,645 shares during the period. 75.58% of the stock is owned by institutional investors.

Insider Activity at Freshworks

In related news, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $11.54, for a total transaction of $97,316.82. Following the transaction, the director now directly owns 22,530 shares of the company’s stock, valued at approximately $259,996.20. The trade was a 27.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of the stock in a transaction 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 owns 35,853 shares in the company, valued at approximately $400,478.01. This trade represents a 11.56 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,463 shares of company stock worth $406,714. Insiders own 19.15% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Canaccord Genuity Group increased their target price on Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Piper Sandler lifted their price target on Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Barclays decreased their price objective on Freshworks from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Wednesday, July 31st. Finally, Scotiabank cut their target price on Freshworks from $18.00 to $16.00 and set a “sector perform” rating on the stock in a research note on Wednesday, July 31st. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.69.

Freshworks Price Performance

Shares of FRSH stock opened at $16.54 on Monday. The stock has a market cap of $5.01 billion, a P/E ratio of -48.65 and a beta of 0.72. The company has a fifty day moving average price of $12.56 and a two-hundred day moving average price of $12.52. Freshworks Inc. has a one year low of $10.81 and a one year high of $24.98.

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.