Freshworks Inc. (NASDAQ:FRSH) Shares Sold by Penserra Capital Management LLC

Penserra Capital Management LLC cut its holdings in Freshworks Inc. (NASDAQ:FRSH) by 6.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 80,828 shares of the company’s stock after selling 5,366 shares during the quarter. Penserra Capital Management LLC’s holdings in Freshworks were worth $927,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sei Investments Co. grew its holdings in shares of Freshworks by 191.9% during the second quarter. Sei Investments Co. now owns 95,846 shares of the company’s stock worth $1,216,000 after buying an additional 63,006 shares during the last quarter. M&G PLC acquired a new stake in Freshworks during the 3rd quarter worth approximately $9,094,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Freshworks by 806.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company’s stock valued at $2,699,000 after purchasing an additional 209,194 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Freshworks in the second quarter valued at approximately $1,740,000. Finally, Versor Investments LP acquired a new position in shares of Freshworks in the third quarter valued at approximately $383,000. 75.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. increased their price target on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Canaccord Genuity Group raised their target price 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. Piper Sandler boosted their price target on shares of Freshworks from $13.00 to $18.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Cantor Fitzgerald reduced their price objective on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Finally, Wells Fargo & Company boosted their target price on Freshworks from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $18.69.

Freshworks Stock Down 3.0 %

Freshworks stock opened at $15.83 on Thursday. The firm has a market capitalization of $4.79 billion, a PE ratio of -46.56 and a beta of 0.72. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $24.98. The firm’s 50-day simple moving average is $12.77 and its 200 day simple moving average is $12.55.

Insider Buying and Selling at Freshworks

In related news, Director Jennifer H. Taylor sold 4,685 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $11.17, for a total value of $52,331.45. Following the sale, the director now owns 35,853 shares of the company’s stock, valued at approximately $400,478.01. This represents a 11.56 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Zachary Nelson sold 8,442 shares of the stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $11.04, for a total value of $93,199.68. Following the sale, the director now owns 23,497 shares in the company, valued at approximately $259,406.88. This trade represents a 26.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 35,463 shares of company stock valued at $406,714 over the last quarter. Corporate insiders own 19.15% of the company’s stock.

About Freshworks

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.