State Street Corp Grows Holdings in Freshworks Inc. (NASDAQ:FRSH)

State Street Corp raised its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 7.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,729,093 shares of the company’s stock after purchasing an additional 313,982 shares during the quarter. State Street Corp’s holdings in Freshworks were worth $54,290,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in FRSH. Amalgamated Bank lifted its holdings in Freshworks by 29.1% during the 2nd quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock valued at $90,000 after buying an additional 1,588 shares in the last quarter. Covestor Ltd increased its position in shares of 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. Quarry LP raised its stake 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 in the last quarter. Blue Trust Inc. boosted its holdings in shares of Freshworks by 1,987.3% in the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after purchasing an additional 2,822 shares during the period. Finally, CWM LLC grew its stake in Freshworks by 554.5% in the second quarter. CWM LLC now owns 3,397 shares of the company’s stock worth $43,000 after purchasing an additional 2,878 shares in the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Freshworks

In related news, Director Jennifer H. Taylor sold 4,690 shares of Freshworks 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 directly owns 36,689 shares in the company, valued at $405,780.34. This trade represents a 11.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $11.04, for a total transaction of $93,199.68. Following the transaction, the director now owns 23,497 shares in the company, valued at $259,406.88. The trade was a 26.43 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,255 shares of company stock worth $326,380. Insiders own 19.15% of the company’s stock.

Freshworks Price Performance

Shares of FRSH stock opened at $15.66 on Thursday. The stock’s fifty day moving average price is $14.34 and its 200 day moving average price is $12.85. Freshworks Inc. has a 1-year low of $10.81 and a 1-year high of $24.98. The company has a market cap of $4.74 billion, a price-to-earnings ratio of -46.06 and a beta of 0.90.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on FRSH shares. Canaccord Genuity Group lifted their target price on Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Wells Fargo & Company lifted their price objective on Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Robert W. Baird dropped their target price on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Piper Sandler boosted their price target on shares of Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $18.69.

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.