The Manufacturers Life Insurance Company Sells 6,300 Shares of Freshworks Inc. (NASDAQ:FRSH)

The Manufacturers Life Insurance Company reduced its stake in Freshworks Inc. (NASDAQ:FRSH) by 5.4% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 110,245 shares of the company’s stock after selling 6,300 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Freshworks were worth $1,266,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. M&G PLC bought a new stake in shares of Freshworks in the third quarter valued at about $9,094,000. Stanley Laman Group Ltd. acquired a new position in Freshworks during the 2nd quarter worth $9,133,000. Lake Street Advisors Group LLC acquired a new stake in Freshworks in the second quarter worth about $8,717,000. Bank of New York Mellon Corp raised its stake in shares of Freshworks by 35.9% during the second quarter. Bank of New York Mellon Corp now owns 1,588,968 shares of the company’s stock worth $20,164,000 after buying an additional 420,135 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Freshworks by 10.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,428,755 shares of the company’s stock valued at $30,821,000 after purchasing an additional 239,671 shares during the period. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Freshworks Stock Performance

Shares of FRSH stock opened at $16.96 on Thursday. Freshworks Inc. has a fifty-two week low of $10.81 and a fifty-two week high of $24.98. The company has a market capitalization of $5.14 billion, a P/E ratio of -49.88 and a beta of 0.90. The stock has a 50 day moving average price of $13.88 and a two-hundred day moving average price of $12.76.

Analysts Set New Price Targets

Several equities analysts recently issued reports on FRSH shares. Robert W. Baird decreased their price objective on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Wells Fargo & Company raised their target price on shares of Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Piper Sandler raised their price objective on Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price target on shares of Freshworks in a research note on Thursday, November 7th. Finally, Canaccord Genuity Group boosted their target price on shares of Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Freshworks has an average rating of “Moderate Buy” and an average price target of $18.69.

Insiders Place Their Bets

In other news, Director Jennifer H. Taylor sold 4,690 shares of the company’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $11.06, for a total value of $51,871.40. Following the transaction, the director now directly owns 36,689 shares in the company, valued at approximately $405,780.34. This represents a 11.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Zachary Nelson sold 8,442 shares of Freshworks 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 directly owns 23,497 shares of the company’s stock, valued at approximately $259,406.88. This trade represents a 26.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,255 shares of company stock valued at $326,380. Insiders own 19.15% of the company’s stock.

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.