State Street Corp Acquires 313,982 Shares of Freshworks Inc. (NASDAQ:FRSH)

State Street Corp grew its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 7.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,729,093 shares of the company’s stock after acquiring an additional 313,982 shares during the period. State Street Corp owned about 1.57% of Freshworks worth $54,290,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Point72 DIFC Ltd bought a new stake in Freshworks during the third quarter valued at about $599,000. Invenomic Capital Management LP bought a new position in shares of Freshworks during the 3rd quarter valued at approximately $5,260,000. Holocene Advisors LP increased its holdings in Freshworks by 1.1% in the 3rd quarter. Holocene Advisors LP now owns 295,923 shares of the company’s stock worth $3,397,000 after acquiring an additional 3,226 shares in the last quarter. Centiva Capital LP raised its stake in Freshworks by 32.9% during the 3rd quarter. Centiva Capital LP now owns 55,916 shares of the company’s stock worth $642,000 after acquiring an additional 13,832 shares during the period. Finally, Paloma Partners Management Co purchased a new position in Freshworks during the third quarter valued at approximately $809,000. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Jennifer H. Taylor sold 4,690 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $16.74, for a total value of $78,510.60. Following the completion of the sale, the director now owns 36,689 shares in the company, valued at approximately $614,173.86. This trade represents a 11.33 % 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 Zachary Nelson sold 8,442 shares of the company’s stock in a transaction dated 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,255 shares of company stock valued at $326,380 in the last ninety days. Insiders own 19.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on FRSH shares. JPMorgan Chase & Co. increased their price objective on shares of Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Piper Sandler upped their price objective on Freshworks from $13.00 to $18.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. JMP Securities lifted their target price on Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Thursday, November 7th. Wells Fargo & Company upped their price target on Freshworks from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Finally, Canaccord Genuity Group lifted their price objective 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 analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.69.

Freshworks Trading Down 6.7 %

FRSH opened at $15.66 on Thursday. The stock has a 50-day moving average of $14.34 and a 200 day moving average of $12.85. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $24.98. The firm has a market cap of $4.74 billion, a P/E ratio of -46.06 and a beta of 0.90.

Freshworks 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.