Cornercap Investment Counsel Inc. Buys New Holdings in Freshworks Inc. (NASDAQ:FRSH)

Cornercap Investment Counsel Inc. purchased a new position in shares of Freshworks Inc. (NASDAQ:FRSH) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 21,812 shares of the company’s stock, valued at approximately $250,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FRSH. Blue Trust Inc. grew its holdings in shares of Freshworks by 1,987.3% during the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock worth $38,000 after buying an additional 2,822 shares during the last quarter. Advisors Asset Management Inc. grew its holdings in 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 acquiring an additional 757 shares during the period. CWM LLC grew its stake in shares of Freshworks by 554.5% during the 2nd quarter. CWM LLC now owns 3,397 shares of the company’s stock worth $43,000 after purchasing an additional 2,878 shares during the period. Covestor Ltd lifted its stake in shares of Freshworks by 89.9% in the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after purchasing an additional 1,704 shares during the period. Finally, Quarry LP boosted its stake in shares of Freshworks by 157.6% during the 2nd quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after acquiring an additional 2,645 shares in the last quarter. 75.58% of the stock is owned by institutional investors and hedge funds.

Freshworks Stock Performance

Shares of FRSH stock opened at $15.01 on Tuesday. The stock’s fifty day moving average is $12.13 and its 200-day moving average is $12.46. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $24.98. The stock has a market capitalization of $4.53 billion, a PE ratio of -44.15 and a beta of 0.72.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. JPMorgan Chase & Co. upped their price objective on Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Cantor Fitzgerald cut their target price on Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Robert W. Baird dropped their price objective on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Canaccord Genuity Group raised their target price on Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Piper Sandler lifted 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. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $18.69.

Insider Activity

In other Freshworks news, Director Jennifer H. Taylor sold 4,685 shares of the business’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 in the company, valued at approximately $400,478.01. The trade was a 11.56 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Zachary Nelson sold 8,433 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $12.19, for a total transaction of $102,798.27. Following the transaction, the director now owns 23,497 shares of the company’s stock, valued at approximately $286,428.43. This represents a 26.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,463 shares of company stock valued at $406,714. Company 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.