Covestor Ltd Increases Stake in Freshworks Inc. (NASDAQ:FRSH)

Covestor Ltd lifted its holdings in Freshworks Inc. (NASDAQ:FRSH) by 89.9% in the third quarter, HoldingsChannel reports. The firm owned 3,599 shares of the company’s stock after purchasing an additional 1,704 shares during the quarter. Covestor Ltd’s holdings in Freshworks were worth $41,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Freshworks by 6.8% during the first quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock worth $385,525,000 after buying an additional 1,354,530 shares during the period. Clearbridge Investments LLC lifted its position in shares of Freshworks by 107.4% during the first quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock worth $73,764,000 after purchasing an additional 2,097,280 shares during the last quarter. Capital International Investors bought a new stake in shares of Freshworks during the first quarter worth $59,311,000. Renaissance Technologies LLC lifted its position in shares of Freshworks by 7.6% during the second quarter. Renaissance Technologies LLC now owns 3,134,600 shares of the company’s stock worth $39,778,000 after purchasing an additional 221,900 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Freshworks by 10.9% during the second quarter. Dimensional Fund Advisors LP now owns 2,428,755 shares of the company’s stock worth $30,821,000 after purchasing an additional 239,671 shares during the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Jennifer H. Taylor sold 4,690 shares of the firm’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $11.06, for a total value of $51,871.40. Following the sale, the director now owns 36,689 shares of the company’s stock, valued at approximately $405,780.34. This trade represents a 11.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $12.19, for a total value of $102,798.27. Following the completion of the sale, the director now owns 23,497 shares in the company, 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. Over the last quarter, insiders sold 35,463 shares of company stock worth $406,714. 19.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Jefferies Financial Group reduced their target price on shares of Freshworks from $25.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Canaccord Genuity Group boosted their price target on Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Wells Fargo & Company boosted their price target on Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Scotiabank reduced their target price on Freshworks from $18.00 to $16.00 and set a “sector perform” rating for the company in a research note on Wednesday, July 31st. Finally, Barclays reduced their target price on Freshworks from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 31st. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.69.

Freshworks Trading Down 3.6 %

NASDAQ FRSH opened at $15.73 on Friday. The business’s 50-day moving average price is $12.13 and its 200 day moving average price is $12.54. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $24.98. The company has a market capitalization of $4.75 billion, a PE ratio of -46.26 and a beta of 0.72.

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.