Barclays PLC Acquires 84,568 Shares of Freshworks Inc. (NASDAQ:FRSH)

Barclays PLC lifted its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 33.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 337,621 shares of the company’s stock after purchasing an additional 84,568 shares during the period. Barclays PLC owned 0.11% of Freshworks worth $3,875,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in FRSH. M&G PLC acquired a new position in Freshworks in the third quarter valued at approximately $9,094,000. Lake Street Advisors Group LLC bought a new position in Freshworks during the second quarter worth $8,717,000. Invenomic Capital Management LP acquired a new stake in Freshworks in the third quarter worth $5,260,000. Bank of New York Mellon Corp increased its stake in Freshworks by 35.9% in the second quarter. Bank of New York Mellon Corp now owns 1,588,968 shares of the company’s stock valued at $20,164,000 after purchasing an additional 420,135 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Freshworks by 7.1% during the third quarter. State Street Corp now owns 4,729,093 shares of the company’s stock valued at $54,290,000 after purchasing an additional 313,982 shares during the period. Institutional investors and hedge funds own 75.58% of the company’s stock.

Freshworks Stock Down 0.5 %

Shares of NASDAQ FRSH opened at $15.33 on Monday. The company has a market capitalization of $4.64 billion, a PE ratio of -45.09 and a beta of 0.90. The stock’s 50 day moving average price is $14.59 and its 200-day moving average price is $12.91. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $24.34.

Insider Buying and Selling

In related news, insider Mika Yamamoto sold 5,718 shares of the stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $16.95, for a total transaction of $96,920.10. Following the completion of the transaction, the insider now owns 403,108 shares in the company, valued at approximately $6,832,680.60. This represents a 1.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Barry L. Padgett sold 2,345 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total transaction of $40,568.50. Following the sale, the director now owns 26,957 shares of the company’s stock, valued at $466,356.10. This trade represents a 8.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,699,318 shares of company stock worth $26,614,569. 19.15% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

FRSH has been the subject of several research reports. Wells Fargo & Company raised their target price on 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 boosted their price objective on Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Canaccord Genuity Group increased their target price on Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. JPMorgan Chase & Co. boosted their price target 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. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Freshworks in a research note on Tuesday, December 17th. Seven investment 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 stock has a consensus rating of “Moderate Buy” and an average price target of $18.69.

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.