Covestor Ltd Purchases 1,704 Shares of Freshworks Inc. (NASDAQ:FRSH)

Covestor Ltd boosted its position in shares of Freshworks Inc. (NASDAQ:FRSH) by 89.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,599 shares of the company’s stock after buying an additional 1,704 shares during the quarter. Covestor Ltd’s holdings in Freshworks were worth $41,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its holdings in Freshworks by 1,987.3% during the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after buying an additional 2,822 shares during the last quarter. CWM LLC raised its holdings in Freshworks by 554.5% in 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 in the last quarter. Advisors Asset Management Inc. raised its holdings in Freshworks by 34.2% in the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock worth $54,000 after purchasing an additional 757 shares in the last quarter. Quarry LP raised its holdings in Freshworks by 157.6% in the 2nd quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after purchasing an additional 2,645 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new position in Freshworks in the 2nd quarter worth $58,000. 75.58% of the stock is currently owned by institutional investors.

Insider Activity at Freshworks

In other news, Director Zachary Nelson sold 8,442 shares of the stock in a transaction that occurred 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 transaction, the director now owns 23,497 shares in the company, valued at $259,406.88. This represents a 26.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jennifer H. Taylor sold 4,685 shares of the firm’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 transaction 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,463 shares of company stock valued at $406,714. 19.15% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

FRSH has been the subject of several research reports. Canaccord Genuity Group upped their price objective on shares of Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Robert W. Baird decreased their price objective on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Barclays decreased their price objective on shares of Freshworks from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Wednesday, July 31st. Needham & Company LLC restated a “buy” rating and issued a $20.00 price objective on shares of Freshworks in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. upped their target price on shares of Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.69.

Freshworks Stock Performance

Shares of FRSH stock opened at $15.73 on Friday. Freshworks Inc. has a one year low of $10.81 and a one year high of $24.98. The company’s 50-day moving average is $12.13 and its 200 day moving average is $12.54. The company has a market capitalization of $4.75 billion, a price-to-earnings ratio of -46.26 and a beta of 0.72.

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.