Freshworks Inc. (NASDAQ:FRSH) Shares Sold by Penserra Capital Management LLC

Penserra Capital Management LLC reduced its stake in Freshworks Inc. (NASDAQ:FRSH) by 6.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 80,828 shares of the company’s stock after selling 5,366 shares during the period. Penserra Capital Management LLC’s holdings in Freshworks were worth $927,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of FRSH. Advisors Asset Management Inc. raised its stake in shares of Freshworks by 34.2% in the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock valued at $54,000 after acquiring an additional 757 shares during the period. California State Teachers Retirement System increased its holdings in Freshworks by 0.5% in the 1st quarter. California State Teachers Retirement System now owns 161,706 shares of the company’s stock valued at $2,945,000 after purchasing an additional 831 shares during the last quarter. Amalgamated Bank increased its holdings in Freshworks by 29.1% in the 2nd quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock valued at $90,000 after purchasing an additional 1,588 shares during the last quarter. Covestor Ltd raised its position in 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 lifted its stake in Freshworks by 157.6% during the second 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. Institutional investors and hedge funds own 75.58% of the company’s stock.

Freshworks Price Performance

Shares of NASDAQ FRSH opened at $15.83 on Thursday. The business has a 50-day moving average of $12.77 and a two-hundred day moving average of $12.55. The company has a market capitalization of $4.79 billion, a price-to-earnings ratio of -46.56 and a beta of 0.72. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $24.98.

Insider Transactions at Freshworks

In related news, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $11.54, for a total transaction of $97,316.82. Following the sale, the director now directly owns 22,530 shares in the company, valued at $259,996.20. This trade represents a 27.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $11.17, for a total transaction of $52,331.45. Following the completion of the sale, the director now directly owns 35,853 shares of the company’s stock, valued at approximately $400,478.01. This trade represents a 11.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,463 shares of company stock valued at $406,714. Corporate insiders own 19.15% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Scotiabank cut their price objective on Freshworks from $18.00 to $16.00 and set a “sector perform” rating on the stock in a report on Wednesday, July 31st. Piper Sandler lifted their target price on Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Wells Fargo & Company increased their price target on shares of Freshworks from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. JMP Securities raised their price objective on shares of Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Thursday, November 7th. Finally, Canaccord Genuity Group upped their target price on shares of Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Freshworks currently has a consensus rating of “Moderate Buy” and a consensus target price 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.