Holocene Advisors LP Raises Stock Holdings in Freshworks Inc. (NASDAQ:FRSH)

Holocene Advisors LP increased its stake in Freshworks Inc. (NASDAQ:FRSH) by 1.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 295,923 shares of the company’s stock after acquiring an additional 3,226 shares during the quarter. Holocene Advisors LP’s holdings in Freshworks were worth $3,397,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Renaissance Technologies LLC raised its position in shares of Freshworks by 7.6% during the 2nd 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. Dimensional Fund Advisors LP raised its holdings 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 valued at $30,821,000 after acquiring an additional 239,671 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Freshworks by 35.9% during 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 acquiring an additional 420,135 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Freshworks by 1.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,556,772 shares of the company’s stock valued at $17,872,000 after acquiring an additional 24,558 shares in the last quarter. Finally, M&G PLC purchased a new stake in shares of Freshworks during the third quarter worth approximately $9,094,000. Institutional investors and hedge funds own 75.58% of the company’s stock.

Freshworks Stock Down 1.6 %

NASDAQ:FRSH opened at $16.09 on Friday. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $24.98. The stock’s fifty day moving average is $13.44 and its two-hundred day moving average is $12.68. The company has a market capitalization of $4.87 billion, a P/E ratio of -47.32 and a beta of 0.90.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Wells Fargo & Company raised their price objective on Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. JMP Securities raised their price target on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. upped their price objective 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. Piper Sandler raised their target price 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. Finally, Needham & Company LLC restated a “buy” rating and issued a $20.00 price target on shares of Freshworks in a research report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Freshworks currently has an average rating of “Moderate Buy” and a consensus price target of $18.69.

Insider Activity at Freshworks

In other news, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $11.04, for a total transaction of $93,199.68. Following the completion of the transaction, the director now directly owns 23,497 shares in the company, valued at $259,406.88. This trade represents a 26.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at 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 value of $52,331.45. Following the completion of the sale, the director now owns 35,853 shares in the company, valued at $400,478.01. This represents a 11.56 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,250 shares of company stock worth $300,201. Company insiders own 19.15% of the company’s stock.

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.