Geode Capital Management LLC Increases Stake in Freshworks Inc. (NASDAQ:FRSH)

Geode Capital Management LLC boosted its stake in Freshworks Inc. (NASDAQ:FRSH) by 1.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,594,212 shares of the company’s stock after purchasing an additional 66,342 shares during the quarter. Geode Capital Management LLC’s holdings in Freshworks were worth $52,750,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of FRSH. State Street Corp boosted its holdings in shares of Freshworks by 7.1% in the 3rd 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 last quarter. Renaissance Technologies LLC boosted its holdings in Freshworks by 7.6% in the second quarter. Renaissance Technologies LLC now owns 3,134,600 shares of the company’s stock valued at $39,778,000 after acquiring an additional 221,900 shares during the last quarter. Dimensional Fund Advisors LP grew its position in 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 period. Bank of New York Mellon Corp increased its stake in 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 worth $20,164,000 after acquiring an additional 420,135 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Freshworks by 1.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,556,772 shares of the company’s stock worth $17,872,000 after purchasing an additional 24,558 shares during the period. Institutional investors and hedge funds own 75.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on FRSH shares. Canaccord Genuity Group boosted 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. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Freshworks in a research report on Tuesday, December 17th. Robert W. Baird dropped their price objective on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. JPMorgan Chase & Co. lifted their target price on shares of Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Finally, Wells Fargo & Company increased 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. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $18.69.

Freshworks Stock Performance

Shares of NASDAQ FRSH opened at $15.33 on Monday. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $24.34. The stock’s 50-day simple moving average is $14.59 and its 200-day simple moving average is $12.91. The firm has a market cap of $4.64 billion, a price-to-earnings ratio of -45.09 and a beta of 0.90.

Insider Buying and Selling at Freshworks

In other Freshworks news, insider Mika Yamamoto sold 5,718 shares of the stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $16.95, for a total transaction of $96,920.10. Following the sale, the insider now directly owns 403,108 shares of the company’s stock, valued at approximately $6,832,680.60. This represents a 1.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Barry L. Padgett sold 2,345 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total value of $40,568.50. Following the completion of the sale, the director now directly owns 26,957 shares in the company, valued at approximately $466,356.10. This trade represents a 8.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,699,318 shares of company stock worth $26,614,569 in the last 90 days. 19.15% of the stock is owned by corporate insiders.

About Freshworks

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.