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

Barclays PLC lifted its position in shares of Freshworks Inc. (NASDAQ:FRSH) by 33.4% in the 3rd quarter, Holdings Channel reports. The fund owned 337,621 shares of the company’s stock after buying an additional 84,568 shares during the quarter. Barclays PLC’s holdings in Freshworks were worth $3,875,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its position 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 purchasing an additional 420,135 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Freshworks by 32.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 37,047 shares of the company’s stock valued at $470,000 after buying an additional 9,180 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Freshworks by 26.4% during the 2nd quarter. Principal Financial Group Inc. now owns 27,541 shares of the company’s stock valued at $349,000 after acquiring an additional 5,745 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of Freshworks during the second quarter worth $58,000. Finally, Hantz Financial Services Inc. bought a new position in shares of Freshworks in the second quarter worth $136,000. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Analysts Set New Price Targets

FRSH has been the topic of a number of recent research reports. JPMorgan Chase & Co. increased their price objective on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Robert W. Baird reduced their price objective on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Wells Fargo & Company increased their target price on shares of Freshworks from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Piper Sandler boosted their price target on shares of Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price objective on shares of Freshworks in a research report on Tuesday, December 17th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.69.

Freshworks Price Performance

Shares of FRSH opened at $15.33 on Monday. The firm has a market cap of $4.64 billion, a P/E ratio of -45.09 and a beta of 0.90. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $24.34. The stock has a 50 day simple moving average of $14.59 and a two-hundred day simple moving average of $12.91.

Insider Activity

In other Freshworks news, Director Zachary Nelson sold 8,442 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $11.04, for a total value of $93,199.68. Following the completion of the sale, the director now owns 23,497 shares in the company, valued at approximately $259,406.88. The trade was a 26.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 transaction of $40,568.50. Following the completion of the transaction, the director now owns 26,957 shares in the company, valued at $466,356.10. This represents a 8.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,699,318 shares of company stock valued at $26,614,569. Corporate insiders own 19.15% of the company’s stock.

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.