JPMorgan Chase & Co. Buys 1,752,995 Shares of Freshworks Inc. (NASDAQ:FRSH)

JPMorgan Chase & Co. raised its position in shares of Freshworks Inc. (NASDAQ:FRSH) by 49.8% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,270,338 shares of the company’s stock after purchasing an additional 1,752,995 shares during the quarter. JPMorgan Chase & Co.’s holdings in Freshworks were worth $60,503,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in FRSH. Blue Trust Inc. lifted its holdings in shares of Freshworks by 1,987.3% during the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after purchasing an additional 2,822 shares in the last quarter. Covestor Ltd raised its holdings in shares of Freshworks by 89.9% during 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 last quarter. Quarry LP lifted its position in Freshworks by 157.6% during the second quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after purchasing an additional 2,645 shares during the period. Point72 Hong Kong Ltd bought a new stake in Freshworks in the 3rd quarter worth approximately $57,000. Finally, Amalgamated Bank lifted its holdings in shares of Freshworks by 29.1% during the 2nd quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock valued at $90,000 after buying an additional 1,588 shares during the period. Institutional investors own 75.58% of the company’s stock.

Insider Activity at Freshworks

In related news, insider Mika Yamamoto sold 5,718 shares of the firm’s 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 owns 403,108 shares in the company, valued at approximately $6,832,680.60. This trade represents a 1.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Barry L. Padgett sold 2,345 shares of the business’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total transaction of $40,568.50. Following the sale, the director now directly owns 26,957 shares of the company’s stock, valued at $466,356.10. This represents a 8.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,702,168 shares of company stock valued at $26,700,318 over the last quarter. 19.15% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have weighed in on FRSH. Robert W. Baird lowered their target price on Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. JPMorgan Chase & Co. raised their price objective on shares of Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price target on shares of Freshworks in a research report on Tuesday, December 17th. Canaccord Genuity Group increased their target price on shares of Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Wells Fargo & Company lifted their target price on shares of Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.69.

Freshworks Stock Performance

Shares of NASDAQ FRSH opened at $16.07 on Friday. The stock has a 50 day moving average price of $15.51 and a 200 day moving average price of $13.14. The firm has a market capitalization of $4.87 billion, a price-to-earnings ratio of -47.26 and a beta of 0.90. Freshworks Inc. has a 52-week low of $10.81 and a 52-week high of $23.93.

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.