Everence Capital Management Inc. Buys Shares of 11,740 Freshworks Inc. (NASDAQ:FRSH)

Everence Capital Management Inc. bought a new position in shares of Freshworks Inc. (NASDAQ:FRSH) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 11,740 shares of the company’s stock, valued at approximately $190,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FRSH. Blue Trust Inc. boosted 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 worth $38,000 after purchasing an additional 2,822 shares during the last quarter. Covestor Ltd grew its holdings in Freshworks by 89.9% in the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after buying an additional 1,704 shares during the period. Quarry LP increased its stake in shares of Freshworks by 157.6% during the 2nd quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after acquiring an additional 2,645 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Freshworks in the third quarter worth approximately $57,000. Finally, Amalgamated Bank grew its holdings in Freshworks by 29.1% in the second 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 period. 75.58% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Freshworks

In other news, Director Barry L. Padgett sold 2,345 shares of the business’s stock in a transaction dated Tuesday, December 17th. The shares were 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 owns 26,957 shares of the company’s stock, valued at approximately $466,356.10. The trade was a 8.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mika Yamamoto sold 5,718 shares of the stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $16.95, for a total transaction of $96,920.10. Following the transaction, the insider now directly owns 403,108 shares in the company, valued at $6,832,680.60. The trade was a 1.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,697,478 shares of company stock worth $26,648,447 in the last 90 days. 19.15% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on FRSH shares. Canaccord Genuity Group increased their price target 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. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of Freshworks in a report on Tuesday, December 17th. Wells Fargo & Company upped their price target on Freshworks from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Tuesday. JPMorgan Chase & Co. lifted their price objective on Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Finally, JMP Securities increased their target price on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $19.00.

Freshworks Price Performance

Shares of Freshworks stock opened at $16.15 on Friday. Freshworks Inc. has a 1-year low of $10.81 and a 1-year high of $23.93. The business has a 50-day moving average of $15.77 and a 200-day moving average of $13.23. The company has a market capitalization of $4.89 billion, a PE ratio of -47.50 and a beta of 0.88.

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.