Quantbot Technologies LP Grows Position in Freshworks Inc. (NASDAQ:FRSH)

Quantbot Technologies LP lifted its position in Freshworks Inc. (NASDAQ:FRSH) by 80.1% in the third quarter, HoldingsChannel.com reports. The firm owned 426,432 shares of the company’s stock after purchasing an additional 189,616 shares during the quarter. Quantbot Technologies LP’s holdings in Freshworks were worth $4,895,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Sei Investments Co. lifted its stake in shares of Freshworks by 191.9% during the 2nd quarter. Sei Investments Co. now owns 95,846 shares of the company’s stock valued at $1,216,000 after buying an additional 63,006 shares in the last quarter. M&G PLC bought a new stake in Freshworks during the third quarter valued at about $9,094,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Freshworks by 806.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company’s stock valued at $2,699,000 after acquiring an additional 209,194 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Freshworks in the second quarter worth about $1,740,000. Finally, Versor Investments LP purchased a new stake in shares of Freshworks during the third quarter worth about $383,000. 75.58% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on FRSH. Robert W. Baird dropped their price target on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Barclays dropped their target price on shares of Freshworks from $15.00 to $14.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 31st. Canaccord Genuity Group lifted their price target on shares of Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a report on Thursday, November 7th. JMP Securities boosted 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. Finally, Piper Sandler raised their price objective on Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.69.

Freshworks Trading Down 0.8 %

FRSH stock opened at $16.32 on Wednesday. The firm’s fifty day simple moving average is $12.67 and its two-hundred day simple moving average is $12.53. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $24.98.

Insider Activity at Freshworks

In other news, Director Jennifer H. Taylor sold 4,690 shares of Freshworks stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $11.06, for a total transaction of $51,871.40. Following the completion of the sale, the director now owns 36,689 shares of the company’s stock, valued at approximately $405,780.34. The trade was a 11.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Zachary Nelson sold 8,433 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $11.54, for a total value of $97,316.82. Following the transaction, the director now owns 22,530 shares in the company, valued at $259,996.20. The trade was a 27.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,463 shares of company stock worth $406,714. Insiders own 19.15% of the company’s stock.

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.