Eagle Asset Management Inc. Sells 28,178 Shares of Freshworks Inc. (NASDAQ:FRSH)

Eagle Asset Management Inc. lowered its position in shares of Freshworks Inc. (NASDAQ:FRSH) by 2.4% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,134,139 shares of the company’s stock after selling 28,178 shares during the quarter. Eagle Asset Management Inc.’s holdings in Freshworks were worth $13,020,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Freshworks by 6.8% during the first quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock worth $385,525,000 after acquiring an additional 1,354,530 shares during the period. Advisors Asset Management Inc. boosted its holdings in shares of Freshworks by 34.2% in the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock worth $54,000 after buying an additional 757 shares during the last quarter. Quadrature Capital Ltd grew its position in Freshworks by 403.3% during the first quarter. Quadrature Capital Ltd now owns 67,473 shares of the company’s stock valued at $1,227,000 after buying an additional 54,068 shares during the period. Bayesian Capital Management LP increased its holdings in Freshworks by 83.1% during the first quarter. Bayesian Capital Management LP now owns 72,507 shares of the company’s stock worth $1,320,000 after buying an additional 32,900 shares during the last quarter. Finally, California State Teachers Retirement System raised its position in Freshworks by 0.5% in the first quarter. California State Teachers Retirement System now owns 161,706 shares of the company’s stock worth $2,945,000 after acquiring an additional 831 shares during the period. Institutional investors own 75.58% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on FRSH shares. Robert W. Baird reduced their price objective on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Scotiabank lowered their price target on shares of Freshworks from $18.00 to $16.00 and set a “sector perform” rating on the stock in a research report on Wednesday, July 31st. Cantor Fitzgerald cut their price objective on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Wells Fargo & Company boosted their target price on shares of Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. raised their price target on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Freshworks has an average rating of “Moderate Buy” and a consensus target price of $18.69.

Freshworks Stock Performance

NASDAQ FRSH opened at $16.54 on Friday. The company has a market capitalization of $5.01 billion, a P/E ratio of -48.65 and a beta of 0.72. Freshworks Inc. has a 52-week low of $10.81 and a 52-week high of $24.98. The company has a fifty day moving average of $12.56 and a 200-day moving average of $12.54.

Insiders Place Their Bets

In other news, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $11.54, for a total value of $97,316.82. Following the completion of the sale, the director now owns 22,530 shares of the company’s stock, valued at approximately $259,996.20. This represents a 27.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $11.17, for a total transaction of $52,331.45. Following the completion of the transaction, the director now owns 35,853 shares in the company, valued at approximately $400,478.01. The trade was a 11.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 35,463 shares of company stock valued at $406,714 over the last 90 days. Insiders own 19.15% of the company’s stock.

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.