Franklin Resources Inc. Increases Stock Position in Freshworks Inc. (NASDAQ:FRSH)

Franklin Resources Inc. raised its position in shares of Freshworks Inc. (NASDAQ:FRSH) by 18.1% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 3,945,001 shares of the company’s stock after purchasing an additional 604,658 shares during the period. Franklin Resources Inc.’s holdings in Freshworks were worth $44,934,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FRSH. Quantbot Technologies LP raised its position in shares of Freshworks by 80.1% in the 3rd quarter. Quantbot Technologies LP now owns 426,432 shares of the company’s stock worth $4,895,000 after purchasing an additional 189,616 shares during the last quarter. Sei Investments Co. raised its position in shares of Freshworks by 191.9% in the 2nd quarter. Sei Investments Co. now owns 95,846 shares of the company’s stock worth $1,216,000 after purchasing an additional 63,006 shares during the last quarter. Edgestream Partners L.P. purchased a new position in shares of Freshworks in the 3rd quarter worth about $1,193,000. Intech Investment Management LLC purchased a new position in shares of Freshworks in the 3rd quarter worth about $867,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Freshworks by 806.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company’s stock worth $2,699,000 after purchasing an additional 209,194 shares during the last quarter. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Insider Activity at Freshworks

In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $11.06, for a total value of $51,871.40. Following the completion of the transaction, the director now directly owns 36,689 shares in the company, valued at $405,780.34. This represents a 11.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $12.19, for a total value of $102,798.27. Following the completion of the transaction, the director now owns 23,497 shares of the company’s stock, valued at $286,428.43. The trade was a 26.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,255 shares of company stock worth $326,380. 19.15% of the stock is owned by company insiders.

Freshworks Trading Down 1.4 %

Shares of NASDAQ:FRSH opened at $16.79 on Wednesday. The stock has a 50 day moving average of $14.22 and a 200 day moving average of $12.83. The company has a market cap of $5.08 billion, a PE ratio of -49.38 and a beta of 0.90. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $24.98.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Robert W. Baird decreased their target price on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Wells Fargo & Company boosted their target price on Freshworks from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Canaccord Genuity Group boosted their target price on Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC reissued a “buy” rating and issued a $20.00 target price on shares of Freshworks in a research report on Tuesday. Finally, Piper Sandler boosted their target price on Freshworks from $13.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Freshworks currently has an average rating of “Moderate Buy” and an average price target of $18.69.

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.