Champlain Investment Partners LLC Decreases Stock Position in Freshworks Inc. (NASDAQ:FRSH)

Champlain Investment Partners LLC decreased its position in Freshworks Inc. (NASDAQ:FRSH) by 60.6% in the 3rd quarter, Holdings Channel reports. The fund owned 2,558,034 shares of the company’s stock after selling 3,941,694 shares during the period. Champlain Investment Partners LLC’s holdings in Freshworks were worth $29,366,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Advisors Asset Management Inc. increased its stake in Freshworks by 34.2% during 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 period. California State Teachers Retirement System increased its position in shares of Freshworks by 0.5% during 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 last quarter. Amalgamated Bank increased its position in shares of Freshworks by 29.1% during the second quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock worth $90,000 after acquiring an additional 1,588 shares during the last quarter. Covestor Ltd lifted its stake in shares of Freshworks by 89.9% in the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after acquiring an additional 1,704 shares in the last quarter. Finally, Quarry LP boosted its holdings in Freshworks by 157.6% in 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 last quarter. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Insider Buying and Selling at Freshworks

In other news, 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 transaction of $97,316.82. Following the transaction, the director now directly owns 22,530 shares of the company’s stock, valued at approximately $259,996.20. This trade represents a 27.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jennifer H. Taylor sold 4,690 shares of the company’s stock in a transaction dated Thursday, October 10th. The stock was 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 directly owns 36,689 shares of the company’s stock, valued at $405,780.34. The trade was a 11.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 35,463 shares of company stock valued at $406,714 in the last quarter. Corporate insiders own 19.15% of the company’s stock.

Freshworks Stock Performance

Shares of NASDAQ:FRSH opened at $16.54 on Friday. The firm’s 50 day moving average is $12.56 and its two-hundred day moving average is $12.54. The firm 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.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on FRSH shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 target price on shares of Freshworks in a research report on Thursday, November 7th. Barclays cut their price target on shares of Freshworks from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 31st. Wells Fargo & Company raised their price objective on shares of Freshworks from $11.00 to $14.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Cantor Fitzgerald cut their target price on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Finally, Piper Sandler lifted their price target on Freshworks from $13.00 to $18.00 and gave the stock an “overweight” rating in a research note 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 data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.