Portman Ltd Acquires New Shares in Freshworks Inc. (NASDAQ:FRSH)

Portman Ltd acquired a new stake in Freshworks Inc. (NASDAQ:FRSH) in the third quarter, Holdings Channel.com reports. The firm acquired 203,331 shares of the company’s stock, valued at approximately $2,334,000. Freshworks makes up approximately 5.8% of Portman Ltd’s portfolio, making the stock its 4th biggest position.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Freshworks by 6.8% in the first quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock valued at $385,525,000 after acquiring an additional 1,354,530 shares during the period. Sei Investments Co. boosted its holdings in Freshworks by 191.9% in the 2nd quarter. Sei Investments Co. now owns 95,846 shares of the company’s stock valued at $1,216,000 after purchasing an additional 63,006 shares during the period. M&G PLC purchased a new position in shares of Freshworks during the 3rd quarter valued at $9,094,000. Marshall Wace LLP bought a new position in shares of Freshworks in the second quarter worth approximately $1,740,000. Finally, Versor Investments LP bought a new stake in shares of Freshworks during the 3rd quarter worth $383,000. Institutional investors own 75.58% of the company’s stock.

Freshworks Stock Performance

NASDAQ FRSH opened at $16.54 on Friday. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $24.98. The stock’s fifty day moving average price is $12.56 and its 200-day moving average price is $12.54. The stock has a market cap of $5.01 billion, a P/E ratio of -48.65 and a beta of 0.72.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FRSH. Scotiabank lowered their price target on 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 reduced their price target on Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. Piper Sandler upped their price objective on shares of Freshworks from $13.00 to $18.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Canaccord Genuity Group upped their target price on Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Wells Fargo & Company raised their target price on Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.69.

Insider Buying and Selling

In other news, Director Jennifer H. Taylor sold 4,690 shares of the business’s stock in a transaction 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 owns 36,689 shares in the company, valued at $405,780.34. The trade was a 11.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction, the director now directly owns 22,530 shares in the company, valued at approximately $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. Insiders have sold a total of 35,463 shares of company stock worth $406,714 in the last quarter. Corporate 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.