Freshworks Inc. (NASDAQ:FRSH) Position Lessened by Melqart Asset Management UK Ltd

Melqart Asset Management UK Ltd trimmed its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 24.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 124,189 shares of the company’s stock after selling 40,836 shares during the period. Melqart Asset Management UK Ltd’s holdings in Freshworks were worth $1,426,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. California State Teachers Retirement System increased its stake in shares of 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 last quarter. Amalgamated Bank raised its holdings in Freshworks by 29.1% in the 2nd quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock valued at $90,000 after acquiring an additional 1,588 shares in the last quarter. Covestor Ltd lifted its holdings in shares of Freshworks by 89.9% during the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after acquiring an additional 1,704 shares during the period. Quarry LP boosted its stake in Freshworks by 157.6% in the 2nd quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after buying an additional 2,645 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in Freshworks by 1,987.3% in the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after buying an additional 2,822 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

Insider Activity

In related news, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $11.17, for a total value of $52,331.45. Following the sale, the director now owns 35,853 shares of the company’s stock, valued at approximately $400,478.01. The trade was a 11.56 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $12.19, for a total value of $102,798.27. Following the completion of the sale, the director now owns 23,497 shares in the company, valued at approximately $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. Insiders sold a total of 26,250 shares of company stock valued at $300,201 in the last ninety days. 19.15% of the stock is currently owned by insiders.

Freshworks Price Performance

Shares of NASDAQ FRSH opened at $15.98 on Wednesday. The stock has a market capitalization of $4.84 billion, a P/E ratio of -47.00 and a beta of 0.90. The company has a 50-day moving average price of $13.23 and a 200-day moving average price of $12.63. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $24.98.

Analyst Ratings Changes

FRSH has been the topic of a number of recent research reports. Wells Fargo & Company increased their price objective on Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Piper Sandler lifted their target price on Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Canaccord Genuity Group increased their price objective on 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 target price on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. upped their price objective on Freshworks from $17.00 to $20.00 and gave the company 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 issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $18.69.

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.