Paloma Partners Management Co Takes $809,000 Position in Freshworks Inc. (NASDAQ:FRSH)

Paloma Partners Management Co purchased a new position in Freshworks Inc. (NASDAQ:FRSH) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 70,460 shares of the company’s stock, valued at approximately $809,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Blue Trust Inc. raised its stake in shares of 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 acquiring an additional 2,822 shares during the period. Covestor Ltd raised its position in Freshworks by 89.9% in the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after purchasing an additional 1,704 shares during the period. CWM LLC lifted its stake in Freshworks by 554.5% in the second quarter. CWM LLC now owns 3,397 shares of the company’s stock worth $43,000 after purchasing an additional 2,878 shares during the last quarter. Quarry LP boosted its position in shares of Freshworks by 157.6% during the second quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after buying an additional 2,645 shares during the period. Finally, Point72 Hong Kong Ltd bought a new position in shares of Freshworks during the third quarter valued at approximately $57,000. 75.58% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $11.17, for a total value of $52,331.45. Following the completion of the sale, the director now owns 35,853 shares of the company’s stock, valued at approximately $400,478.01. This trade represents a 11.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $12.19, for a total transaction of $102,798.27. Following the transaction, the director now owns 23,497 shares in the company, valued at approximately $286,428.43. This trade represents a 26.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,250 shares of company stock worth $300,201 over the last three months. Corporate insiders own 19.15% of the company’s stock.

Freshworks Stock Performance

Shares of Freshworks stock opened at $16.10 on Tuesday. The company has a market capitalization of $4.88 billion, a PE ratio of -47.35 and a beta of 0.72. The company has a 50-day simple moving average of $13.14 and a two-hundred day simple moving average of $12.61. Freshworks Inc. has a one year low of $10.81 and a one year high of $24.98.

Analyst Ratings Changes

FRSH has been the subject of a number of recent analyst reports. Canaccord Genuity Group boosted 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. Piper Sandler upped their price target on shares of Freshworks from $13.00 to $18.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. JMP Securities lifted their price objective on shares of Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Thursday, November 7th. Wells Fargo & Company upped their target price on shares of Freshworks from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Freshworks 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.69.

Freshworks Company 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.