Cary Street Partners Asset Management LLC Takes $166,000 Position in Freshworks Inc. (NASDAQ:FRSH)

Cary Street Partners Asset Management LLC acquired a new position in shares of Freshworks Inc. (NASDAQ:FRSH) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 14,425 shares of the company’s stock, valued at approximately $166,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FRSH. Blue Trust Inc. increased its position in Freshworks by 1,987.3% during the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock worth $38,000 after purchasing an additional 2,822 shares during the last quarter. CWM LLC increased its position in Freshworks by 554.5% during 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. Advisors Asset Management Inc. increased its position in Freshworks by 34.2% during the first quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock worth $54,000 after purchasing an additional 757 shares during the last quarter. Quarry LP increased its position in Freshworks by 157.6% during the second quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after purchasing an additional 2,645 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new position in Freshworks during the second quarter worth about $58,000. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FRSH has been the subject of several research analyst reports. Wells Fargo & Company initiated coverage on shares of Freshworks in a research note on Wednesday, October 16th. They set an “equal weight” rating and a $11.00 target price for the company. Canaccord Genuity Group lowered their target price on shares of Freshworks from $20.00 to $17.00 and set a “buy” rating for the company in a research note on Wednesday, July 10th. Cantor Fitzgerald lowered their target price on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Piper Sandler lowered their target price on shares of Freshworks from $17.00 to $13.00 and set an “overweight” rating for the company in a research note on Thursday, October 10th. Finally, Barclays lowered their target price on shares of Freshworks from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 31st. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $17.54.

Insiders Place Their Bets

In other Freshworks news, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $11.04, for a total transaction of $93,199.68. Following the sale, the director now owns 23,497 shares of the company’s stock, valued at approximately $259,406.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Freshworks news, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $11.04, for a total transaction of $93,199.68. Following the sale, the director now owns 23,497 shares of the company’s stock, valued at approximately $259,406.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Roxanne S. Austin sold 6,303 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $11.22, for a total transaction of $70,719.66. Following the sale, the director now directly owns 223,106 shares in the company, valued at approximately $2,503,249.32. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,456 shares of company stock valued at $530,102. 19.15% of the stock is owned by corporate insiders.

Freshworks Stock Up 1.7 %

Shares of NASDAQ:FRSH opened at $12.44 on Wednesday. The firm’s 50 day moving average price is $11.42 and its 200 day moving average price is $12.59. The stock has a market cap of $3.76 billion, a price-to-earnings ratio of -35.54 and a beta of 0.72. Freshworks Inc. has a fifty-two week low of $10.81 and a fifty-two week high of $24.98.

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.