Prelude Capital Management LLC Grows Stock Position in Freshworks Inc. (NASDAQ:FRSH)

Prelude Capital Management LLC raised its holdings in Freshworks Inc. (NASDAQ:FRSHGet Rating) by 1,168.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 127,536 shares of the company’s stock after buying an additional 117,485 shares during the quarter. Prelude Capital Management LLC’s holdings in Freshworks were worth $2,285,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. FourThought Financial LLC acquired a new position in shares of Freshworks in the first quarter valued at about $47,000. US Bancorp DE increased its holdings in shares of Freshworks by 1,141.4% in the first quarter. US Bancorp DE now owns 8,044 shares of the company’s stock valued at $144,000 after purchasing an additional 7,396 shares during the period. Pearl River Capital LLC acquired a new position in shares of Freshworks in the first quarter valued at about $204,000. Newbridge Financial Services Group Inc. increased its holdings in shares of Freshworks by 57.6% in the first quarter. Newbridge Financial Services Group Inc. now owns 13,075 shares of the company’s stock valued at $234,000 after purchasing an additional 4,780 shares during the period. Finally, Citigroup Inc. acquired a new position in shares of Freshworks in the first quarter valued at about $255,000. 31.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $16.33, for a total value of $76,506.05. Following the transaction, the director now owns 15,940 shares in the company, valued at $260,300.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $16.33, for a total transaction of $76,506.05. Following the transaction, the director now owns 15,940 shares in the company, valued at $260,300.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Johanna Flower sold 4,700 shares of Freshworks stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $14.96, for a total value of $70,312.00. Following the transaction, the director now owns 16,110 shares in the company, valued at approximately $241,005.60. The disclosure for this sale can be found here. Insiders have sold a total of 234,385 shares of company stock worth $2,707,318 over the last quarter. 29.12% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Wolfe Research raised their target price on Freshworks from $14.00 to $15.50 and gave the stock an “outperform” rating in a report on Thursday, August 4th. Oppenheimer dropped their target price on Freshworks from $26.00 to $18.00 and set an “outperform” rating on the stock in a report on Wednesday, August 3rd. Canaccord Genuity Group dropped their target price on Freshworks from $21.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday, August 4th. Barclays dropped their target price on Freshworks from $18.00 to $15.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 26th. Finally, Jefferies Financial Group dropped their price objective on Freshworks from $18.00 to $17.00 in a report on Monday, May 23rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $18.23.

Freshworks Price Performance

NASDAQ FRSH opened at $14.47 on Monday. The company has a market cap of $4.14 billion and a PE ratio of -0.57. The stock’s 50 day simple moving average is $14.11 and its 200-day simple moving average is $15.61. Freshworks Inc. has a 1-year low of $10.51 and a 1-year high of $53.36.

Freshworks Company Profile

(Get Rating)

Freshworks Inc, a software development company, provides modern software-as-a-service products worldwide. Freshworks Inc was formerly known as Freshdesk Inc and changed its name to Freshworks Inc in June 2017. The company was incorporated in 2010 and is headquartered in San Mateo, California.

See Also

Institutional Ownership by Quarter for Freshworks (NASDAQ:FRSH)

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