Portman Ltd Invests $2.33 Million in Freshworks Inc. (NASDAQ:FRSH)

Portman Ltd acquired a new stake in Freshworks Inc. (NASDAQ:FRSH) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 203,331 shares of the company’s stock, valued at approximately $2,334,000. Freshworks makes up 5.8% of Portman Ltd’s portfolio, making the stock its 4th biggest holding. Portman Ltd owned 0.07% of Freshworks at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Blue Trust Inc. increased its stake 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 purchasing an additional 2,822 shares in the last quarter. Advisors Asset Management Inc. increased its position in Freshworks by 34.2% in the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock valued at $54,000 after buying an additional 757 shares in the last quarter. CWM LLC raised its stake in Freshworks by 554.5% during the 2nd quarter. CWM LLC now owns 3,397 shares of the company’s stock worth $43,000 after buying an additional 2,878 shares during the period. Covestor Ltd boosted its holdings in Freshworks by 89.9% in the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after acquiring an additional 1,704 shares in the last quarter. Finally, Quarry LP grew its stake in Freshworks by 157.6% in the second quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after acquiring an additional 2,645 shares during the period. Institutional investors and hedge funds own 75.58% of the company’s stock.

Insider Transactions at Freshworks

In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $11.06, for a total transaction of $51,871.40. Following the completion of the transaction, the director now directly owns 36,689 shares of the company’s stock, valued at approximately $405,780.34. This represents a 11.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 have sold 35,463 shares of company stock worth $406,714 in the last ninety days. Company insiders own 19.15% of the company’s stock.

Wall Street Analyst Weigh In

FRSH has been the topic of a number of research reports. Scotiabank lowered their target price 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 dropped their price objective on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Needham & Company LLC reiterated a “buy” rating and set a $20.00 price objective on shares of Freshworks in a report on Thursday, November 7th. Canaccord Genuity Group upped their target price on shares of Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Barclays cut their price target on 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 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 has an average rating of “Moderate Buy” and a consensus price target of $18.69.

Freshworks Stock Performance

FRSH stock opened at $16.54 on Friday. The stock has a market cap of $5.01 billion, a P/E ratio of -48.65 and a beta of 0.72. The stock’s fifty day simple moving average is $12.56 and its two-hundred day simple moving average is $12.54. Freshworks Inc. has a 1-year low of $10.81 and a 1-year high of $24.98.

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.