Smith Group Asset Management LLC Takes Position in Freshworks Inc. (NASDAQ:FRSH)

Smith Group Asset Management LLC bought a new stake in shares of Freshworks Inc. (NASDAQ:FRSH) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 36,452 shares of the company’s stock, valued at approximately $589,000.

Other hedge funds have also made changes to their positions in the company. Blue Trust Inc. grew its holdings in Freshworks by 32.2% during the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock worth $63,000 after acquiring an additional 954 shares in the last quarter. Amalgamated Bank raised its stake in shares of 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 purchasing an additional 1,588 shares in the last quarter. Covestor Ltd lifted its position in shares of Freshworks by 89.9% during the third 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 last quarter. Nisa Investment Advisors LLC grew its stake in Freshworks by 102.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock worth $71,000 after purchasing an additional 2,223 shares in the last quarter. Finally, Quarry LP increased its holdings 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 buying an additional 2,645 shares during the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

Insider Activity

In other Freshworks news, Director Johanna Flower sold 21,400 shares of the stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $18.00, for a total transaction of $385,200.00. Following the completion of the transaction, the director now directly owns 41,491 shares of the company’s stock, valued at approximately $746,838. This trade represents a 34.03 % decrease in their position. The sale 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 Freshworks 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 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,723,563 shares of company stock valued at $27,106,218. Company insiders own 19.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on FRSH. Piper Sandler increased their target price on Freshworks from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Wells Fargo & Company downgraded shares of Freshworks from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $16.00 to $13.00 in a report on Tuesday, January 21st. Needham & Company LLC reissued a “buy” rating and set a $20.00 target price on shares of Freshworks in a report on Wednesday, January 15th. Oppenheimer raised shares of Freshworks from a “market perform” rating to an “outperform” rating and set a $22.00 price target for the company in a report on Thursday, January 16th. Finally, Morgan Stanley boosted their price objective on shares of Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research report on Monday, January 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.07.

Freshworks Stock Performance

FRSH opened at $19.75 on Wednesday. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $23.30. The stock’s 50 day moving average price is $16.47 and its 200 day moving average price is $13.69.

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.