Massachusetts Financial Services Co. MA Boosts Holdings in Freshworks Inc. (NASDAQ:FRSH)

Posted by Defense World Staff on Feb 15th, 2023

Massachusetts Financial Services Co. MA boosted its position in Freshworks Inc. (NASDAQ:FRSH – Get Rating) by 0.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 158,471 shares of the company’s stock after purchasing an additional 858 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.06% of Freshworks worth $2,055,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Quantbot Technologies LP bought a new position in shares of Freshworks in the 1st quarter worth $59,000. Virtu Financial LLC bought a new position in shares of Freshworks in the 3rd quarter worth $131,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Freshworks in the 2nd quarter worth $136,000. Parsons Capital Management Inc. RI bought a new position in shares of Freshworks in the 3rd quarter worth $143,000. Finally, US Bancorp DE increased its holdings in shares of Freshworks by 1,141.4% in the 1st quarter. US Bancorp DE now owns 8,044 shares of the company’s stock worth $144,000 after buying an additional 7,396 shares during the last quarter. Institutional investors own 46.36% of the company’s stock.

Insider Transactions at Freshworks

In related news, major shareholder Westbridge Crossover Fund, Llc bought 72,440 shares of the company’s stock in a transaction dated Monday, February 13th. The stock was purchased at an average cost of $15.93 per share, with a total value of $1,153,969.20. Following the transaction, the insider now owns 16,505,086 shares in the company, valued at approximately $262,926,019.98. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, major shareholder Westbridge Crossover Fund, Llc bought 72,440 shares of the company’s stock in a transaction dated Monday, February 13th. The stock was purchased at an average cost of $15.93 per share, with a total value of $1,153,969.20. Following the transaction, the insider now owns 16,505,086 shares in the company, valued at approximately $262,926,019.98. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Barry L. Padgett sold 6,566 shares of the firm’s stock in a transaction dated Wednesday, November 30th. The stock was sold at an average price of $14.22, for a total transaction of $93,368.52. Following the completion of the sale, the director now directly owns 16,428 shares of the company’s stock, valued at $233,606.16. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 1,283,341 shares of company stock valued at $18,904,547 and sold 619,858 shares valued at $9,887,547. Corporate insiders own 29.12% of the company’s stock.

Analyst Ratings Changes

FRSH has been the topic of a number of research analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $25.00 price target on shares of Freshworks in a report on Wednesday, February 8th. Jefferies Financial Group reduced their target price on shares of Freshworks from $15.00 to $14.00 and set a “hold” rating on the stock in a report on Monday, October 31st. JPMorgan Chase & Co. increased their target price on shares of Freshworks from $16.00 to $18.00 and gave the company an “overweight” rating in a report on Wednesday, February 8th. Canaccord Genuity Group increased their target price on shares of Freshworks from $15.00 to $17.00 and gave the company a “hold” rating in a report on Wednesday, February 8th. Finally, Oppenheimer increased their target price on shares of Freshworks from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, February 8th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $17.90.

Freshworks Stock Up 3.8 %

Shares of Freshworks stock opened at $16.58 on Wednesday. The company’s fifty day simple moving average is $15.19 and its two-hundred day simple moving average is $14.44. Freshworks Inc. has a 12-month low of $10.51 and a 12-month high of $22.44. The firm has a market cap of $4.77 billion, a PE ratio of -20.47 and a beta of 0.74.

About Freshworks

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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.