Scopia Capital Management LP Has $16.99 Million Stock Position in Freshworks Inc. (NASDAQ:FRSH)

Scopia Capital Management LP lowered its position in shares of Freshworks Inc. (NASDAQ:FRSH) by 2.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,479,804 shares of the company’s stock after selling 30,806 shares during the quarter. Freshworks comprises 3.5% of Scopia Capital Management LP’s investment portfolio, making the stock its 10th biggest holding. Scopia Capital Management LP owned about 0.49% of Freshworks worth $16,988,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of FRSH. Verition Fund Management LLC boosted its position in shares of Freshworks by 1,099.9% during the 3rd quarter. Verition Fund Management LLC now owns 211,171 shares of the company’s stock valued at $2,424,000 after purchasing an additional 193,572 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Freshworks by 8.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 40,229 shares of the company’s stock valued at $462,000 after buying an additional 3,182 shares during the period. Quantbot Technologies LP lifted its stake in Freshworks by 80.1% in the third quarter. Quantbot Technologies LP now owns 426,432 shares of the company’s stock valued at $4,895,000 after buying an additional 189,616 shares during the period. Dynamic Technology Lab Private Ltd boosted its holdings in shares of Freshworks by 264.2% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 156,450 shares of the company’s stock worth $1,796,000 after buying an additional 113,497 shares in the last quarter. Finally, Portman Ltd acquired a new stake in shares of Freshworks during the 3rd quarter worth approximately $2,334,000. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the stock in a transaction dated Thursday, October 10th. The shares were 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 owns 36,689 shares in the company, valued at $405,780.34. This trade 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 available through this link. Also, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $11.54, for a total transaction of $97,316.82. Following the completion of the sale, the director now directly owns 22,530 shares in the company, valued at approximately $259,996.20. This trade represents a 27.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,683 shares of company stock worth $397,518 over the last ninety days. 19.15% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on FRSH shares. JPMorgan Chase & Co. increased their target price on shares of Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Robert W. Baird cut their price objective on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 target price on shares of Freshworks in a research report on Thursday, November 7th. Piper Sandler increased their price target on Freshworks from $13.00 to $18.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Finally, JMP Securities boosted their price objective on Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Freshworks has a consensus rating of “Moderate Buy” and an average price target of $18.69.

Freshworks Trading Up 1.0 %

Freshworks stock opened at $15.99 on Friday. The business’s 50 day simple moving average is $13.04 and its 200 day simple moving average is $12.61. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $24.98. The company has a market cap of $4.84 billion, a price-to-earnings ratio of -47.03 and a beta of 0.72.

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.