Insider Selling: Freshworks Inc. (NASDAQ:FRSH) Chairman Sells 835,000 Shares of Stock

Freshworks Inc. (NASDAQ:FRSH) Chairman Rathnagirish Mathrubootham sold 835,000 shares of Freshworks stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $16.08, for a total transaction of $13,426,800.00. Following the completion of the transaction, the chairman now directly owns 551,137 shares in the company, valued at approximately $8,862,282.96. The trade was a 60.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Rathnagirish Mathrubootham also recently made the following trade(s):

• On Friday, December 20th, Rathnagirish Mathrubootham sold 830,000 shares of Freshworks stock. The shares were sold at an average price of $15.33, for a total transaction of $12,723,900.00.

Freshworks Trading Down 0.5 %

Shares of FRSH stock opened at $15.33 on Monday. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $24.34. The stock has a market cap of $4.64 billion, a P/E ratio of -45.09 and a beta of 0.90. The stock has a 50 day moving average of $14.59 and a 200 day moving average of $12.91.

Analysts Set New Price Targets

A number of research firms have recently weighed in on FRSH. JMP Securities raised their price objective on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Wells Fargo & Company boosted their price target on Freshworks from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Robert W. Baird decreased their price objective on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Needham & Company LLC reissued a “buy” rating and set a $20.00 target price on shares of Freshworks in a research report on Tuesday, December 17th. Finally, JPMorgan Chase & Co. upped their price target on shares of Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Freshworks has an average rating of “Moderate Buy” and an average target price of $18.69.

Hedge Funds Weigh In On Freshworks

Several institutional investors have recently made changes to their positions in the company. Franklin Resources Inc. boosted its holdings in Freshworks by 18.1% during the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock worth $44,934,000 after buying an additional 604,658 shares in the last quarter. Tidal Investments LLC acquired a new position in shares of Freshworks in the third quarter worth about $534,000. Geode Capital Management LLC boosted its stake in shares of Freshworks by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company’s stock worth $52,750,000 after acquiring an additional 66,342 shares in the last quarter. Barclays PLC grew its position in shares of Freshworks by 33.4% during the 3rd quarter. Barclays PLC now owns 337,621 shares of the company’s stock valued at $3,875,000 after acquiring an additional 84,568 shares during the period. Finally, Y Intercept Hong Kong Ltd increased its stake in shares of Freshworks by 4.7% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 132,261 shares of the company’s stock valued at $1,518,000 after purchasing an additional 5,901 shares in the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

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.