Freshworks (NASDAQ:FRSH) Shares Gap Down – Here’s What Happened

Freshworks Inc. (NASDAQ:FRSH)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $17.44, but opened at $16.69. Freshworks shares last traded at $16.97, with a volume of 529,522 shares trading hands.

Analysts Set New Price Targets

FRSH has been the topic of several analyst reports. JMP Securities lifted their price target on shares of Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research report on Thursday, November 7th. Morgan Stanley upped their price target on Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. Wells Fargo & Company downgraded Freshworks from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $16.00 to $13.00 in a research report on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 target price on shares of Freshworks in a research report on Wednesday, January 15th. Finally, Robert W. Baird dropped their price target 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. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $19.07.

Freshworks Stock Performance

The company’s 50-day simple moving average is $16.23 and its 200 day simple moving average is $13.51. The company has a market cap of $5.46 billion, a PE ratio of -53.06 and a beta of 0.88.

Insider Activity at Freshworks

In related news, Director Barry L. Padgett sold 2,345 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $17.30, for a total transaction of $40,568.50. Following the completion of the transaction, the director now owns 26,957 shares in the company, valued at approximately $466,356.10. The trade was a 8.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $15.49, for a total value of $72,570.65. Following the completion of the transaction, the director now owns 37,286 shares in the company, valued at approximately $577,560.14. The trade was a 11.16 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,702,163 shares of company stock worth $26,721,018. Company insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FRSH. 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 during the period. Covestor Ltd increased its position in Freshworks by 89.9% in the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after acquiring an additional 1,704 shares during the period. Quarry LP raised its stake in Freshworks by 157.6% during the 2nd 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 last quarter. Point72 Hong Kong Ltd acquired a new stake in Freshworks during the 3rd quarter worth approximately $57,000. Finally, Nisa Investment Advisors LLC grew its stake in shares of Freshworks by 102.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock valued at $71,000 after purchasing an additional 2,223 shares during 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.