Insider Selling: Freshworks Inc. (NASDAQ:FRSH) Chairman Sells 830,000 Shares of Stock

by · The Markets Daily

Freshworks Inc. (NASDAQ:FRSH – Get Free Report) Chairman Rathnagirish Mathrubootham sold 830,000 shares of Freshworks stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $15.33, for a total value of $12,723,900.00. Following the transaction, the chairman now owns 551,137 shares of the company’s stock, valued at $8,448,930.21. The trade was a 60.10 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

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

  • On Wednesday, December 18th, Rathnagirish Mathrubootham sold 835,000 shares of Freshworks stock. The stock was sold at an average price of $16.08, for a total value of $13,426,800.00.

Freshworks Stock Down 0.5 %

Shares of FRSH opened at $15.33 on Friday. Freshworks Inc. has a 52-week low of $10.81 and a 52-week high of $24.34. The stock has a market cap of $4.64 billion, a PE ratio of -45.09 and a beta of 0.90. The firm’s fifty day moving average is $14.59 and its two-hundred day moving average is $12.91.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FRSH. JMP Securities raised their price objective on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Thursday, November 7th. Wells Fargo & Company lifted their price objective on shares of Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a 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 note on Tuesday. JPMorgan Chase & Co. raised their target price on Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Finally, Robert W. Baird reduced their price target on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $18.69.

Get Our Latest Research Report on Freshworks

Hedge Funds Weigh In On Freshworks

A number of institutional investors and hedge funds have recently bought and sold shares of the business. State Street Corp raised its holdings in Freshworks by 7.1% in the 3rd quarter. State Street Corp now owns 4,729,093 shares of the company’s stock valued at $54,290,000 after acquiring an additional 313,982 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Freshworks by 1.5% in the third quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company’s stock valued at $52,750,000 after purchasing an additional 66,342 shares during the last quarter. Franklin Resources Inc. lifted its position 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. Renaissance Technologies LLC boosted its stake in Freshworks by 7.6% during the second quarter. Renaissance Technologies LLC now owns 3,134,600 shares of the company’s stock worth $39,778,000 after buying an additional 221,900 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Freshworks by 10.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,428,755 shares of the company’s stock valued at $30,821,000 after buying an additional 239,671 shares in the last quarter. 75.58% of the stock is currently owned by institutional investors and hedge funds.

About Freshworks

(Get Free Report)

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.

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