Rathnagirish Mathrubootham Sells 830,000 Shares of Freshworks Inc. (NASDAQ:FRSH) Stock

Freshworks Inc. (NASDAQ:FRSH) Chairman Rathnagirish Mathrubootham sold 830,000 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $15.33, for a total transaction of $12,723,900.00. Following the completion of the sale, the chairman now directly owns 551,137 shares of the company’s stock, valued at approximately $8,448,930.21. This represents a 60.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

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

Freshworks Trading Down 0.5 %

FRSH opened at $15.33 on Friday. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $24.34. The firm’s fifty day simple moving average is $14.59 and its 200 day simple moving average is $12.91. The stock has a market capitalization of $4.64 billion, a P/E ratio of -45.09 and a beta of 0.90.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FRSH. Robert W. Baird reduced their price objective on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Freshworks in a research note on Tuesday, December 17th. Canaccord Genuity Group raised their price objective on shares of Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. raised their price objective 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. Finally, Piper Sandler lifted their price target on shares of Freshworks from $13.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $18.69.

Institutional Investors Weigh In On Freshworks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FRSH. Blue Trust Inc. increased its stake in shares of Freshworks by 1,987.3% during the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock worth $38,000 after purchasing an additional 2,822 shares during the last quarter. Covestor Ltd increased its stake in shares of Freshworks by 89.9% during the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after purchasing an additional 1,704 shares during the last quarter. Quarry LP increased its stake in shares of Freshworks by 157.6% during the 2nd quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after purchasing an additional 2,645 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Freshworks during the 3rd quarter worth about $57,000. Finally, International Assets Investment Management LLC acquired a new position in shares of Freshworks during the 2nd quarter worth about $58,000. 75.58% of the stock is currently owned by institutional investors and hedge funds.

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.