Freshworks Inc. (NASDAQ:FRSH) Chairman Sells $13,426,800.00 in Stock

Freshworks Inc. (NASDAQ:FRSH) Chairman Rathnagirish Mathrubootham sold 835,000 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $16.08, for a total transaction of $13,426,800.00. Following the sale, the chairman now owns 551,137 shares in the company, valued at $8,862,282.96. This represents a 60.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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

• On Friday, December 20th, Rathnagirish Mathrubootham sold 830,000 shares of Freshworks stock. The stock was sold at an average price of $15.33, for a total value 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 fifty day simple moving average of $14.59 and a two-hundred day simple moving average of $12.91. The stock has a market capitalization of $4.64 billion, a price-to-earnings ratio of -45.09 and a beta of 0.90.

Institutional Trading of Freshworks

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

Analysts Set New Price Targets

A number of brokerages have recently commented on FRSH. Wells Fargo & Company lifted their target price on Freshworks from $11.00 to $14.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Piper Sandler boosted their price objective on shares of Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. raised their target price on shares of Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Canaccord Genuity Group upped their price target on shares of Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Freshworks in a research note on Tuesday, December 17th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $18.69.

Freshworks Company Profile

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.