Freshworks Inc. (NASDAQ:FRSH) Chairman Sells $12,723,900.00 in Stock

Freshworks Inc. (NASDAQ:FRSH) Chairman Rathnagirish Mathrubootham sold 830,000 shares of the firm’s stock in a transaction dated 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 owns 551,137 shares of the company’s stock, valued at $8,448,930.21. This trade represents a 60.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through 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 shares were 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 traded down $0.07 during trading hours on Friday, hitting $15.33. 5,462,263 shares of the company were exchanged, compared to its average volume of 2,997,905. Freshworks Inc. has a fifty-two week low of $10.81 and a fifty-two week high of $24.34. The firm’s fifty day moving average is $14.51 and its 200 day moving average is $12.89. The company has a market cap of $4.64 billion, a price-to-earnings ratio of -45.09 and a beta of 0.90.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Robert W. Baird dropped their price target on Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Wells Fargo & Company upped their price target on shares of Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Freshworks in a research report on Tuesday. Piper Sandler upped their target price on Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Finally, JPMorgan Chase & Co. lifted their price target on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $18.69.

Hedge Funds Weigh In On Freshworks

Several hedge funds have recently bought and sold shares of the company. State Street Corp lifted its stake in Freshworks by 7.1% during the third quarter. State Street Corp now owns 4,729,093 shares of the company’s stock worth $54,290,000 after purchasing an additional 313,982 shares during the last quarter. Geode Capital Management LLC raised its holdings 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 buying an additional 66,342 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Freshworks by 18.1% during the 3rd 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 during the last quarter. Renaissance Technologies LLC boosted its stake in Freshworks by 7.6% in the second quarter. Renaissance Technologies LLC now owns 3,134,600 shares of the company’s stock valued at $39,778,000 after buying an additional 221,900 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Freshworks by 10.9% in the second quarter. Dimensional Fund Advisors LP now owns 2,428,755 shares of the company’s stock valued at $30,821,000 after acquiring an additional 239,671 shares during the last quarter. 75.58% of the stock is owned by institutional investors.

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.