Insider Selling: Freshworks Inc. (NASDAQ:FRSH) Director Sells 2,345 Shares of Stock

Freshworks Inc. (NASDAQ:FRSH) Director Barry L. Padgett sold 2,345 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The stock was 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. This trade represents a 8.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Freshworks Stock Down 0.5 %

Shares of NASDAQ FRSH opened at $15.33 on Friday. The company has a market cap of $4.64 billion, a price-to-earnings ratio of -45.09 and a beta of 0.90. The firm’s fifty day moving average is $14.59 and its 200 day moving average is $12.91. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $24.34.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. increased their price target on shares of Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Wells Fargo & Company increased their target price on Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Canaccord Genuity Group lifted their price target on Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Piper Sandler increased their price objective on Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Finally, JMP Securities boosted their target price on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.69.

Hedge Funds Weigh In On Freshworks

Several hedge funds and other institutional investors have recently modified their holdings of FRSH. M&G PLC bought a new stake in shares of Freshworks in the third quarter worth about $9,094,000. Lake Street Advisors Group LLC bought a new stake in shares of Freshworks in the 2nd quarter worth approximately $8,717,000. Franklin Resources Inc. increased its stake in shares of Freshworks by 18.1% during the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock valued at $44,934,000 after buying an additional 604,658 shares during the period. Invenomic Capital Management LP bought a new position in shares of Freshworks during the third quarter valued at approximately $5,260,000. Finally, Bank of New York Mellon Corp lifted its stake in Freshworks by 35.9% in the second quarter. Bank of New York Mellon Corp now owns 1,588,968 shares of the company’s stock worth $20,164,000 after acquiring an additional 420,135 shares during the period. 75.58% of the stock is owned by 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.