Short Interest in Freshworks Inc. (NASDAQ:FRSH) Drops By 11.0%

Freshworks Inc. (NASDAQ:FRSH) saw a significant decline in short interest in November. As of November 15th, there was short interest totalling 11,130,000 shares, a decline of 11.0% from the October 31st total of 12,510,000 shares. Approximately 6.9% of the company’s stock are short sold. Based on an average trading volume of 3,700,000 shares, the short-interest ratio is presently 3.0 days.

Analyst Upgrades and Downgrades

Several research analysts recently commented on FRSH shares. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of Freshworks in a report on Thursday, November 7th. Wells Fargo & Company lifted their price objective on Freshworks from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Canaccord Genuity Group boosted their price objective on Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Robert W. Baird lowered their target price on Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Finally, Piper Sandler upped their price target on Freshworks from $13.00 to $18.00 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 assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $18.69.

Freshworks Stock Up 1.0 %

Freshworks stock traded up $0.16 on Friday, hitting $15.99. The company’s stock had a trading volume of 2,210,646 shares, compared to its average volume of 5,589,232. Freshworks has a one year low of $10.81 and a one year high of $24.98. The firm has a market cap of $4.84 billion, a P/E ratio of -47.03 and a beta of 0.72. The company has a fifty day moving average price of $13.04 and a 200-day moving average price of $12.60.

Insiders Place Their Bets

In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $11.06, for a total transaction of $51,871.40. Following the completion of the sale, the director now owns 36,689 shares of the company’s stock, valued at $405,780.34. This represents a 11.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $12.19, for a total transaction of $102,798.27. Following the completion of the transaction, the director now directly owns 23,497 shares in the company, valued at approximately $286,428.43. This represents a 26.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,683 shares of company stock valued at $397,518 over the last ninety days. Corporate insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FRSH. Blue Trust Inc. boosted its holdings in Freshworks by 1,987.3% during the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after purchasing an additional 2,822 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in Freshworks by 34.2% in the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock valued at $54,000 after buying an additional 757 shares in the last quarter. CWM LLC grew its position in Freshworks by 554.5% in the second quarter. CWM LLC now owns 3,397 shares of the company’s stock valued at $43,000 after acquiring an additional 2,878 shares during the period. Covestor Ltd raised its stake in Freshworks by 89.9% during the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after acquiring an additional 1,704 shares in the last quarter. Finally, Quarry LP lifted its holdings in shares of Freshworks by 157.6% during the second quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after acquiring an additional 2,645 shares during the period. Institutional investors own 75.58% of the company’s stock.

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.