Insider Selling: 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 business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $15.33, for a total transaction of $12,723,900.00. Following the sale, the chairman now owns 551,137 shares of the company’s stock, valued at $8,448,930.21. This represents a 60.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at 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 stock was sold at an average price of $16.08, for a total transaction of $13,426,800.00.

Freshworks Stock Down 0.5 %

Shares of NASDAQ:FRSH opened at $15.33 on Monday. The company has a market cap of $4.64 billion, a P/E ratio of -45.09 and a beta of 0.90. The business has a fifty day simple moving average of $14.59 and a 200-day simple moving average of $12.91. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $24.34.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on FRSH shares. JMP Securities raised their price objective on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Piper Sandler upped their price objective on Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Robert W. Baird reduced their target price on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. JPMorgan Chase & Co. lifted their price target on Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 target price on shares of Freshworks in a report on Tuesday, December 17th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $18.69.

Institutional Trading of Freshworks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its holdings in shares of Freshworks by 35.9% during the 2nd 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. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Freshworks by 32.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 37,047 shares of the company’s stock worth $470,000 after purchasing an additional 9,180 shares during the last quarter. Principal Financial Group Inc. raised its stake in Freshworks by 26.4% during the second quarter. Principal Financial Group Inc. now owns 27,541 shares of the company’s stock worth $349,000 after purchasing an additional 5,745 shares during the period. International Assets Investment Management LLC acquired a new position in shares of Freshworks in the 2nd quarter valued at $58,000. Finally, Hantz Financial Services Inc. acquired a new stake in shares of Freshworks during the 2nd quarter worth $136,000. Hedge funds and other institutional investors own 75.58% of the company’s stock.

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.