Insider Selling: Freshworks Inc. (NASDAQ:FRSH) Chairman Sells 835,000 Shares of Stock

Freshworks Inc. (NASDAQ:FRSH) Chairman Rathnagirish Mathrubootham sold 835,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $16.08, for a total value of $13,426,800.00. Following the completion of the sale, the chairman now owns 551,137 shares of the company’s stock, valued at $8,862,282.96. This trade represents a 60.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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 Stock Down 0.5 %

Shares of NASDAQ:FRSH opened at $15.33 on Friday. The company’s fifty day moving average is $14.59 and its two-hundred day moving average is $12.91. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $24.34. The company has a market cap of $4.64 billion, a P/E ratio of -45.09 and a beta of 0.90.

Institutional Trading of Freshworks

Large investors have recently added to or reduced their stakes in the company. Quantbot Technologies LP raised its stake in Freshworks by 80.1% during the 3rd quarter. Quantbot Technologies LP now owns 426,432 shares of the company’s stock valued at $4,895,000 after purchasing an additional 189,616 shares during the period. Sei Investments Co. increased its stake in shares of Freshworks by 191.9% in the second quarter. Sei Investments Co. now owns 95,846 shares of the company’s stock worth $1,216,000 after acquiring an additional 63,006 shares during the last quarter. Edgestream Partners L.P. acquired a new position in shares of Freshworks in the third quarter worth $1,193,000. Intech Investment Management LLC acquired a new position in shares of Freshworks in the third quarter worth $867,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Freshworks by 806.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company’s stock worth $2,699,000 after acquiring an additional 209,194 shares during the last quarter. 75.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on FRSH shares. Wells Fargo & Company upped their target price on Freshworks from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Needham & Company LLC reiterated a “buy” rating and set a $20.00 price objective on shares of Freshworks in a research report on Tuesday, December 17th. JPMorgan Chase & Co. increased their price objective on Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. JMP Securities increased their price objective on Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research report on Thursday, November 7th. Finally, Canaccord Genuity Group increased their price objective on Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.69.

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.