Short Interest in Freshworks Inc. (NASDAQ:FRSH) Drops By 11.5%

Freshworks Inc. (NASDAQ:FRSH) saw a significant decline in short interest in December. As of December 15th, there was short interest totalling 9,730,000 shares, a decline of 11.5% from the November 30th total of 10,990,000 shares. Currently, 5.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 4,140,000 shares, the short-interest ratio is currently 2.4 days.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on FRSH shares. Needham & Company LLC reissued a “buy” rating and set a $20.00 target price on shares of Freshworks in a research report on Tuesday, December 17th. JMP Securities increased their target price on shares of Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Thursday, November 7th. Wells Fargo & Company lifted their price target on shares of Freshworks from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Piper Sandler raised their price objective on shares of Freshworks from $13.00 to $18.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Finally, Canaccord Genuity Group boosted their target price on Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Freshworks has a consensus rating of “Moderate Buy” and a consensus price target of $18.69.

Insider Buying and Selling

In other Freshworks news, Chairman Rathnagirish Mathrubootham sold 830,000 shares of the stock in a transaction on 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 transaction, the chairman now owns 551,137 shares in the company, valued at $8,448,930.21. This trade represents a 60.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Barry L. Padgett sold 2,345 shares of the business’s stock in a transaction dated 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 sale, 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 1,690,876 shares of company stock worth $26,521,369. Corporate insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

Hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. raised its holdings in shares of Freshworks by 1,987.3% in the 3rd 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. Covestor Ltd increased its holdings in Freshworks by 89.9% during the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after buying an additional 1,704 shares during the period. Quarry LP raised its stake in Freshworks by 157.6% in the second quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after buying an additional 2,645 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in Freshworks during the third quarter worth $57,000. Finally, International Assets Investment Management LLC bought a new stake in Freshworks during the 2nd quarter valued at $58,000. 75.58% of the stock is owned by hedge funds and other institutional investors.

Freshworks Trading Up 1.1 %

Shares of FRSH stock opened at $16.17 on Wednesday. The stock has a market capitalization of $4.90 billion, a price-to-earnings ratio of -47.56 and a beta of 0.90. Freshworks has a twelve month low of $10.81 and a twelve month high of $23.93. The stock has a fifty day simple moving average of $15.23 and a two-hundred day simple moving average of $13.07.

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.