Freshworks Inc. (NASDAQ:FRSH) Chairman Rathnagirish Mathrubootham 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 shares were sold at an average price of $16.08, for a total value of $13,426,800.00. Following the completion of the transaction, the chairman now directly owns 551,137 shares in the company, valued at $8,862,282.96. The trade was a 60.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, 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 shares were sold at an average price of $15.33, for a total value of $12,723,900.00.

Freshworks Stock Down 0.5 %

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

Institutional Investors Weigh In On Freshworks

A number of hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. increased its position in Freshworks by 1,987.3% during the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock worth $38,000 after purchasing an additional 2,822 shares in the last quarter. Covestor Ltd increased its holdings in shares of Freshworks by 89.9% during the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after buying an additional 1,704 shares in the last quarter. Quarry LP lifted its stake in shares of Freshworks by 157.6% in the 2nd 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 last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Freshworks during the 3rd quarter valued at $57,000. Finally, International Assets Investment Management LLC bought a new stake in Freshworks during the 2nd quarter worth $58,000. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FRSH has been the subject of a number of recent research reports. Canaccord Genuity Group boosted their target price on shares of Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. boosted their price objective on shares of Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 target price on shares of Freshworks in a report on Tuesday. Piper Sandler boosted their price target on Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Finally, Robert W. Baird lowered their price objective on Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Freshworks has a consensus rating of “Moderate Buy” and a consensus price target 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.