Freshworks (NASDAQ:FRSH) Sees Unusually-High Trading Volume – Still a Buy?

Freshworks Inc. (NASDAQ:FRSH) shares saw strong trading volume on Tuesday . 2,298,693 shares were traded during mid-day trading, a decline of 21% from the previous session’s volume of 2,919,502 shares.The stock last traded at $15.96 and had previously closed at $16.10.

Wall Street Analyst Weigh In

A number of research firms have issued reports on FRSH. Piper Sandler raised their target price on Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Needham & Company LLC reissued a “buy” rating and set a $20.00 target price on shares of Freshworks in a research note on Thursday, November 7th. Robert W. Baird dropped their price target on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. JPMorgan Chase & Co. boosted their price objective on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. Finally, Wells Fargo & Company raised their target price on Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.69.

Freshworks Trading Down 0.7 %

The firm’s 50 day moving average is $13.14 and its 200 day moving average is $12.61.

Insider Buying and Selling

In related news, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $11.04, for a total value of $93,199.68. Following the completion of the sale, the director now owns 23,497 shares in the company, valued at approximately $259,406.88. This represents a 26.43 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jennifer H. Taylor sold 4,690 shares of Freshworks 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 transaction, the director now owns 36,689 shares in the company, valued at approximately $405,780.34. The trade was a 11.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,250 shares of company stock worth $300,201 in the last three months. 19.15% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Freshworks

Several institutional investors and hedge funds have recently bought and sold shares of the business. California State Teachers Retirement System increased its stake in Freshworks by 0.5% in the 1st quarter. California State Teachers Retirement System now owns 161,706 shares of the company’s stock valued at $2,945,000 after buying an additional 831 shares during the period. CWM LLC boosted its position in Freshworks by 554.5% during the second quarter. CWM LLC now owns 3,397 shares of the company’s stock valued at $43,000 after purchasing an additional 2,878 shares during the last quarter. Renaissance Capital LLC grew its stake in Freshworks by 72.0% in the second quarter. Renaissance Capital LLC now owns 181,789 shares of the company’s stock valued at $2,307,000 after purchasing an additional 76,092 shares in the last quarter. Diversified Trust Co increased its position in Freshworks by 22.4% in the 2nd quarter. Diversified Trust Co now owns 57,026 shares of the company’s stock worth $724,000 after purchasing an additional 10,450 shares during the last quarter. Finally, Stanley Laman Group Ltd. purchased a new stake in shares of Freshworks during the 2nd quarter worth about $9,133,000. Hedge funds and other 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.