Rathnagirish Mathrubootham Sells 835,000 Shares of Freshworks Inc. (NASDAQ:FRSH) Stock

Freshworks Inc. (NASDAQ:FRSH) Chairman Rathnagirish Mathrubootham sold 835,000 shares of Freshworks stock in a transaction 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 sale, the chairman now owns 551,137 shares of the company’s stock, valued at approximately $8,862,282.96. This trade represents a 60.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible 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 transaction of $12,723,900.00.

Freshworks Stock Performance

FRSH stock traded down $0.07 during trading on Friday, reaching $15.33. 5,462,263 shares of the company traded hands, compared to its average volume of 2,997,905. The business has a 50 day simple moving average of $14.51 and a 200 day simple moving average of $12.89. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $24.34. The company has a market capitalization of $4.64 billion, a price-to-earnings ratio of -45.09 and a beta of 0.90.

Institutional Trading of Freshworks

A number of institutional investors have recently modified their holdings of the company. Blue Trust Inc. lifted its holdings in shares of Freshworks by 1,987.3% during 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 during the last quarter. Covestor Ltd increased its position in Freshworks by 89.9% during the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after buying an additional 1,704 shares in the last quarter. 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 valued at $55,000 after buying an additional 2,645 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in Freshworks in the third quarter worth about $57,000. Finally, International Assets Investment Management LLC purchased a new stake in shares of Freshworks during the second quarter worth about $58,000. 75.58% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on FRSH shares. Piper Sandler upped their target price 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. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Freshworks in a research note on Tuesday. Canaccord Genuity Group lifted 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. JMP Securities upped their target price on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. raised 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. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Freshworks has an average rating of “Moderate Buy” and a consensus target price of $18.69.

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.