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

Freshworks Inc. (NASDAQ:FRSH) Chairman Rathnagirish Mathrubootham sold 835,000 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $16.08, for a total transaction of $13,426,800.00. Following the completion of the transaction, the chairman now directly owns 551,137 shares of the company’s stock, valued at $8,862,282.96. This represents a 60.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

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 Price Performance

Shares of Freshworks stock traded down $0.07 during trading hours on Friday, reaching $15.33. The company’s stock had a trading volume of 5,462,263 shares, compared to its average volume of 2,997,905. The firm has a 50 day moving average price of $14.51 and a 200-day moving average price of $12.89. The stock 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 one year low of $10.81 and a one year high of $24.34.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Canaccord Genuity Group increased their target price on Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price objective on shares of Freshworks in a report on Tuesday. Robert W. Baird reduced their price objective on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. 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 report on Thursday, November 7th. Finally, Wells Fargo & Company lifted their price target on shares of Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Freshworks has a consensus rating of “Moderate Buy” and a consensus target price of $18.69.

Institutional Investors Weigh In On Freshworks

Several large investors have recently added to or reduced their stakes in the stock. State Street Corp raised its stake in shares of Freshworks by 7.1% in the third quarter. State Street Corp now owns 4,729,093 shares of the company’s stock valued at $54,290,000 after acquiring an additional 313,982 shares during the period. Geode Capital Management LLC grew its holdings in Freshworks by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company’s stock valued at $52,750,000 after purchasing an additional 66,342 shares during the last quarter. Franklin Resources Inc. raised its position in Freshworks by 18.1% in the 3rd quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock worth $44,934,000 after purchasing an additional 604,658 shares during the period. Renaissance Technologies LLC lifted its stake in Freshworks by 7.6% in the second quarter. Renaissance Technologies LLC now owns 3,134,600 shares of the company’s stock worth $39,778,000 after purchasing an additional 221,900 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Freshworks by 10.9% during the second quarter. Dimensional Fund Advisors LP now owns 2,428,755 shares of the company’s stock valued at $30,821,000 after buying an additional 239,671 shares during the period. 75.58% of the stock is owned by institutional investors.

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.