Freshworks Inc. (NASDAQ:FRSH) Chairman Rathnagirish Mathrubootham Sells 830,000 Shares

Freshworks Inc. (NASDAQ:FRSH) Chairman Rathnagirish Mathrubootham sold 830,000 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $15.33, for a total value of $12,723,900.00. Following the completion of the transaction, the chairman now directly owns 551,137 shares in the company, valued at $8,448,930.21. The trade was a 60.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Rathnagirish Mathrubootham also recently made the following trade(s):

• On Wednesday, December 18th, Rathnagirish Mathrubootham sold 835,000 shares of Freshworks stock. The shares were sold at an average price of $16.08, for a total value of $13,426,800.00.

Freshworks Stock Performance

Freshworks stock traded down $0.07 during midday trading on Friday, reaching $15.33. The stock had a trading volume of 5,462,263 shares, compared to its average volume of 2,997,905. Freshworks Inc. has a 1-year low of $10.81 and a 1-year high of $24.34. The firm’s fifty day simple moving average is $14.51 and its 200-day simple moving average is $12.89. The stock has a market capitalization of $4.64 billion, a P/E ratio of -45.09 and a beta of 0.90.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Wells Fargo & Company boosted their price objective 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. JPMorgan Chase & Co. boosted their price target on shares of Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Canaccord Genuity Group raised their price objective on Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Robert W. Baird decreased their target price on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Finally, JMP Securities raised their price target on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $18.69.

Institutional Trading of Freshworks

A number of hedge funds and other institutional investors have recently made changes to their positions in FRSH. Bank of New York Mellon Corp grew its holdings in shares of Freshworks by 35.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,588,968 shares of the company’s stock valued at $20,164,000 after acquiring an additional 420,135 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Freshworks by 32.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 37,047 shares of the company’s stock worth $470,000 after purchasing an additional 9,180 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Freshworks by 26.4% during the 2nd quarter. Principal Financial Group Inc. now owns 27,541 shares of the company’s stock worth $349,000 after purchasing an additional 5,745 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Freshworks in the 2nd quarter valued at approximately $58,000. Finally, Hantz Financial Services Inc. bought a new position in shares of Freshworks in the second quarter valued at $136,000. 75.58% of the stock is currently owned by institutional investors and hedge funds.

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.