Investors Buy Large Volume of Call Options on Freshworks (NASDAQ:FRSH)

Freshworks Inc. (NASDAQ:FRSH) saw some unusual options trading activity on Monday. Stock traders acquired 2,425 call options on the stock. This represents an increase of approximately 185% compared to the average daily volume of 851 call options.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on FRSH shares. JPMorgan Chase & Co. lifted their target price on Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Freshworks in a research report on Thursday, November 7th. Canaccord Genuity Group increased their price objective on Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Wells Fargo & Company boosted their target price on shares of Freshworks from $11.00 to $14.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Finally, JMP Securities upped their price target on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Freshworks has an average rating of “Moderate Buy” and a consensus target price of $18.69.

Freshworks Stock Performance

Shares of FRSH opened at $16.41 on Wednesday. The firm has a market cap of $4.97 billion, a P/E ratio of -48.26 and a beta of 0.90. Freshworks has a 52 week low of $10.81 and a 52 week high of $24.98. The firm’s 50-day simple moving average is $13.76 and its 200 day simple moving average is $12.73.

Insider Activity

In other news, Director Zachary Nelson sold 8,433 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $12.19, for a total transaction of $102,798.27. Following the completion of the transaction, the director now directly owns 23,497 shares of the company’s stock, valued at $286,428.43. This trade represents a 26.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 shares were sold at an average price of $11.06, for a total transaction of $51,871.40. Following the completion of the sale, the director now owns 36,689 shares in the company, valued at $405,780.34. This trade represents a 11.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,565 shares of company stock worth $247,869 over the last quarter. 19.15% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Freshworks

Several institutional investors and hedge funds have recently made changes to their positions in FRSH. Quantbot Technologies LP grew its holdings in Freshworks by 80.1% in the 3rd quarter. Quantbot Technologies LP now owns 426,432 shares of the company’s stock valued at $4,895,000 after buying an additional 189,616 shares in the last quarter. Sei Investments Co. boosted its position in shares of Freshworks by 191.9% in the second quarter. Sei Investments Co. now owns 95,846 shares of the company’s stock valued at $1,216,000 after acquiring an additional 63,006 shares during the period. Edgestream Partners L.P. bought a new stake in shares of Freshworks in the third quarter valued at about $1,193,000. Intech Investment Management LLC acquired a new position in shares of Freshworks in the third quarter valued at about $867,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in Freshworks by 806.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company’s stock worth $2,699,000 after acquiring an additional 209,194 shares during the period. Institutional investors and hedge funds own 75.58% of the company’s stock.

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.