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

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

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

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

Freshworks Price Performance

Shares of NASDAQ:FRSH opened at $15.33 on Friday. The company has a market cap of $4.64 billion, a price-to-earnings ratio of -45.09 and a beta of 0.90. The firm has a 50 day simple moving average of $14.59 and a 200 day simple moving average of $12.91. Freshworks Inc. has a one year low of $10.81 and a one year high of $24.34.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Canaccord Genuity Group boosted their price objective on shares of Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Piper Sandler boosted their price objective on shares of Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Robert W. Baird cut their price objective on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a 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 report on Tuesday, December 17th. Finally, JMP Securities increased 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 investment 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 price target of $18.69.

Hedge Funds Weigh In On Freshworks

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. M&G PLC bought a new position in shares of Freshworks during the third quarter valued at $9,094,000. Lake Street Advisors Group LLC bought a new position in shares of Freshworks during the second quarter valued at $8,717,000. Franklin Resources Inc. raised its stake in shares of Freshworks by 18.1% during the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock valued at $44,934,000 after acquiring an additional 604,658 shares during the last quarter. Invenomic Capital Management LP bought a new position in shares of Freshworks during the third quarter valued at $5,260,000. Finally, Bank of New York Mellon Corp raised its stake in shares of Freshworks by 35.9% during the second 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 during the last quarter. 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.