Stock Traders Buy High Volume of Call Options on Freshworks (NASDAQ:FRSH)

Freshworks Inc. (NASDAQ:FRSH) was the target of some unusual options trading activity on Monday. Stock investors purchased 2,425 call options on the company. This is an increase of 185% compared to the average volume of 851 call options.

Freshworks Trading Up 1.3 %

Shares of FRSH stock opened at $16.82 on Tuesday. The stock has a market capitalization of $5.09 billion, a P/E ratio of -49.47 and a beta of 0.90. The firm’s 50 day moving average is $13.65 and its 200 day moving average is $12.71. Freshworks has a 12-month low of $10.81 and a 12-month high of $24.98.

Analysts Set New Price Targets

FRSH has been the subject of a number of recent research reports. Canaccord Genuity Group lifted their price target on shares of Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price target on shares of Freshworks in a research report on Thursday, November 7th. Robert W. Baird cut their price target on Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Piper Sandler lifted their price objective on Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Finally, JMP Securities increased their target price on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Freshworks currently has an average rating of “Moderate Buy” and a consensus price target of $18.69.

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $12.19, for a total value of $102,798.27. Following the completion of the transaction, the director now owns 23,497 shares in the company, valued at approximately $286,428.43. This represents a 26.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jennifer H. Taylor sold 4,690 shares of the business’s stock in a transaction 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 sale, the director now owns 36,689 shares in the company, valued at approximately $405,780.34. This trade represents a 11.33 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,565 shares of company stock valued at $247,869. 19.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Blue Trust Inc. lifted its position in Freshworks by 1,987.3% during the third 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 in the last quarter. Covestor Ltd lifted its position in shares of 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. CWM LLC grew its stake in shares of Freshworks by 554.5% during the 2nd quarter. CWM LLC now owns 3,397 shares of the company’s stock valued at $43,000 after acquiring an additional 2,878 shares during the period. Quarry LP increased its holdings in Freshworks by 157.6% in the 2nd quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after acquiring an additional 2,645 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in Freshworks during the 3rd quarter worth approximately $57,000. 75.58% of the stock is owned by hedge funds and other 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.