Freshworks Inc. (NASDAQ:FRSH) Short Interest Down 11.5% in December

Freshworks Inc. (NASDAQ:FRSH) saw a significant decrease in short interest in the month of December. As of December 15th, there was short interest totalling 9,730,000 shares, a decrease of 11.5% from the November 30th total of 10,990,000 shares. Based on an average daily volume of 4,140,000 shares, the short-interest ratio is presently 2.4 days. Approximately 5.7% of the shares of the company are sold short.

Analyst Ratings Changes

A number of equities analysts recently issued reports on FRSH shares. JMP Securities raised 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. Wells Fargo & Company raised their target price on Freshworks from $11.00 to $14.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Piper Sandler increased their price target on Freshworks from $13.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. Needham & Company LLC restated a “buy” rating and issued a $20.00 target price on shares of Freshworks in a research report on Tuesday, December 17th. Finally, Robert W. Baird decreased their target price on Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.69.

Freshworks Trading Down 0.7 %

Shares of NASDAQ FRSH opened at $15.94 on Monday. The company has a market cap of $4.83 billion, a P/E ratio of -46.88 and a beta of 0.90. Freshworks has a 12-month low of $10.81 and a 12-month high of $24.15. The stock has a fifty day moving average price of $15.04 and a 200 day moving average price of $13.02.

Insider Activity at Freshworks

In related news, Chairman Rathnagirish Mathrubootham sold 835,000 shares of Freshworks stock in a transaction dated Wednesday, December 18th. The shares were 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 approximately $8,862,282.96. The trade was a 60.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mika Yamamoto sold 5,718 shares of the business’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $16.95, for a total transaction of $96,920.10. Following the completion of the sale, the insider now directly owns 403,108 shares of the company’s stock, valued at approximately $6,832,680.60. This trade represents a 1.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,699,318 shares of company stock worth $26,614,569 over the last quarter. Company insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

Institutional investors have recently modified their holdings of the stock. Blue Trust Inc. boosted its holdings 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 acquiring an additional 2,822 shares during the period. Covestor Ltd grew its stake in Freshworks by 89.9% during the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after buying an additional 1,704 shares during the last quarter. Quarry LP grew its stake in shares of Freshworks by 157.6% during the second quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after purchasing an additional 2,645 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Freshworks during the third quarter valued at approximately $57,000. Finally, International Assets Investment Management LLC bought a new stake in shares of Freshworks during the second quarter valued at approximately $58,000. 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.