Johanna Flower Sells 21,400 Shares of Freshworks Inc. (NASDAQ:FRSH) Stock

Freshworks Inc. (NASDAQ:FRSH) Director Johanna Flower sold 21,400 shares of the company’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $18.00, for a total transaction of $385,200.00. Following the completion of the sale, the director now directly owns 41,491 shares in the company, valued at approximately $746,838. The trade was a 34.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Freshworks Stock Down 2.3 %

FRSH stock opened at $19.30 on Thursday. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $23.29. The company has a market cap of $5.85 billion, a P/E ratio of -56.76 and a beta of 0.88. The business has a fifty day moving average of $16.55 and a 200-day moving average of $13.73.

Institutional Trading of Freshworks

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FRSH. JPMorgan Chase & Co. boosted its stake in Freshworks by 49.8% in the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock valued at $60,503,000 after acquiring an additional 1,752,995 shares during the last quarter. M&G PLC acquired a new position in shares of Freshworks in the 3rd quarter valued at $9,094,000. Franklin Resources Inc. grew 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 worth $44,934,000 after purchasing an additional 604,658 shares during the period. Invenomic Capital Management LP acquired a new stake in shares of Freshworks during the third quarter worth $5,260,000. Finally, State Street Corp lifted its stake in Freshworks by 7.1% in the third quarter. State Street Corp now owns 4,729,093 shares of the company’s stock valued at $54,290,000 after buying an additional 313,982 shares during the period. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FRSH. Wells Fargo & Company lowered Freshworks from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $16.00 to $13.00 in a research note on Tuesday, January 21st. Robert W. Baird cut their price objective on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Oppenheimer raised shares of Freshworks from a “market perform” rating to an “outperform” rating and set a $22.00 target price on the stock in a report on Thursday, January 16th. JPMorgan Chase & Co. lifted 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. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price objective on shares of Freshworks in a research note on Wednesday, January 15th. One analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.07.

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.