Freshworks Inc. (NASDAQ:FRSH) Short Interest Down 13.3% in December

Freshworks Inc. (NASDAQ:FRSH) was the target of a large decrease in short interest during the month of December. As of December 31st, there was short interest totalling 8,440,000 shares, a decrease of 13.3% from the December 15th total of 9,730,000 shares. Currently, 4.9% of the shares of the company are sold short. Based on an average trading volume of 4,130,000 shares, the short-interest ratio is currently 2.0 days.

Insider Activity

In related news, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the firm’s stock in a transaction on 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 sale, the chairman now owns 551,137 shares in the company, valued at approximately $8,862,282.96. This trade represents a 60.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was 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 owns 23,497 shares of the company’s stock, valued at approximately $286,428.43. This trade represents a 26.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,702,163 shares of company stock valued at $26,721,018 in the last ninety days. Insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Hedge funds have recently modified their holdings of the business. Blue Trust Inc. boosted its stake in Freshworks by 1,987.3% during the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock worth $38,000 after buying an additional 2,822 shares during the period. Covestor Ltd boosted 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 worth $41,000 after purchasing an additional 1,704 shares during the period. Quarry LP raised its holdings in shares of Freshworks by 157.6% in the 2nd quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after buying an additional 2,645 shares during the period. Point72 Hong Kong Ltd purchased a new position in Freshworks during the 3rd quarter valued at about $57,000. Finally, Nisa Investment Advisors LLC increased its stake in Freshworks by 102.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock worth $71,000 after purchasing an additional 2,223 shares during the period. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on FRSH shares. JMP Securities upped their price objective 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. Canaccord Genuity Group raised their price target on shares of Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Piper Sandler boosted their price objective on Freshworks from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Wells Fargo & Company raised their target price on Freshworks from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. boosted their price target on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.29.

Freshworks Trading Down 0.1 %

FRSH traded down $0.02 during trading hours on Friday, reaching $17.44. The company’s stock had a trading volume of 3,355,055 shares, compared to its average volume of 2,763,673. The business’s 50-day moving average is $16.18 and its 200-day moving average is $13.42. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $23.30.

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.