Freshworks (NASDAQ:FRSH) Sees Strong Trading Volume – Here’s What Happened

Freshworks Inc. (NASDAQ:FRSH) shares saw strong trading volume on Tuesday . 2,298,693 shares were traded during trading, a decline of 21% from the previous session’s volume of 2,919,502 shares.The stock last traded at $15.96 and had previously closed at $16.10.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and set a $20.00 price objective on shares of Freshworks in a research report on Thursday, November 7th. Canaccord Genuity Group upped their target price on Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Wells Fargo & Company upped their target price on Freshworks from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Piper Sandler upped their target price on Freshworks from $13.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. Finally, JMP Securities upped their target price on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Freshworks currently has an average rating of “Moderate Buy” and a consensus target price of $18.69.

Freshworks Stock Performance

The firm’s 50 day simple moving average is $13.34 and its 200-day simple moving average is $12.65. The company has a market capitalization of $4.95 billion, a price-to-earnings ratio of -48.09 and a beta of 0.90.

Insider Buying and Selling at Freshworks

In other news, Director Jennifer H. Taylor sold 4,685 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $11.17, for a total value of $52,331.45. Following the transaction, the director now directly owns 35,853 shares of the company’s stock, valued at approximately $400,478.01. This represents a 11.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $11.04, for a total transaction of $93,199.68. Following the completion of the transaction, the director now directly owns 23,497 shares in the company, valued at $259,406.88. This trade represents a 26.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,250 shares of company stock valued at $300,201 in the last three months. 19.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Freshworks

A number of large investors have recently bought and sold shares of the business. State Street Corp boosted its holdings in Freshworks by 7.1% in the third quarter. State Street Corp now owns 4,729,093 shares of the company’s stock worth $54,290,000 after purchasing an additional 313,982 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Freshworks by 1.5% in the third quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company’s stock valued at $52,750,000 after acquiring an additional 66,342 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Freshworks by 18.1% in 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. Renaissance Technologies LLC raised its stake in shares of Freshworks by 7.6% in the second quarter. Renaissance Technologies LLC now owns 3,134,600 shares of the company’s stock valued at $39,778,000 after acquiring an additional 221,900 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Freshworks by 10.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,428,755 shares of the company’s stock worth $30,821,000 after purchasing an additional 239,671 shares during the last quarter. 75.58% of the stock is currently owned by institutional investors.

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.