Barry L. Padgett Sells 2,345 Shares of Freshworks Inc. (NASDAQ:FRSH) Stock

Freshworks Inc. (NASDAQ:FRSH) Director Barry L. Padgett sold 2,345 shares of the stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $17.30, for a total transaction of $40,568.50. Following the completion of the transaction, the director now owns 26,957 shares in the company, valued at $466,356.10. This represents a 8.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Freshworks Stock Performance

FRSH stock opened at $15.40 on Friday. The stock has a market capitalization of $4.66 billion, a PE ratio of -45.29 and a beta of 0.90. The company has a fifty day moving average of $14.51 and a 200-day moving average of $12.89. Freshworks Inc. has a one year low of $10.81 and a one year high of $24.59.

Institutional Trading of Freshworks

Hedge funds have recently modified their holdings of the business. M&G PLC purchased a new position in Freshworks in the third quarter worth $9,094,000. Lake Street Advisors Group LLC acquired a new position in shares of Freshworks during the 2nd quarter worth $8,717,000. Franklin Resources Inc. increased its holdings in shares of Freshworks by 18.1% in the 3rd quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock valued at $44,934,000 after purchasing an additional 604,658 shares in the last quarter. Invenomic Capital Management LP acquired a new stake in shares of Freshworks in the third quarter valued at about $5,260,000. Finally, Bank of New York Mellon Corp boosted its holdings in Freshworks by 35.9% during the second quarter. Bank of New York Mellon Corp now owns 1,588,968 shares of the company’s stock worth $20,164,000 after buying an additional 420,135 shares in the last quarter. 75.58% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

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.