Freshworks Inc. (NASDAQ:FRSH) Sees Significant Decrease in Short Interest

Freshworks Inc. (NASDAQ:FRSH) was the recipient of a large decline in short interest during the month of November. As of November 15th, there was short interest totalling 11,130,000 shares, a decline of 11.0% from the October 31st total of 12,510,000 shares. Approximately 6.9% of the company’s stock are sold short. Based on an average daily trading volume, of 3,700,000 shares, the short-interest ratio is presently 3.0 days.

Insider Buying and Selling at Freshworks

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

Institutional Trading of Freshworks

Several hedge funds have recently bought and sold shares of FRSH. Blue Trust Inc. grew its stake in shares of Freshworks by 1,987.3% during the 3rd 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 valued at $41,000 after acquiring an additional 1,704 shares in the last quarter. CWM LLC lifted its position in shares of Freshworks by 554.5% in the second quarter. CWM LLC now owns 3,397 shares of the company’s stock worth $43,000 after buying an additional 2,878 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in shares of Freshworks by 34.2% in the first quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock valued at $54,000 after purchasing an additional 757 shares in the last quarter. Finally, Quarry LP raised its position in shares of Freshworks by 157.6% during 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 in the last quarter. Institutional investors own 75.58% of the company’s stock.

Freshworks Stock Down 0.7 %

Shares of NASDAQ FRSH traded down $0.12 during trading on Tuesday, reaching $15.98. 5,377,584 shares of the company traded hands, compared to its average volume of 2,933,119. The firm has a 50 day simple moving average of $13.23 and a 200-day simple moving average of $12.63. Freshworks has a 52-week low of $10.81 and a 52-week high of $24.98. The stock has a market capitalization of $4.84 billion, a PE ratio of -47.00 and a beta of 0.90.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Canaccord Genuity Group lifted their price target on Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Robert W. Baird cut their price objective on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. JPMorgan Chase & Co. boosted their price target on shares of Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. JMP Securities lifted their target price on Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research report on Thursday, November 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 target price on shares of Freshworks in a report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Freshworks currently has a consensus rating of “Moderate Buy” and an average price target 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.