Freshworks (NASDAQ:FRSH) Shares Up 5.2% – What’s Next?

Shares of Freshworks Inc. (NASDAQ:FRSH) rose 5.2% during trading on Tuesday . The company traded as high as $18.56 and last traded at $18.92. Approximately 435,416 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 3,225,457 shares. The stock had previously closed at $17.99.

Wall Street Analysts Forecast Growth

FRSH has been the subject of several research analyst reports. JMP Securities boosted their price objective on shares of Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research report on Thursday, November 7th. Morgan Stanley raised their price objective on Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. Canaccord Genuity Group increased their target price on shares of Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Piper Sandler lifted their price target on shares of Freshworks from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Finally, Needham & Company LLC restated a “buy” rating and issued a $20.00 target price on shares of Freshworks in a research report on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Freshworks has an average rating of “Moderate Buy” and an average target price of $19.07.

Freshworks Stock Performance

The firm has a 50 day moving average of $16.55 and a 200 day moving average of $13.73.

Insider Activity

In other Freshworks news, Director Barry L. Padgett sold 2,345 shares of the firm’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total transaction of $40,568.50. Following the transaction, the director now directly owns 26,957 shares in the company, valued at approximately $466,356.10. This trade represents a 8.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $16.08, for a total transaction of $13,426,800.00. Following the completion of the sale, the chairman now owns 551,137 shares of the company’s stock, valued at approximately $8,862,282.96. The trade was a 60.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,723,563 shares of company stock worth $27,106,218 in the last quarter. 19.15% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Freshworks

Several hedge funds have recently modified their holdings of FRSH. Quantbot Technologies LP increased its position in shares of Freshworks by 80.1% during the 3rd quarter. Quantbot Technologies LP now owns 426,432 shares of the company’s stock valued at $4,895,000 after purchasing an additional 189,616 shares during the last quarter. Barclays PLC raised its holdings in shares of Freshworks by 33.4% in the 3rd quarter. Barclays PLC now owns 337,621 shares of the company’s stock worth $3,875,000 after purchasing an additional 84,568 shares during the period. Sei Investments Co. lifted its stake in Freshworks by 191.9% in the second quarter. Sei Investments Co. now owns 95,846 shares of the company’s stock valued at $1,216,000 after purchasing an additional 63,006 shares during the last quarter. Edgestream Partners L.P. purchased a new stake in Freshworks in the third quarter worth $1,193,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Freshworks by 806.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company’s stock valued at $2,699,000 after purchasing an additional 209,194 shares during the last quarter. Institutional investors own 75.58% of the company’s stock.

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.