Freshworks (NASDAQ:FRSH) Trading Up 5.2% - Here's Why

Freshworks Inc. (NASDAQ:FRSH - Get Free Report)'s share price traded up 5.2% during trading on Tuesday . The stock traded as high as $18.56 and last traded at $18.92. 435,416 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 3,225,457 shares. The stock had previously closed at $17.99.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Canaccord Genuity Group upped their price target on Freshworks from $17.00 to $19.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Oppenheimer raised Freshworks from a "market perform" rating to an "outperform" rating and set a $22.00 price target on the stock in a report on Thursday, January 16th. Morgan Stanley upped their price target on Freshworks from $18.00 to $19.00 and gave the company an "equal weight" rating in a report on Monday, January 13th. Piper Sandler upped their price target on Freshworks from $18.00 to $20.00 and gave the company an "overweight" rating in a report on Monday, January 6th. Finally, Wells Fargo & Company cut Freshworks from an "equal weight" rating to an "underweight" rating and reduced their price objective for the company from $16.00 to $13.00 in a research report on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $19.07.

Freshworks Stock Performance

The firm has a market capitalization of $5.63 billion, a P/E ratio of -54.70 and a beta of 0.88. The firm has a 50 day moving average price of $16.59 and a 200-day moving average price of $13.76.

Insider Transactions at Freshworks

In other news, insider Mika Yamamoto sold 2,859 shares of Freshworks stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $15.84, for a total value of $45,286.56. Following the transaction, the insider now directly owns 400,249 shares in the company, valued at approximately $6,339,944.16. This trade represents a 0.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Barry L. Padgett sold 2,345 shares of Freshworks stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $17.30, for a total value 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 1,723,563 shares of company stock worth $27,106,218. 19.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Avion Wealth purchased a new position in shares of Freshworks in the 4th quarter valued at $26,000. Blue Trust Inc. boosted its position in shares of Freshworks by 1,987.3% in the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company's stock worth $38,000 after purchasing an additional 2,822 shares in the last quarter. Covestor Ltd boosted its position in shares of Freshworks by 89.9% in 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 in the last quarter. Quarry LP boosted its position in shares of Freshworks by 157.6% in the 2nd quarter. Quarry LP now owns 4,323 shares of the company's stock worth $55,000 after purchasing an additional 2,645 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in shares of Freshworks by 102.4% in the 4th 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 in the last quarter. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

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.