Freshworks (NASDAQ:FRSH) Shares Gap Down – Time to Sell?

Freshworks Inc. (NASDAQ:FRSH) shares gapped down prior to trading on Tuesday . The stock had previously closed at $17.44, but opened at $16.69. Freshworks shares last traded at $16.97, with a volume of 529,522 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on FRSH shares. Oppenheimer raised Freshworks from a “market perform” rating to an “outperform” rating and set a $22.00 target price for the company in a research note on Thursday, January 16th. Canaccord Genuity Group raised their target price on Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a report on Thursday, November 7th. JPMorgan Chase & Co. lifted their price objective on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Robert W. Baird dropped their price target on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Finally, 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 note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.07.

Freshworks Price Performance

The firm has a market cap of $5.46 billion, a price-to-earnings ratio of -53.06 and a beta of 0.88. The business’s 50-day moving average price is $16.23 and its two-hundred day moving average price is $13.51.

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $12.19, for a total value of $102,798.27. Following the completion of the sale, the director now owns 23,497 shares in the company, valued at $286,428.43. The trade was a 26.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the stock in a transaction dated 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 transaction, the chairman now owns 551,137 shares in the company, valued at approximately $8,862,282.96. The trade was a 60.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,702,163 shares of company stock worth $26,721,018. Insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

Several institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its position in Freshworks by 49.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock worth $60,503,000 after purchasing an additional 1,752,995 shares in the last quarter. M&G PLC acquired a new stake in shares of Freshworks in the third quarter worth $9,094,000. Franklin Resources Inc. raised its stake 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 acquiring an additional 604,658 shares during the period. Invenomic Capital Management LP acquired a new position in shares of Freshworks during the 3rd quarter valued at $5,260,000. Finally, State Street Corp boosted its position in Freshworks by 7.1% during the 3rd 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 during the period. 75.58% of the stock is owned by hedge funds and other 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.