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

Freshworks Inc. (NASDAQ:FRSH) was the target of a significant drop in short interest in December. As of December 31st, there was short interest totalling 8,440,000 shares, a drop of 13.3% from the December 15th total of 9,730,000 shares. Approximately 4.9% of the company’s stock are sold short. Based on an average trading volume of 4,130,000 shares, the short-interest ratio is presently 2.0 days.

Freshworks Stock Performance

NASDAQ:FRSH traded down $0.02 during midday trading on Friday, reaching $17.44. The stock had a trading volume of 3,355,055 shares, compared to its average volume of 2,763,673. Freshworks has a 12-month low of $10.81 and a 12-month high of $23.30. The firm has a fifty day simple moving average of $16.18 and a two-hundred day simple moving average of $13.42.

Analysts Set New Price Targets

Several research analysts have recently issued reports on FRSH shares. JPMorgan Chase & Co. upped their price objective on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. JMP Securities raised their price objective on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Morgan Stanley upped their target price on shares of Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. Robert W. Baird cut their price target on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $20.00 price target on shares of Freshworks in a research report on Wednesday. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $19.29.

Insider Activity

In other news, Director Jennifer H. Taylor sold 4,690 shares of the firm’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $16.74, for a total value of $78,510.60. Following the sale, the director now directly owns 36,689 shares in the company, valued at approximately $614,173.86. This trade represents a 11.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Barry L. Padgett sold 2,345 shares of the business’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 owns 26,957 shares of the company’s stock, valued at approximately $466,356.10. The trade was a 8.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,702,163 shares of company stock worth $26,721,018. Corporate insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

A number of hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its stake in shares of Freshworks by 1,987.3% in the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after buying an additional 2,822 shares in the last quarter. Covestor Ltd lifted its holdings in Freshworks by 89.9% in 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 during the period. Quarry LP boosted 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 worth $55,000 after purchasing an additional 2,645 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Freshworks during the 3rd quarter worth $57,000. Finally, Nisa Investment Advisors LLC increased its holdings 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 valued at $71,000 after purchasing an additional 2,223 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

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.