Freshworks (NASDAQ:FRSH) had its price target cut by Piper Sandler from $53.00 to $38.00 in a research report released on Wednesday, The Fly reports. They currently have an overweight rating on the stock.
Separately, Jefferies Financial Group cut their price objective on shares of Freshworks from $50.00 to $25.00 and set a hold rating for the company in a research report on Thursday, January 6th.
Shares of FRSH opened at $23.10 on Wednesday. The company’s fifty day moving average is $29.06. Freshworks has a 1-year low of $20.84 and a 1-year high of $53.36.
In related news, Director Zachary Nelson sold 14,063 shares of the company’s stock in a transaction on Wednesday, December 22nd. The shares were sold at an average price of $27.50, for a total value of $386,732.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Capitalg 2014 Lp sold 2,770 shares of the business’s stock in a transaction on Thursday, November 11th. The stock was sold at an average price of $39.05, for a total transaction of $108,168.50. The disclosure for this sale can be found here. Corporate insiders own 13.10% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. Capital Research Global Investors purchased a new stake in Freshworks in the 3rd quarter worth $70,650,000. Franklin Resources Inc. purchased a new stake in shares of Freshworks during the 3rd quarter valued at about $49,162,000. Citadel Advisors LLC purchased a new stake in shares of Freshworks during the 3rd quarter valued at about $23,477,000. Millennium Management LLC purchased a new stake in shares of Freshworks during the 3rd quarter valued at about $22,657,000. Finally, Castle Hook Partners LP purchased a new stake in shares of Freshworks during the 3rd quarter valued at about $17,930,000. Institutional investors and hedge funds own 15.98% of the company’s stock.
Freshworks Inc develops software solutions for businesses worldwide. It offers Freshdesk, a solution that empower the support team to work together and resolve customer issues; Freshworks CRM, a solution that keep sales team in the know about prospects and close deals; Freshworks 360, a sales, support, marketing, and success platform; and Freshservice, a solution to streamline information technology service and manage internal requests from the employees.
Further Reading: Asset Allocation, Balancing Your Investments
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