Freshworks Inc. (NASDAQ:FRSH) Short Interest Update

Freshworks Inc. (NASDAQ:FRSH) saw a large drop in short interest in November. As of November 15th, there was short interest totalling 11,130,000 shares, a drop of 11.0% from the October 31st total of 12,510,000 shares. Based on an average trading volume of 3,700,000 shares, the short-interest ratio is presently 3.0 days. Currently, 6.9% of the company’s stock are sold short.

Freshworks Stock Performance

Shares of NASDAQ:FRSH traded up $0.16 during mid-day trading on Friday, hitting $15.99. The stock had a trading volume of 2,210,646 shares, compared to its average volume of 5,589,232. Freshworks has a 12-month low of $10.81 and a 12-month high of $24.98. The company has a market cap of $4.84 billion, a PE ratio of -47.03 and a beta of 0.72. The company’s 50 day moving average is $13.04 and its 200-day moving average is $12.60.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Canaccord Genuity Group upped their price target on shares of Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Wells Fargo & Company raised their price target on shares of Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Freshworks in a report on Thursday, November 7th. JMP Securities lifted their target price on Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Thursday, November 7th. Finally, Piper Sandler increased their price target on Freshworks from $13.00 to $18.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.69.

Insiders Place Their Bets

In other Freshworks news, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $11.04, for a total value of $93,199.68. Following the completion of the transaction, the director now owns 23,497 shares of the company’s stock, valued at $259,406.88. The trade was a 26.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jennifer H. Taylor sold 4,685 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $11.17, for a total transaction of $52,331.45. Following the sale, the director now directly owns 35,853 shares in the company, valued at $400,478.01. This trade represents a 11.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,683 shares of company stock valued at $397,518 in the last ninety days. Corporate insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

A number of hedge funds have recently modified their holdings of FRSH. Advisors Asset Management Inc. grew its position in Freshworks by 34.2% during the first quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock valued at $54,000 after purchasing an additional 757 shares in the last quarter. California State Teachers Retirement System grew its holdings in shares of Freshworks by 0.5% during the 1st quarter. California State Teachers Retirement System now owns 161,706 shares of the company’s stock valued at $2,945,000 after acquiring an additional 831 shares in the last quarter. Amalgamated Bank increased its stake in shares of Freshworks by 29.1% in the second quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock worth $90,000 after acquiring an additional 1,588 shares during the last quarter. Covestor Ltd raised its holdings in shares of Freshworks by 89.9% during the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after acquiring an additional 1,704 shares in the last quarter. Finally, Quarry LP boosted its position in Freshworks by 157.6% during the second quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after purchasing an additional 2,645 shares during the last quarter. Hedge funds and other institutional investors 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.