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

Freshworks Inc. (NASDAQ:FRSH)’s stock price gapped down before the market opened 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 traded.

Wall Street Analyst Weigh In

Several research firms have issued reports on FRSH. Morgan Stanley increased their target price on Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research report on Monday, January 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 target price on shares of Freshworks in a report on Wednesday, January 15th. Wells Fargo & Company downgraded shares of Freshworks from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $16.00 to $13.00 in a report on Tuesday. Robert W. Baird decreased their price target on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Finally, Canaccord Genuity Group boosted their target price on Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Freshworks currently has an average rating of “Moderate Buy” and an average price target of $19.07.

Freshworks Stock Down 0.4 %

The stock has a market cap of $5.26 billion, a PE ratio of -51.06 and a beta of 0.88. The business’s 50-day simple moving average is $16.20 and its 200-day simple moving average is $13.46.

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Barry L. Padgett sold 2,345 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $17.30, for a total transaction of $40,568.50. Following the transaction, the director now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $15.49, for a total transaction of $72,570.65. Following the sale, the director now directly owns 37,286 shares in the company, valued at $577,560.14. The trade was a 11.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,702,163 shares of company stock valued at $26,721,018 in the last 90 days. Insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

Several large investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC boosted its position in shares of Freshworks by 102.4% during the fourth 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. Everence Capital Management Inc. bought a new stake in shares of Freshworks during the 4th quarter valued at $190,000. JPMorgan Chase & Co. grew its position in shares of Freshworks by 49.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock worth $60,503,000 after buying an additional 1,752,995 shares during the period. Franklin Resources Inc. lifted its position in Freshworks by 18.1% during 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. Finally, Tidal Investments LLC purchased a new position in Freshworks during the 3rd quarter valued at about $534,000. 75.58% of the stock is owned by 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.