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

Freshworks Inc. (NASDAQ:FRSH – Get Rating) was the recipient of a large growth in short interest in the month of February. As of February 28th, there was short interest totalling 10,690,000 shares, a growth of 7.2% from the February 13th total of 9,970,000 shares. Currently, 8.1% of the shares of the company are sold short. Based on an average daily volume of 1,610,000 shares, the days-to-cover ratio is currently 6.6 days.

Analyst Upgrades and Downgrades

FRSH has been the subject of a number of recent research reports. Cantor Fitzgerald started coverage on Freshworks in a research note on Tuesday, January 24th. They set an “overweight” rating and a $18.00 price objective for the company. Credit Suisse Group started coverage on Freshworks in a report on Monday, November 21st. They issued a “neutral” rating and a $14.00 price objective for the company. JPMorgan Chase & Co. lifted their price objective on Freshworks from $16.00 to $18.00 and gave the stock an “overweight” rating in a report on Wednesday, February 8th. StockNews.com initiated coverage on Freshworks in a report on Thursday. They issued a “sell” rating for the company. Finally, Morgan Stanley boosted their price target on Freshworks from $16.00 to $17.00 and gave the company an “equal weight” rating in a report on Wednesday, February 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Freshworks has an average rating of “Hold” and an average target price of $17.90.

Freshworks Trading Up 0.1 %

Shares of NASDAQ:FRSH traded up $0.01 during mid-day trading on Friday, reaching $14.02. The stock had a trading volume of 43,288 shares, compared to its average volume of 1,720,835. The company has a market cap of $4.07 billion, a P/E ratio of -17.25 and a beta of 0.74. Freshworks has a 1 year low of $10.51 and a 1 year high of $21.26. The business’s 50 day moving average price is $15.42 and its 200 day moving average price is $14.44.

Insider Buying and Selling at Freshworks

In other news, CEO Rathnagirish Mathrubootham sold 285,783 shares of the stock in a transaction on Thursday, February 9th. The stock was sold at an average price of $16.10, for a total transaction of $4,601,106.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CMO Stacey Epstein sold 162,187 shares of the firm’s stock in a transaction dated Tuesday, March 14th. The stock was sold at an average price of $14.27, for a total transaction of $2,314,408.49. Following the transaction, the chief marketing officer now directly owns 97,576 shares of the company’s stock, valued at approximately $1,392,409.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Rathnagirish Mathrubootham sold 285,783 shares of the firm’s stock in a transaction that occurred on Thursday, February 9th. The stock was sold at an average price of $16.10, for a total value of $4,601,106.30. The disclosure for this sale can be found here. Insiders sold 1,427,600 shares of company stock worth $21,878,194 in the last quarter. 29.12% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Freshworks

Hedge funds have recently made changes to their positions in the company. UBS Group AG lifted its position in shares of Freshworks by 117.5% in the third quarter. UBS Group AG now owns 3,574 shares of the company’s stock worth $46,000 after buying an additional 1,931 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in Freshworks during the third quarter valued at approximately $49,000. Quantbot Technologies LP purchased a new stake in Freshworks during the first quarter valued at approximately $59,000. Delta Asset Management LLC TN purchased a new stake in Freshworks during the fourth quarter valued at approximately $75,000. Finally, State of Wyoming raised its position in Freshworks by 292.4% during the fourth quarter. State of Wyoming now owns 8,598 shares of the company’s stock valued at $126,000 after purchasing an additional 6,407 shares during the period. 46.36% of the stock is currently owned by hedge funds and other institutional investors.

Freshworks Company Profile

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Freshworks Inc, a software development company, provides modern software-as-a-service products worldwide. Freshworks Inc was formerly known as Freshdesk Inc and changed its name to Freshworks Inc in June 2017. The company was incorporated in 2010 and is headquartered in San Mateo, California.