Freshworks Inc. (NASDAQ:FRSH) Short Interest Down 11.5% in December

Freshworks Inc. (NASDAQ:FRSH - Get Free Report) saw a significant decline in short interest in the month of December. As of December 15th, there was short interest totalling 9,730,000 shares, a decline of 11.5% from the November 30th total of 10,990,000 shares. Approximately 5.7% of the company's shares are sold short. Based on an average daily volume of 4,140,000 shares, the days-to-cover ratio is presently 2.4 days.

Freshworks Stock Performance

Shares of FRSH stock traded up $0.06 during mid-day trading on Monday, hitting $16.00. 3,291,356 shares of the stock were exchanged, compared to its average volume of 2,983,572. Freshworks has a 12-month low of $10.81 and a 12-month high of $23.93. The stock has a market capitalization of $4.85 billion, a price-to-earnings ratio of -47.06 and a beta of 0.90. The stock's fifty day simple moving average is $15.13 and its two-hundred day simple moving average is $13.05.

Analysts Set New Price Targets

A number of research analysts recently issued reports on FRSH shares. JPMorgan Chase & Co. lifted their target price on Freshworks from $17.00 to $20.00 and gave the company an "overweight" rating in a report on Thursday, November 7th. Piper Sandler lifted their price objective on Freshworks from $13.00 to $18.00 and gave the company an "overweight" rating in a research note on Thursday, November 7th. Needham & Company LLC restated a "buy" rating and set a $20.00 target price on shares of Freshworks in a research note on Tuesday, December 17th. Robert W. Baird reduced their target price 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, Wells Fargo & Company boosted their price target on shares of Freshworks from $11.00 to $14.00 and gave the stock an "equal weight" rating in a report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, Freshworks has a consensus rating of "Moderate Buy" and a consensus target price of $18.69.

Insider Buying and Selling at Freshworks

In other news, Director Zachary Nelson sold 8,442 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $11.04, for a total transaction of $93,199.68. Following the sale, the director now owns 23,497 shares of the company's stock, valued at approximately $259,406.88. This represents a 26.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Rathnagirish Mathrubootham sold 830,000 shares of Freshworks stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $15.33, for a total transaction of $12,723,900.00. Following the completion of the transaction, the chairman now owns 551,137 shares of the company's stock, valued at $8,448,930.21. This trade represents a 60.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,699,318 shares of company stock valued at $26,614,569 over the last quarter. 19.15% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FRSH. JPMorgan Chase & Co. grew its position in shares of Freshworks by 49.8% during the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company's stock worth $60,503,000 after acquiring an additional 1,752,995 shares during the last quarter. M&G PLC purchased a new position in Freshworks during the 3rd quarter worth $9,094,000. Lake Street Advisors Group LLC purchased a new position in Freshworks during the 2nd quarter worth $8,717,000. Franklin Resources Inc. raised its holdings in shares of Freshworks by 18.1% in the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company's stock valued at $44,934,000 after buying an additional 604,658 shares during the last quarter. Finally, Invenomic Capital Management LP purchased a new stake in shares of Freshworks in the third quarter valued at about $5,260,000. 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.