Freshworks (NASDAQ:FRSH) Shares Gap Down - Here's What Happened

Freshworks Inc. (NASDAQ:FRSH - Get Free Report)'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.

Analyst Ratings Changes

FRSH has been the topic of a number of research reports. JMP Securities raised their target price on shares of Freshworks from $21.00 to $24.00 and gave the stock a "market outperform" rating in a research report on Thursday, November 7th. Morgan Stanley raised their target price on shares of Freshworks from $18.00 to $19.00 and gave the stock an "equal weight" rating in a research report on Monday, January 13th. Oppenheimer raised shares of Freshworks from a "market perform" rating to an "outperform" rating and set a $22.00 target price on the stock in a research report on Thursday, January 16th. 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 research report on Thursday, November 7th. Finally, JPMorgan Chase & Co. raised their target price on shares of Freshworks from $17.00 to $20.00 and gave the stock an "overweight" rating in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $19.07.

Freshworks Stock Up 7.8 %

The company has a market capitalization of $5.87 billion, a price-to-earnings ratio of -57.04 and a beta of 0.88. The company's 50 day simple moving average is $16.37 and its two-hundred day simple moving average is $13.64.

Insider Buying and Selling at Freshworks

In other news, Director Zachary Nelson sold 8,433 shares of the business's stock in a transaction on Monday, November 4th. The shares were sold at an average price of $12.19, for a total transaction of $102,798.27. Following the sale, the director now directly owns 23,497 shares of the company's stock, valued at $286,428.43. The trade was a 26.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the business's stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $16.08, for a total transaction of $13,426,800.00. Following the sale, the chairman now directly owns 551,137 shares in the company, valued at $8,862,282.96. This trade represents a 60.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,723,563 shares of company stock worth $27,106,218 over the last three months. Corporate insiders own 19.15% of the company's stock.

Institutional Investors Weigh In On Freshworks

Hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. boosted its holdings in Freshworks by 1,987.3% in the third quarter. Blue Trust Inc. now owns 2,964 shares of the company's stock valued at $38,000 after purchasing an additional 2,822 shares during the last quarter. Covestor Ltd boosted its holdings in Freshworks by 89.9% in the third quarter. Covestor Ltd now owns 3,599 shares of the company's stock valued at $41,000 after purchasing an additional 1,704 shares during the last quarter. Quarry LP boosted its holdings in Freshworks by 157.6% in 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. Nisa Investment Advisors LLC boosted its holdings in Freshworks by 102.4% in 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 during the last quarter. Finally, Point72 Hong Kong Ltd purchased a new stake in Freshworks in the third quarter valued at $57,000. 75.58% of the stock is owned by hedge funds and other institutional investors.

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.