This week, two of Freshworks (NASDAQ:FRSH) insiders were seen buying shares of the company. The software development company provides a software-as-a-service (SAAS) platform globally. Shares of the company traded about 4% lower in yesterday’s trading session.
A more than 10% owner and Director of Freshworks Sameer Gandhi, bought 590,000 FRSH shares at an average price of $14.85 per share in multiple transactions on December 8 and December 9. The total value of the director’s purchase stood at $8.76 million. Prior to this, Gandhi made another informative buy of the company’s shares worth $12.43 million.
It is worth mentioning that Gandhi has a success rate of 67% with an average return of 2.3% per transaction.
Another insider, Accel Leaders 3 GP Associates L.L.C., a member of the 10% owner group, made an informative buy transaction similar to Gandhi.
Overall, corporate insiders have a positive stance on Freshworks. They have bought FRSH shares worth $73 million over the last three months.
Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is FRSH a Good Stock to Buy?
On TipRanks, Freshworks stock has a Moderate Buy consensus rating based on six Buys and four Holds. The average FRSH stock price target of $17.65 implies 18% upside potential. The stock is down more than 41% so far this year.
Supporting the insiders’ bullish stance, hedge funds have also increased their holdings of the stock. In the last quarter, hedge funds bought 3.5 million shares of Freshworks. Further, the stock’s beta of 0.81 indicates low exposure to the current market volatility.
