A more than 10% owner and Director of Freshworks (NASDAQ:FRSH), Sameer Gandhi, bought 786,597 FRSH shares at $14.63 per share on Tuesday. The total value of the director’s purchase stood at $11.5 million.
Meanwhile, CFO Sloat Tyler and CMO Epstein Stacey engaged in smaller uninformative Sell activities worth $355,682 and $761,262, respectively. Another Director Jennifer Taylor sold 4,685 shares of the company for $69,850.
A snapshot of the transactions mentioned above is provided below.
Overall, TipRanks’ Insider Trading Tool shows that corporate insiders at Freshworks have bought FRSH stock worth $7.5 million in the last three months.
Interestingly, TipRanks also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
What Does Freshworks Do?
Headquartered in San Mateo, California, Freshworks Inc. is a software development company that provides a software-as-a-service (SAAS) platform globally. It enables small and medium-sized businesses to support customers through e-mail, phone, website, and social networks.
The company raised approximately $1 billion in gross proceeds in a U.S. IPO in September last year. The stock has lost 70% since then.
Is Freshworks Stock a Good Buy?
According to TipRanks, which also provides a comprehensive list of daily insider transactions, FRSH stock carries a Moderate Buy consensus rating based on eight Buys and three Hold ratings. FRSH’s average price target of $18.45 implies 28.04% upside potential.
Further, hedge funds seem to be positive about the prospects of FRSH stock and have collectively increased their holdings in the company by 294,300 shares in the last quarter.
Top hedge fund managers George Soros’ Soros Fund Mangment LLC and Tiger Global Management LLC, have added positions worth $26.8 million and $38.9 million, respectively, in recent months. Further, Julian Robertson’s Tiger Management L.L.C has made new positions in Freshworks worth $ 733,875.
Conclusion
While there is no public news available to reason out the big buys, investors should be on the watch out for FRSH news in the coming days.
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