Sameer Gandhi, Director and owner of more than 10% of Freshworks Inc. (FRSH), purchased an additional 253,482 shares of the Software-as-a-Service company. The total consideration of the purchases stood at $3,765,323.
Freshworks’ platform enables small and medium businesses to support customers through e-mail, phone, website, and social networks. It is an easy-to-use marketing, sales, support, and IT solutions platform.
As per a regulatory filing dated September 16, Gandhi made multiple purchases of FRSH stock for weighted average purchase prices of $14.75 and $14.96 per piece. The purchases were conducted on September 14 and 16.
Notably, post the latest purchase, Gandhi has 16,748 shares of Freshworks held directly by him and another 61,644 FRSH stock held by his company, Accel Leaders 3 GP Associates LLC.
As per TipRanks Insider Trading Activity, this is the director’s second informative Buy trade in FRSH. Last week, Gandhi bought FRSH stock worth $11.5 million.
Overall, TipRanks’ Insider Trading Activity tool shows that confidence in Freshworks is currently Positive. During the last three months, six corporate insiders have bought FRSH stock worth $26.5 million.
Notably, TipRanks’ Insider Trading Activity Tool also provides a comprehensive list of daily insider transactions as well as a list of top corporate insiders. Interestingly, TipRanks also includes a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is Freshworks a Buy or Sell?
Wall Street analysts are split about Freshworks’ future trajectory. On TipRanks, FRSH stock has a Moderate Buy consensus rating based on eight Buys and three Holds. The average Freshworks price target of $18.45 implies 24.8% upside potential to current levels. Meanwhile, the stock has lost 42.3% so far this year.
Ending Thoughts
Like corporate insiders, both retail investors and hedge funds are steadily increasing their exposure to Freshworks shares. This indicates that Freshworks is gradually gaining popularity and may be headed for an upward stock trajectory.
