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SAN MATEO, CA—Mika Yamamoto, Chief Customer and Marketing Officer at Freshworks Inc. (NASDAQ:FRSH), a software company with a market capitalization of $4.82 billion and impressive gross profit margins of 84%, reported a sale of company stock valued at $45,286, according to a recent SEC filing. The transaction, executed on January 2, involved the sale of 2,859 shares of Freshworks' Class A common stock at a weighted average price of $15.84 per share. The shares were sold under a Rule 10b5-1 trading plan, which Yamamoto adopted on September 17, 2024. Following this transaction, Yamamoto retains ownership of 400,249 shares in the company. The shares were sold at prices ranging from $15.65 to $16.03. According to InvestingPro analysis, Freshworks shows strong financial health with multiple positive indicators, including solid cash positions and growth potential. The stock appears undervalued based on InvestingPro's Fair Value calculations.
In other recent news, Freshworks Inc. reported its financial performance for the third quarter of 2024 and provided an outlook for the fourth quarter and the upcoming full year. The company also offered a preliminary outlook for 2025, acknowledging macroeconomic uncertainties that could potentially impact its industry and operations. However, Freshworks expressed confidence in its ongoing workplace realignment, anticipating that the initiative might enhance future performance.
On the personnel front, Freshworks announced the appointment of Srinivasan Raghavan as its new Chief Product Officer. Raghavan, with over two decades of leadership experience within the enterprise SaaS sector, will be responsible for leading Freshworks' product strategy and vision, particularly focusing on the company's AI, customer experience, and employee experience solutions.
In terms of analyst insights, Needham reiterated its Buy rating on Freshworks, citing positive trends in their operations, particularly with Freshservice and Freddy. Despite competition from NOW, Freshworks continues to remain competitive, especially in terms of pricing. Needham's analysis also indicated that Freshworks' addition of Device42 to its platform is likely to encourage upselling within larger organizations.
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