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Jennifer Taylor, a director at Freshworks Inc . (NASDAQ:FRSH), recently sold shares of the company’s Class A common stock. According to a filing with the Securities and Exchange Commission, Taylor sold a total of 4,690 shares on February 13 at a weighted average price of $17.25 per share, resulting in a transaction valued at approximately $80,902. The sale comes as Freshworks stock has shown strong momentum, gaining nearly 49% over the past six months, according to InvestingPro data.
The sale was executed under a Rule 10b5-1 trading plan, which Taylor adopted on February 28, 2024. The shares were sold in multiple transactions at prices ranging from $16.99 to $17.86. Following this transaction, Taylor’s direct ownership in the company stands at 37,286 shares. InvestingPro analysis suggests the stock is currently undervalued, with impressive gross profit margins of 84% and a strong balance sheet showing more cash than debt.
In addition to the sale, the filing also reported a conversion of 4,690 shares of Class B common stock into Class A common stock, although this conversion did not involve any financial exchange. Each share of Class B common stock automatically converts into Class A upon sale or transfer, as outlined in Freshworks’ amended certificate of incorporation.
These transactions reflect Taylor’s ongoing management of her holdings in Freshworks, a company known for its software solutions aimed at enhancing customer engagement.
In other recent news, Freshworks Inc. has been the subject of several analyst upgrades. Piper Sandler analyst Brent Bracelin raised the price target for the company to $24, citing a positive view of the company’s financial performance and future prospects. Similarly, Cantor Fitzgerald analyst Brett Knoblauch increased Freshworks’ stock target to $22, highlighting the company’s strategic moves upmarket. Scotiabank (TSX:BNS) analyst Nick Altmann updated Freshworks’ price target to $19, noting the company’s financial outlook for FY25 modestly surpasses consensus. Oppenheimer analyst Brian Schwartz lifted the company’s stock target to $24 following a strong fourth-quarter performance. Lastly, Canaccord Genuity maintained a Buy rating on Freshworks and increased its price target to $23, highlighting the company’s presence in a robust IT/ESM market. These recent developments underscore the positive outlook for Freshworks among financial analysts.
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