Mathrubootham Rathnagirish, Executive Chairman of Freshworks Inc. (NASDAQ:FRSH), has sold shares worth approximately $39 million, according to a recent SEC filing. The transactions, which took place over several days, involved the sale of a total of 2,500,000 shares of Class A common stock. According to InvestingPro data, Freshworks maintains impressive gross profit margins of 84% and has demonstrated strong revenue growth of 20% over the last twelve months.
On December 18, Rathnagirish sold 539,741 shares at an average price of $15.85, with the actual prices ranging between $15.37 and $16.36. Another 295,259 shares were sold on the same day at an average price of $16.50, with prices ranging from $16.37 to $16.92.
The following day, December 19, saw the sale of 835,000 shares at an average price of $15.45, with transaction prices falling between $15.30 and $15.82. Finally, on December 20, Rathnagirish sold an additional 830,000 shares at an average price of $15.33, with prices ranging between $15.00 and $15.55.
These sales were conducted under a pre-established 10b5-1 trading plan, adopted in September 2024. Following these transactions, Rathnagirish holds 551,137 shares directly. For deeper insights into Freshworks' financial health and valuation metrics, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks.
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 full year. The company also offered a preliminary outlook for the full year of 2025. Despite not mentioning specific financial misses, Freshworks acknowledged potential macroeconomic uncertainties that could impact its industry and operations. In parallel, the company expressed confidence in its ongoing workplace realignment, which could enhance future performance.
In another development, Freshworks has appointed Srinivasan Raghavan as its new Chief Product Officer. Srini, as he is known, brings over two decades of leadership experience within the enterprise SaaS sector to the Freshworks executive team. His role will be pivotal in leading Freshworks' product strategy and vision.
Lastly, Needham reiterated its Buy rating on Freshworks, with a steadfast $20.00 price target. The firm's analyst hosted calls with Freshwork's partners, revealing positive trends in their operations, particularly with Freshservice and Freddy. The analyst expressed confidence in Freshworks' ability to achieve mid-teens growth for the fiscal year 2025, driven by the strength of Freshservice. These are the recent developments concerning Freshworks Inc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.