Insider Selling: Freshworks Inc. (NASDAQ:FRSH) Director Sells 4,685 Shares of Stock

Freshworks Inc. (NASDAQ:FRSH) Director Jennifer H. Taylor sold 4,685 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $11.17, for a total value of $52,331.45. Following the transaction, the director now directly owns 35,853 shares of the company’s stock, valued at $400,478.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Freshworks Price Performance

FRSH opened at $11.32 on Friday. Freshworks Inc. has a 1-year low of $10.96 and a 1-year high of $24.98. The company has a market capitalization of $3.42 billion, a price-to-earnings ratio of -28.30 and a beta of 0.73. The business has a 50 day moving average price of $12.10 and a two-hundred day moving average price of $14.55.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Tuesday, July 30th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.02. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. The business had revenue of $174.13 million during the quarter, compared to analysts’ expectations of $169.05 million. During the same quarter last year, the business posted ($0.12) earnings per share. The company’s quarterly revenue was up 20.0% on a year-over-year basis. Equities analysts expect that Freshworks Inc. will post -0.38 EPS for the current fiscal year.

Institutional Trading of Freshworks

Hedge funds and other institutional investors have recently made changes to their positions in the business. Quarry LP grew its position in Freshworks by 157.6% in the second quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after buying an additional 2,645 shares during the last quarter. Clearline Capital LP acquired a new position in shares of Freshworks in the 2nd quarter valued at $916,000. Algert Global LLC purchased a new position in Freshworks in the 2nd quarter worth about $1,285,000. The Manufacturers Life Insurance Company raised its holdings in Freshworks by 17.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 116,545 shares of the company’s stock worth $1,479,000 after buying an additional 17,325 shares during the period. Finally, AQR Capital Management LLC lifted its stake in Freshworks by 27.4% during the second quarter. AQR Capital Management LLC now owns 400,992 shares of the company’s stock valued at $5,089,000 after buying an additional 86,280 shares in the last quarter. 75.58% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on FRSH. StockNews.com downgraded Freshworks from a “buy” rating to a “hold” rating in a research note on Saturday, June 22nd. Scotiabank lowered their price target on shares of Freshworks from $18.00 to $16.00 and set a “sector perform” rating for the company in a research report on Wednesday, July 31st. Barclays dropped their price objective on shares of Freshworks from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 31st. Cantor Fitzgerald reduced their target price on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Finally, Piper Sandler dropped their price target on shares of Freshworks from $22.00 to $17.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Freshworks currently has an average rating of “Moderate Buy” and a consensus target price of $18.69.

Freshworks Company Profile

Freshworks Inc, a software development company, provides software-as-a-service products worldwide. It offers Freshworks Customer Service Suite, which provides automated, personalized self-service on various channels, including web, chat, mobile messaging, email, and social; Freshdesk, a ticketing-centric customer service solution; Freshsuccess, a customer success solution; and Freshchat that provides agents with a modern conversational experience to proactively engage customers across digital messaging channels.