Insider Selling: Freshworks Inc. (NASDAQ:FRSH) Director Sells $70,822.42 in Stock

Freshworks Inc. (NASDAQ:FRSH) Director Barry L. Padgett sold 5,546 shares of Freshworks stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $12.77, for a total transaction of $70,822.42. Following the completion of the transaction, the director now directly owns 26,957 shares in the company, valued at approximately $344,240.89. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Freshworks Price Performance

Shares of NASDAQ FRSH opened at $12.74 on Friday. The firm’s 50 day simple moving average is $13.53 and its 200-day simple moving average is $18.10. Freshworks Inc. has a 12 month low of $11.90 and a 12 month high of $24.98. The stock has a market capitalization of $3.81 billion, a price-to-earnings ratio of -31.85 and a beta of 0.74.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Wednesday, May 1st. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.02. The company had revenue of $165.14 million during the quarter, compared to analysts’ expectations of $163.53 million. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. Analysts anticipate that Freshworks Inc. will post -0.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on FRSH shares. Robert W. Baird lowered shares of Freshworks from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $28.00 to $16.00 in a report on Thursday, May 2nd. Canaccord Genuity Group dropped their target price on Freshworks from $27.00 to $20.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. Morgan Stanley reduced their target price on Freshworks from $22.00 to $18.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 2nd. Oppenheimer downgraded Freshworks from an “outperform” rating to a “market perform” rating in a report on Thursday, May 2nd. Finally, Cantor Fitzgerald dropped their price target on Freshworks from $25.00 to $19.00 and set an “overweight” rating on the stock in a research note on Thursday, May 2nd. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.00.

Hedge Funds Weigh In On Freshworks

Large investors have recently bought and sold shares of the business. Capital International Investors purchased a new stake in shares of Freshworks in the first quarter valued at approximately $59,311,000. Vanguard Group Inc. raised its position in Freshworks by 14.6% during the third quarter. Vanguard Group Inc. now owns 18,530,801 shares of the company’s stock worth $369,134,000 after acquiring an additional 2,363,550 shares during the period. Clearbridge Investments LLC lifted its holdings in Freshworks by 107.4% during the first quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock valued at $73,764,000 after purchasing an additional 2,097,280 shares in the last quarter. Norges Bank purchased a new position in Freshworks during the fourth quarter valued at $44,919,000. Finally, Ninety One UK Ltd acquired a new stake in shares of Freshworks in the fourth quarter valued at about $36,303,000. Institutional investors and hedge funds own 75.58% of the company’s stock.

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.