Freshworks (NASDAQ:FRSH) Hits New 12-Month Low on Insider Selling

Freshworks Inc. (NASDAQ:FRSH) reached a new 52-week low during trading on Thursday after an insider sold shares in the company. The stock traded as low as $10.89 and last traded at $10.98, with a volume of 308197 shares trading hands. The stock had previously closed at $11.01.

Specifically, Director Zachary Nelson sold 8,442 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $11.04, for a total value of $93,199.68. Following the transaction, the director now directly owns 23,497 shares in the company, valued at approximately $259,406.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

FRSH has been the subject of several analyst reports. Barclays reduced their price objective on Freshworks from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 31st. StockNews.com downgraded Freshworks from a “buy” rating to a “hold” rating in a research note on Saturday, June 22nd. Cantor Fitzgerald lowered their price objective on Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. JPMorgan Chase & Co. reduced their target price on shares of Freshworks from $19.00 to $17.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Finally, Piper Sandler lowered their price target on shares of Freshworks from $22.00 to $17.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.69.

Freshworks Stock Up 3.3 %

The firm’s fifty day moving average price is $11.57 and its 200 day moving average price is $13.71. The stock has a market cap of $3.36 billion, a PE ratio of -27.20 and a beta of 0.73.

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

Hedge Funds Weigh In On Freshworks

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CWM LLC boosted its position in shares of Freshworks by 554.5% during the 2nd quarter. CWM LLC now owns 3,397 shares of the company’s stock valued at $43,000 after acquiring an additional 2,878 shares during the last quarter. Advisors Asset Management Inc. grew its stake in shares of Freshworks by 34.2% in the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock worth $54,000 after buying an additional 757 shares in the last quarter. Quarry LP grew its stake in shares of Freshworks by 157.6% in the 2nd quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after buying an additional 2,645 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Freshworks during the 2nd quarter valued at about $58,000. Finally, EntryPoint Capital LLC bought a new position in shares of Freshworks in the 1st quarter valued at about $82,000. 75.58% of the stock is owned by institutional investors.

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.