Insider Selling: Freshworks Inc. (NASDAQ:FRSH) Director Sells 5,546 Shares of Stock

Freshworks Inc. (NASDAQ:FRSH) Director Barry L. Padgett sold 5,546 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $12.77, for a total value of $70,822.42. Following the completion of the transaction, the director now directly owns 26,957 shares in the company, valued at $344,240.89. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Freshworks Price Performance

FRSH opened at $12.74 on Friday. 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 PE ratio of -31.85 and a beta of 0.74. The firm’s fifty day moving average price is $13.53 and its 200 day moving average price is $18.10.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Wednesday, May 1st. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.02. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. The business had revenue of $165.14 million for the quarter, compared to analyst estimates of $163.53 million. On average, equities research analysts forecast that Freshworks Inc. will post -0.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FRSH. Advisors Asset Management Inc. raised its position in shares of Freshworks by 34.2% during the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock valued at $54,000 after acquiring an additional 757 shares in the last quarter. Neo Ivy Capital Management bought a new position in shares of Freshworks in the 3rd quarter worth about $81,000. EntryPoint Capital LLC acquired a new position in shares of Freshworks in the 1st quarter valued at about $82,000. Moody National Bank Trust Division bought a new stake in shares of Freshworks during the 2nd quarter valued at about $144,000. Finally, Quest Partners LLC bought a new stake in shares of Freshworks during the 4th quarter valued at about $166,000. Institutional investors and hedge funds own 75.58% of the company’s stock.

Analysts Set New Price Targets

FRSH has been the subject of a number of research analyst reports. Piper Sandler dropped their target price on shares of Freshworks from $28.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, May 2nd. Oppenheimer lowered shares of Freshworks from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 2nd. Robert W. Baird lowered shares of Freshworks from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $28.00 to $16.00 in a report on Thursday, May 2nd. Needham & Company LLC lowered their price target on Freshworks from $30.00 to $20.00 and set a “buy” rating for the company in a report on Monday, May 20th. Finally, StockNews.com cut Freshworks from a “buy” rating to a “hold” rating in a research note on Saturday, June 22nd. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $22.00.

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.