Insider Selling: Freshworks Inc. (NASDAQ:FRSH) Director Sells $70,719.66 in Stock

Freshworks Inc. (NASDAQ:FRSH) Director Roxanne S. Austin sold 6,303 shares of Freshworks stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $11.22, for a total transaction of $70,719.66. Following the sale, the director now owns 223,106 shares of the company’s stock, valued at approximately $2,503,249.32. The sale was disclosed in a document filed with the SEC, which is available through this link.

Freshworks Stock Up 2.5 %

NASDAQ FRSH opened at $11.35 on Friday. Freshworks Inc. has a 52 week low of $10.96 and a 52 week high of $24.98. The business’s fifty day simple moving average is $12.48 and its 200-day simple moving average is $15.94. The firm has a market cap of $3.39 billion, a PE ratio of -28.30 and a beta of 0.74.

Freshworks (NASDAQ:FRSH) last posted 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. The company had revenue of $174.13 million for the quarter, compared to analyst estimates of $169.05 million. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.08%. Freshworks’s revenue was up 20.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.12) EPS. Research analysts expect that Freshworks Inc. will post -0.34 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Cantor Fitzgerald lowered their price target on Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Piper Sandler lowered their target price on shares of Freshworks from $22.00 to $17.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Canaccord Genuity Group cut their price target on shares of Freshworks from $20.00 to $17.00 and set a “buy” rating on the stock in a research note on Wednesday, July 10th. Oppenheimer cut shares of Freshworks from an “outperform” rating to a “market perform” rating in a report on Thursday, May 2nd. Finally, Jefferies Financial Group cut their price objective on Freshworks from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $19.40.

Institutional Investors Weigh In On Freshworks

A number of institutional investors have recently made changes to their positions in the stock. Capital International Investors acquired a new stake in Freshworks in the 1st quarter valued at approximately $59,311,000. Clearbridge Investments LLC raised its holdings in shares of Freshworks by 107.4% in the 1st quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock valued at $73,764,000 after buying an additional 2,097,280 shares during the period. Norges Bank purchased a new stake in shares of Freshworks in the 4th quarter valued at $44,919,000. Ninety One UK Ltd purchased a new position in Freshworks during the 4th quarter valued at about $36,303,000. Finally, Vanguard Group Inc. grew its position in Freshworks by 6.8% in the 1st quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock valued at $385,525,000 after acquiring an additional 1,354,530 shares in the last quarter. 75.58% of the stock is currently owned by institutional investors and hedge funds.

About Freshworks

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.