Freshworks (NASDAQ:FRSH) Hits New 52-Week Low – Time to Sell?

Freshworks Inc. (NASDAQ:FRSH) shares hit a new 52-week low during trading on Monday . The company traded as low as $8.56 and last traded at $8.8150, with a volume of 177205 shares changing hands. The stock had previously closed at $8.92.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on FRSH shares. Wall Street Zen lowered Freshworks from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 20th. Canaccord Genuity Group reduced their price target on Freshworks from $23.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. UBS Group reiterated a “buy” rating and set a $17.00 target price on shares of Freshworks in a research report on Friday, November 14th. Oppenheimer decreased their price target on shares of Freshworks from $19.00 to $18.00 and set an “outperform” rating for the company in a research report on Thursday, January 22nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Freshworks in a research note on Tuesday, January 20th. Six investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $18.54.

Freshworks Stock Down 3.9%

The firm has a market cap of $2.42 billion, a P/E ratio of -85.81 and a beta of 0.89. The stock’s 50-day simple moving average is $11.80 and its 200 day simple moving average is $12.14.

Insider Activity at Freshworks

In related news, insider Mika Yamamoto sold 15,012 shares of the firm’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $13.00, for a total transaction of $195,156.00. Following the completion of the sale, the insider owned 490,350 shares of the company’s stock, valued at $6,374,550. This trade represents a 2.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Philippa Lawrence sold 5,846 shares of the business’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $12.06, for a total value of $70,502.76. Following the completion of the transaction, the chief accounting officer directly owned 392,711 shares in the company, valued at approximately $4,736,094.66. This trade represents a 1.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 22,267 shares of company stock worth $282,301 in the last 90 days. Corporate insiders own 11.17% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC raised its stake in Freshworks by 58.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 12,043 shares of the company’s stock worth $148,000 after buying an additional 4,431 shares during the period. Leonteq Securities AG acquired a new stake in Freshworks in the fourth quarter valued at approximately $72,000. IFP Advisors Inc increased its holdings in shares of Freshworks by 954.9% during the fourth quarter. IFP Advisors Inc now owns 2,152 shares of the company’s stock valued at $26,000 after acquiring an additional 1,948 shares in the last quarter. Cullen Frost Bankers Inc. bought a new stake in shares of Freshworks during the fourth quarter valued at approximately $36,000. Finally, Covestor Ltd raised its position in shares of Freshworks by 30.4% during the fourth quarter. Covestor Ltd now owns 9,644 shares of the company’s stock worth $118,000 after purchasing an additional 2,251 shares during the period. Institutional investors and hedge funds own 75.58% of the company’s stock.

About Freshworks

Freshworks, Inc is a global provider of cloud-based customer engagement software designed to help businesses streamline customer support, sales, marketing, and IT service operations. The company’s integrated suite of solutions enables organizations of all sizes to deliver seamless experiences across multiple channels, including email, chat, phone, and social media. Freshworks’ platform is built on modern, user-friendly interfaces and offers native automation, AI-powered insights, and analytics to improve efficiency and customer satisfaction.

The company’s flagship product, Freshdesk, serves as a helpdesk solution for customer support teams, while Freshservice addresses IT service management needs.