Freshworks Inc. (NASDAQ:FRSH) Director Sells $93,199.68 in Stock

Freshworks Inc. (NASDAQ:FRSH) Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $11.04, for a total transaction of $93,199.68. Following the completion of the sale, the director now directly owns 23,497 shares in the company, valued at $259,406.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Zachary Nelson also recently made the following trade(s):

• On Tuesday, September 3rd, Zachary Nelson sold 8,433 shares of Freshworks stock. The stock was sold at an average price of $11.54, for a total transaction of $97,316.82.
• On Friday, August 2nd, Zachary Nelson sold 8,442 shares of Freshworks stock. The shares were sold at an average price of $11.60, for a total transaction of $97,927.20.

Freshworks Price Performance

Freshworks stock traded down $0.19 during midday trading on Wednesday, hitting $11.01. 3,358,693 shares of the stock were exchanged, compared to its average volume of 2,606,533. Freshworks Inc. has a 1 year low of $10.89 and a 1 year high of $24.98. The firm has a market cap of $3.29 billion, a P/E ratio of -27.60 and a beta of 0.73. The company has a 50 day moving average price of $11.65 and a two-hundred day moving average price of $13.75.

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

Hedge Funds Weigh In On Freshworks

Several institutional investors and hedge funds have recently made changes to their positions in the business. Quarry LP increased its position 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 purchasing an additional 2,645 shares during the last quarter. Clearline Capital LP acquired a new position in Freshworks in the second quarter worth about $916,000. Algert Global LLC bought a new stake in Freshworks in the second quarter valued at about $1,285,000. The Manufacturers Life Insurance Company raised its stake in Freshworks by 17.5% during the second quarter. The Manufacturers Life Insurance Company now owns 116,545 shares of the company’s stock valued at $1,479,000 after buying an additional 17,325 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in Freshworks by 27.4% during the second quarter. AQR Capital Management LLC now owns 400,992 shares of the company’s stock valued at $5,089,000 after buying an additional 86,280 shares in the last quarter. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FRSH has been the topic of several research reports. Barclays cut their target price on Freshworks from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 31st. 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. JPMorgan Chase & Co. decreased their target price on Freshworks from $19.00 to $17.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. StockNews.com downgraded shares of Freshworks from a “buy” rating to a “hold” rating in a research report on Saturday, June 22nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Freshworks in a research report on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $18.69.

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.