Freshworks Inc. (NASDAQ:FRSH) Sees Significant Decline in Short Interest

Freshworks Inc. (NASDAQ:FRSH) was the recipient of a significant decrease in short interest during the month of October. As of October 15th, there was short interest totalling 12,620,000 shares, a decrease of 8.7% from the September 30th total of 13,830,000 shares. Approximately 7.5% of the company’s shares are sold short. Based on an average trading volume of 2,670,000 shares, the short-interest ratio is presently 4.7 days.

Insider Activity

In other news, 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 trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Roxanne S. Austin sold 6,303 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $11.22, for a total value of $70,719.66. Following the sale, the director now directly owns 223,106 shares of the company’s stock, valued at $2,503,249.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jennifer H. Taylor sold 4,690 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $11.23, for a total value of $52,668.70. Following the completion of the sale, the director now directly owns 35,853 shares in the company, valued at approximately $402,629.19. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,803 shares of company stock valued at $435,884. Insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of Freshworks by 6.8% during the first quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock worth $385,525,000 after acquiring an additional 1,354,530 shares during the last quarter. Clearbridge Investments LLC grew its position in shares of Freshworks by 107.4% during the first quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock valued at $73,764,000 after purchasing an additional 2,097,280 shares in the last quarter. Capital International Investors bought a new stake in shares of Freshworks in the first quarter worth about $59,311,000. Renaissance Technologies LLC lifted its position in shares of Freshworks by 7.6% in the second quarter. Renaissance Technologies LLC now owns 3,134,600 shares of the company’s stock worth $39,778,000 after buying an additional 221,900 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Freshworks by 10.9% during the second quarter. Dimensional Fund Advisors LP now owns 2,428,755 shares of the company’s stock valued at $30,821,000 after buying an additional 239,671 shares during the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

Freshworks Stock Performance

Shares of FRSH stock opened at $11.70 on Friday. The stock has a fifty day simple moving average of $11.41 and a two-hundred day simple moving average of $12.78. The firm has a market capitalization of $3.53 billion, a PE ratio of -33.43 and a beta of 0.73. Freshworks has a 52-week low of $10.81 and a 52-week high of $24.98.

Freshworks (NASDAQ:FRSH) last released its earnings results on Tuesday, July 30th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $174.13 million during the quarter, compared to analysts’ expectations of $169.05 million. During the same quarter last year, the business posted ($0.12) earnings per share. The firm’s revenue was up 20.0% on a year-over-year basis. On average, sell-side analysts forecast that Freshworks will post -0.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on FRSH shares. Needham & Company LLC reissued a “buy” rating and set a $20.00 price target on shares of Freshworks in a report on Wednesday, July 31st. JPMorgan Chase & Co. lowered their target price on Freshworks from $19.00 to $17.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. Barclays reduced their price target on shares of Freshworks from $15.00 to $14.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 31st. Canaccord Genuity Group lowered their price objective 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. Finally, Piper Sandler cut their target price on shares of Freshworks from $17.00 to $13.00 and set an “overweight” rating for the company in a research report on Thursday, October 10th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Freshworks presently has a consensus rating of “Moderate Buy” and an average target price of $17.86.

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.