Insider Selling: Freshworks Inc. (NASDAQ:FRSH) Director Sells 8,442 Shares of Stock

Freshworks Inc. (NASDAQ:FRSH) Director Zachary Nelson sold 8,442 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $11.04, for a total value of $93,199.68. Following the sale, the director now owns 23,497 shares of the company’s stock, valued at approximately $259,406.88. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

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 value of $97,316.82.
• On Friday, August 2nd, Zachary Nelson sold 8,442 shares of Freshworks stock. The stock was sold at an average price of $11.60, for a total value of $97,927.20.

Freshworks Trading Down 1.2 %

FRSH stock opened at $10.88 on Friday. The firm has a market cap of $3.25 billion, a P/E ratio of -27.20 and a beta of 0.73. Freshworks Inc. has a 12-month low of $10.84 and a 12-month high of $24.98. The stock’s 50 day simple moving average is $11.62 and its 200 day simple moving average is $13.73.

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

Institutional Investors Weigh In On Freshworks

Several large investors have recently added to or reduced their stakes in FRSH. CWM LLC increased its position in Freshworks by 554.5% in the second quarter. CWM LLC now owns 3,397 shares of the company’s stock worth $43,000 after buying an additional 2,878 shares during the period. Advisors Asset Management Inc. increased its position in Freshworks by 34.2% in the first quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock worth $54,000 after buying an additional 757 shares during the period. Quarry LP increased its position in Freshworks by 157.6% in the second quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after buying an additional 2,645 shares during the period. International Assets Investment Management LLC acquired a new stake in Freshworks in the second quarter worth $58,000. Finally, EntryPoint Capital LLC acquired a new stake in Freshworks in the first quarter worth $82,000. 75.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on FRSH shares. Scotiabank decreased their price target on Freshworks from $18.00 to $16.00 and set a “sector perform” rating for the company in a report on Wednesday, July 31st. Needham & Company LLC restated a “buy” rating and issued a $20.00 price target on shares of Freshworks in a report on Wednesday, July 31st. StockNews.com cut Freshworks from a “buy” rating to a “hold” rating in a report on Saturday, June 22nd. Jefferies Financial Group decreased their price target on Freshworks from $25.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Finally, Barclays decreased their price target on Freshworks from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Wednesday, July 31st. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $18.69.

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.