Freshworks Inc. (NASDAQ:FRSH) Director Sells $70,822.42 in Stock

Freshworks Inc. (NASDAQ:FRSH) Director Barry L. Padgett sold 5,546 shares of Freshworks stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $12.77, for a total transaction of $70,822.42. Following the sale, the director now owns 26,957 shares of the company’s stock, valued at $344,240.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Freshworks Stock Up 1.8 %

Shares of FRSH traded up $0.23 during midday trading on Tuesday, reaching $13.04. The stock had a trading volume of 2,107,642 shares, compared to its average volume of 2,714,010. The firm’s 50 day moving average price is $13.87 and its 200-day moving average price is $18.25. Freshworks Inc. has a 52 week low of $11.90 and a 52 week high of $24.98.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.02. The business had revenue of $165.14 million for the quarter, compared to the consensus estimate of $163.53 million. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. On average, equities analysts predict that Freshworks Inc. will post -0.34 EPS for the current fiscal year.

Institutional Trading of Freshworks

Institutional investors and hedge funds have recently made changes to their positions in the stock. Invesco Ltd. grew its stake in shares of Freshworks by 266.6% in the 3rd quarter. Invesco Ltd. now owns 470,093 shares of the company’s stock valued at $9,364,000 after purchasing an additional 341,863 shares during the period. Northern Trust Corp grew its position in Freshworks by 4.0% during the 3rd quarter. Northern Trust Corp now owns 1,637,507 shares of the company’s stock worth $32,619,000 after acquiring an additional 63,726 shares during the last quarter. Qube Research & Technologies Ltd bought a new stake in Freshworks during the 3rd quarter worth approximately $2,445,000. Gotham Asset Management LLC bought a new stake in Freshworks during the 3rd quarter worth approximately $1,170,000. Finally, Schonfeld Strategic Advisors LLC lifted its holdings in Freshworks by 140.2% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 73,500 shares of the company’s stock worth $1,464,000 after buying an additional 42,900 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Cantor Fitzgerald lowered their target price on shares of Freshworks from $25.00 to $19.00 and set an “overweight” rating on the stock in a research note on Thursday, May 2nd. Robert W. Baird downgraded Freshworks from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $28.00 to $16.00 in a research report on Thursday, May 2nd. Barclays lowered their price target on Freshworks from $20.00 to $15.00 and set an “equal weight” rating for the company in a research report on Friday, May 3rd. Piper Sandler cut their price target on Freshworks from $28.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday, May 2nd. Finally, Oppenheimer lowered Freshworks from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 2nd. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.00.

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.