Insider Selling: Freshworks Inc. (NASDAQ:FRSH) Director Sells $107,635.50 in Stock

Freshworks Inc. (NASDAQ:FRSH) Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $12.75, for a total value of $107,635.50. Following the transaction, the director now directly owns 16,535 shares in the company, valued at approximately $210,821.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Freshworks Price Performance

Shares of FRSH stock opened at $13.03 on Friday. The business’s fifty day moving average price is $15.84 and its 200 day moving average price is $19.24. Freshworks Inc. has a 1-year low of $12.56 and a 1-year high of $24.98. The firm has a market capitalization of $3.89 billion, a PE ratio of -32.57 and a beta of 0.74.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings data on Wednesday, May 1st. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. The firm had revenue of $165.14 million for the quarter, compared to analyst estimates of $163.53 million. Equities research analysts expect that Freshworks Inc. will post -0.34 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Barclays cut their price target on Freshworks from $20.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Friday, May 3rd. Needham & Company LLC cut their price target on Freshworks from $30.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, May 20th. Canaccord Genuity Group cut their price target on Freshworks from $27.00 to $20.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. Morgan Stanley cut their price target on Freshworks from $22.00 to $18.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 2nd. Finally, 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 report on Thursday, May 2nd. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Freshworks currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of FRSH. Principal Financial Group Inc. boosted its position in Freshworks by 1,641.8% during the third quarter. Principal Financial Group Inc. now owns 333,310 shares of the company’s stock worth $6,640,000 after purchasing an additional 314,174 shares in the last quarter. Victory Capital Management Inc. boosted its position in Freshworks by 12.1% during the third quarter. Victory Capital Management Inc. now owns 16,215 shares of the company’s stock worth $323,000 after purchasing an additional 1,750 shares in the last quarter. abrdn plc purchased a new stake in Freshworks during the third quarter worth $364,000. Arizona State Retirement System boosted its position in Freshworks by 2.6% during the third quarter. Arizona State Retirement System now owns 40,667 shares of the company’s stock worth $810,000 after purchasing an additional 1,020 shares in the last quarter. Finally, New York State Common Retirement Fund boosted its position in Freshworks by 284.0% during the third quarter. New York State Common Retirement Fund now owns 245,365 shares of the company’s stock worth $4,888,000 after purchasing an additional 181,465 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

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.