Freshworks (NASDAQ:FRSH) Stock Price Down 2.2% – Time to Sell?

Freshworks Inc. (NASDAQ:FRSH)’s share price dropped 2.2% during trading on Wednesday . The stock traded as low as $11.22 and last traded at $11.26. Approximately 245,575 shares changed hands during trading, a decline of 91% from the average daily volume of 2,588,377 shares. The stock had previously closed at $11.51.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on FRSH. Piper Sandler reduced their price target on shares of Freshworks from $17.00 to $13.00 and set an “overweight” rating for the company in a research note on Thursday, October 10th. Barclays decreased their price target on Freshworks from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 31st. Canaccord Genuity Group dropped their price objective on Freshworks from $20.00 to $17.00 and set a “buy” rating on the stock in a research note on Wednesday, July 10th. Wells Fargo & Company began coverage on Freshworks in a research note on Wednesday. They set an “equal weight” rating and a $11.00 target price for the company. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price target on shares of Freshworks in a research report on Wednesday, July 31st. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $17.86.

Freshworks Stock Up 0.4 %

The firm’s 50-day moving average price is $11.40 and its two-hundred day moving average price is $13.23. The firm has a market capitalization of $3.39 billion, a PE ratio of -28.18 and a beta of 0.73.

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

Insider Buying and Selling

In other Freshworks news, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $11.17, for a total transaction of $52,331.45. Following the transaction, the director now owns 35,853 shares of the company’s stock, valued at $400,478.01. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Zachary Nelson sold 8,442 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $11.60, for a total transaction of $97,927.20. Following the completion of the sale, the director now directly owns 22,530 shares in the company, valued at approximately $261,348. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $11.17, for a total value of $52,331.45. Following the sale, the director now directly owns 35,853 shares of the company’s stock, valued at approximately $400,478.01. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 47,245 shares of company stock valued at $533,811. Corporate insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

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

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.