Freshworks (NASDAQ:FRSH) Reaches New 12-Month Low Following Insider Selling

Shares of Freshworks Inc. (NASDAQ:FRSH) reached a new 52-week low on Thursday after an insider sold shares in the company. The stock traded as low as $10.89 and last traded at $10.98, with a volume of 308197 shares. The stock had previously closed at $11.01.

Specifically, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $11.04, for a total transaction of $93,199.68. Following the completion of the transaction, the director now directly owns 23,497 shares of the company’s stock, valued at $259,406.88. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Analyst Ratings Changes

A number of equities analysts have commented on FRSH shares. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price objective on shares of Freshworks in a research report on Wednesday, July 31st. StockNews.com cut shares of Freshworks from a “buy” rating to a “hold” rating in a research report on Saturday, June 22nd. Cantor Fitzgerald reduced their target price on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Barclays reduced their target price 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. Finally, JPMorgan Chase & Co. reduced their target price on shares of Freshworks from $19.00 to $17.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Freshworks currently has an average rating of “Moderate Buy” and an average target price of $18.69.

Freshworks Stock Performance

The stock has a market capitalization of $3.26 billion, a P/E ratio of -27.53 and a beta of 0.73. The firm has a 50-day moving average price of $11.62 and a 200 day moving average price of $13.73.

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

Institutional Trading of Freshworks

A number of hedge funds have recently modified their holdings of FRSH. Vanguard Group Inc. raised its stake in Freshworks by 6.8% during the 1st quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock valued at $385,525,000 after buying an additional 1,354,530 shares during the last quarter. FACT Capital LP increased its holdings in Freshworks by 9.3% during the fourth quarter. FACT Capital LP now owns 764,373 shares of the company’s stock valued at $17,955,000 after buying an additional 64,957 shares during the last quarter. ProShare Advisors LLC raised its position in Freshworks by 8.5% in the first quarter. ProShare Advisors LLC now owns 29,127 shares of the company’s stock worth $530,000 after acquiring an additional 2,293 shares during the period. Canada Pension Plan Investment Board boosted its stake in shares of Freshworks by 41.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 505,400 shares of the company’s stock worth $6,414,000 after acquiring an additional 147,700 shares during the last quarter. Finally, Seven Eight Capital LP purchased a new position in Freshworks during the first quarter valued at $1,316,000. Institutional investors 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.