Freshworks (NASDAQ:FRSH) Sets New 52-Week Low at $10.95

Freshworks Inc. (NASDAQ:FRSH) reached a new 52-week low during trading on Wednesday . The stock traded as low as $10.95 and last traded at $10.96, with a volume of 2472161 shares traded. The stock had previously closed at $11.31.

Analysts Set New Price Targets

A number of research firms have recently weighed in on FRSH. Scotiabank lowered their price objective on Freshworks from $18.00 to $16.00 and set a “sector perform” rating on the stock in a research report on Wednesday, July 31st. Canaccord Genuity Group reduced their price objective on shares of Freshworks from $20.00 to $17.00 and set a “buy” rating for the company in a research note on Wednesday, July 10th. JPMorgan Chase & Co. lowered their target price on shares of Freshworks from $19.00 to $17.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price target on shares of Freshworks in a research note on Wednesday, July 31st. Finally, Barclays dropped their price objective 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. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Freshworks has an average rating of “Moderate Buy” and an average price target of $18.69.

Freshworks Stock Down 3.1 %

The stock has a market capitalization of $3.28 billion, a PE ratio of -28.28 and a beta of 0.73. The business’s fifty day moving average is $11.85 and its two-hundred day moving average is $14.01.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. The business had revenue of $174.13 million during 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 business’s revenue was up 20.0% on a year-over-year basis. During the same period last year, the company posted ($0.12) EPS. Sell-side analysts expect that Freshworks Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $12.28, for a total transaction of $57,531.80. Following the transaction, the director now owns 35,853 shares in the company, valued at $440,274.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Freshworks news, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $11.54, for a total value of $97,316.82. Following the transaction, the director now owns 22,530 shares of the company’s stock, valued at approximately $259,996.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $12.28, for a total value of $57,531.80. Following the sale, the director now owns 35,853 shares of the company’s stock, valued at $440,274.84. The disclosure for this sale can be found here. Insiders have sold a total of 44,344 shares of company stock worth $517,094 over the last ninety days. Company insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Advisors Asset Management Inc. grew its stake 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 purchasing an additional 757 shares in the last quarter. CWM LLC raised its position in Freshworks by 554.5% during the 2nd quarter. CWM LLC now owns 3,397 shares of the company’s stock valued at $43,000 after purchasing an additional 2,878 shares in the last quarter. Quarry LP lifted its holdings in shares of Freshworks by 157.6% in the 2nd 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. EntryPoint Capital LLC bought a new position in shares of Freshworks during the 1st quarter worth $82,000. Finally, International Assets Investment Management LLC purchased a new position in shares of Freshworks during the second quarter valued at $58,000. 75.58% of the stock is currently owned by 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.