Rathnagirish Mathrubootham Sells 70,997 Shares of Freshworks Inc. (NASDAQ:FRSH) Stock

Freshworks Inc. (NASDAQ:FRSH - Get Free Report) Chairman Rathnagirish Mathrubootham sold 70,997 shares of the stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $16.01, for a total value of $1,136,661.97. Following the sale, the chairman now owns 724,515 shares in the company, valued at $11,599,485.15. The trade was a 8.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Rathnagirish Mathrubootham also recently made the following trade(s):

• On Tuesday, June 10th, Rathnagirish Mathrubootham sold 55,800 shares of Freshworks stock. The shares were sold at an average price of $16.00, for a total value of $892,800.00.
• On Monday, June 9th, Rathnagirish Mathrubootham sold 3,386 shares of Freshworks stock. The shares were sold at an average price of $16.00, for a total value of $54,176.00.

Freshworks Stock Down 4.6%

Shares of NASDAQ FRSH traded down $0.72 during mid-day trading on Friday, reaching $14.94. 2,768,008 shares of the company were exchanged, compared to its average volume of 3,295,274. The stock has a market cap of $4.41 billion, a price-to-earnings ratio of -46.69 and a beta of 0.97. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $19.77. The firm has a 50-day moving average of $14.36 and a 200 day moving average of $15.67.

Freshworks (NASDAQ:FRSH - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $0.18 earnings per share for the quarter, topping analysts' consensus estimates of $0.13 by $0.05. The firm had revenue of $196.27 million during the quarter, compared to analysts' expectations of $191.90 million. Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. The firm's quarterly revenue was up 18.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.10 EPS. On average, equities analysts forecast that Freshworks Inc. will post -0.19 earnings per share for the current year.

Institutional Investors Weigh In On Freshworks

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FRSH. Avion Wealth purchased a new stake in Freshworks in the fourth quarter valued at about $26,000. National Bank of Canada FI raised its stake in Freshworks by 1,385.8% in the fourth quarter. National Bank of Canada FI now owns 3,967 shares of the company's stock valued at $64,000 after buying an additional 3,700 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in Freshworks in the first quarter valued at about $70,000. Covestor Ltd raised its stake in shares of Freshworks by 30.2% in the fourth quarter. Covestor Ltd now owns 4,686 shares of the company's stock worth $76,000 after purchasing an additional 1,087 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale raised its stake in shares of Freshworks by 91.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 5,899 shares of the company's stock worth $84,000 after purchasing an additional 2,814 shares during the last quarter. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on FRSH. Wells Fargo & Company upped their price objective on Freshworks from $11.00 to $12.00 and gave the company an "underweight" rating in a research report on Wednesday, April 30th. Needham & Company LLC reaffirmed a "buy" rating and issued a $25.00 price objective on shares of Freshworks in a research report on Monday, March 17th. Jefferies Financial Group cut their price objective on Freshworks from $22.00 to $20.00 and set a "hold" rating on the stock in a research report on Monday, March 31st. Piper Sandler reaffirmed an "overweight" rating and issued a $22.00 price objective (up previously from $20.00) on shares of Freshworks in a research report on Wednesday, April 30th. Finally, Scotiabank increased their price target on Freshworks from $14.00 to $18.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Freshworks currently has a consensus rating of "Moderate Buy" and an average price target of $20.07.

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.