Freshworks Inc. (NASDAQ:FRSH) Chairman Rathnagirish Mathrubootham Sells 55,800 Shares

Freshworks Inc. (NASDAQ:FRSH - Get Free Report) Chairman Rathnagirish Mathrubootham sold 55,800 shares of the business's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $16.00, for a total transaction of $892,800.00. Following the sale, the chairman now directly owns 724,515 shares in the company, valued at approximately $11,592,240. The trade was a 7.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

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

• On Wednesday, June 11th, Rathnagirish Mathrubootham sold 70,997 shares of Freshworks stock. The shares were sold at an average price of $16.01, for a total transaction of $1,136,661.97.
• 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 transaction of $54,176.00.

Freshworks Stock Down 0.3%

Shares of NASDAQ FRSH traded down $0.04 during midday trading on Thursday, reaching $15.59. The company had a trading volume of 1,174,514 shares, compared to its average volume of 3,402,310. The firm's fifty day moving average price is $14.23 and its 200-day moving average price is $15.69. The stock has a market cap of $4.60 billion, a PE ratio of -48.72 and a beta of 0.97. Freshworks Inc. has a one year low of $10.81 and a one year high of $19.77.

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

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Needham & Company LLC reissued a "buy" rating and issued a $25.00 price objective on shares of Freshworks in a research note on Monday, March 17th. Robert W. Baird set a $18.00 price target on shares of Freshworks in a research report on Wednesday, February 12th. Wells Fargo & Company boosted their price target on shares of Freshworks from $11.00 to $12.00 and gave the stock an "underweight" rating in a report on Wednesday, April 30th. Cantor Fitzgerald raised shares of Freshworks to an "overweight" rating and set a $20.00 target price on the stock in a research report on Tuesday, June 3rd. Finally, Canaccord Genuity Group boosted their target price on shares of Freshworks from $19.00 to $23.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $20.07.

Institutional Trading of Freshworks

A number of institutional investors have recently modified their holdings of the company. Avion Wealth bought a new stake in shares of Freshworks during the 4th quarter valued at about $26,000. National Bank of Canada FI raised its stake in Freshworks by 1,385.8% during 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 shares of Freshworks in the first quarter worth $70,000. Covestor Ltd increased its holdings in shares of Freshworks by 30.2% during the fourth quarter. Covestor Ltd now owns 4,686 shares of the company's stock valued at $76,000 after acquiring an additional 1,087 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale raised its position in shares of Freshworks by 91.2% in the 1st 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.

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.