Insider Selling: Freshworks Inc. (NASDAQ:FRSH) Director Sells 7,558 Shares of Stock

Freshworks Inc. (NASDAQ:FRSH - Get Free Report) Director Barry L. Padgett sold 7,558 shares of Freshworks stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $15.14, for a total transaction of $114,428.12. Following the transaction, the director directly owned 32,635 shares of the company's stock, valued at $494,093.90. The trade was a 18.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Freshworks Stock Up 4.0%

Shares of Freshworks stock traded up $0.59 during mid-day trading on Friday, hitting $15.34. The stock had a trading volume of 1,798,797 shares, compared to its average volume of 3,302,931. The firm has a 50-day moving average of $15.02 and a two-hundred day moving average of $15.52. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $19.77. The firm has a market cap of $4.52 billion, a P/E ratio of -63.89 and a beta of 0.95.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.05. Freshworks had a negative return on equity of 4.41% and a negative net margin of 9.76%. The business had revenue of $196.27 million for the quarter, compared to analysts' expectations of $191.90 million. During the same period last year, the firm earned $0.10 earnings per share. The company's revenue for the quarter was up 18.9% compared to the same quarter last year. Sell-side analysts expect that Freshworks Inc. will post -0.19 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FRSH. Oppenheimer cut their price target on shares of Freshworks from $24.00 to $19.00 and set an "outperform" rating on the stock in a report on Wednesday, April 9th. Wells Fargo & Company boosted their target price on shares of Freshworks from $11.00 to $12.00 and gave the stock an "underweight" rating in a report on Wednesday, April 30th. JMP Securities restated a "market outperform" rating and issued a $27.00 target price on shares of Freshworks in a research note on Wednesday, April 30th. Cantor Fitzgerald upgraded shares of Freshworks to an "overweight" rating and set a $20.00 target price for the company in a research note on Tuesday, June 3rd. Finally, UBS Group reduced their price target on shares of Freshworks from $22.00 to $19.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $20.07.

Hedge Funds Weigh In On Freshworks

Hedge funds have recently added to or reduced their stakes in the stock. National Bank of Canada FI raised its holdings in shares of 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 shares of Freshworks in the first quarter valued at about $70,000. Covestor Ltd boosted its holdings in shares of Freshworks by 30.2% in 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. DekaBank Deutsche Girozentrale increased its stake in shares of Freshworks by 91.2% during the first quarter. DekaBank Deutsche Girozentrale now owns 5,899 shares of the company's stock worth $84,000 after acquiring an additional 2,814 shares during the period. Finally, Quarry LP raised its holdings in Freshworks by 47.8% during the fourth quarter. Quarry LP now owns 5,410 shares of the company's stock worth $87,000 after purchasing an additional 1,750 shares in the last quarter. 75.58% of the stock is currently 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.