Freshworks Inc. (NASDAQ:FRSH) Director Zachary Nelson Sells 8,432 Shares

Key Points

• Zachary Nelson, Director of Freshworks Inc., sold 8,432 shares at an average price of $13.01, totaling approximately $109,700, reducing his ownership in the company by 17.83%.
• Freshworks had a 19.6% increase in revenue year-over-year for the last quarter, reporting $204.68 million, and exceeding analysts' expectations by about $5.83 million.
• Several analysts have recently upgraded Freshworks' stock ratings, with an average target price of $20.29, indicating a strong market interest in the company's potential growth.

Freshworks Inc. (NASDAQ:FRSH - Get Free Report) Director Zachary Nelson sold 8,432 shares of Freshworks stock in a transaction on Monday, August 4th. The shares were sold at an average price of $13.01, for a total value of $109,700.32. Following the completion of the transaction, the director owned 38,870 shares of the company's stock, valued at approximately $505,698.70. This trade represents a 17.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Zachary Nelson also recently made the following trade(s):

• On Wednesday, July 2nd, Zachary Nelson sold 8,433 shares of Freshworks stock. The shares were sold at an average price of $14.80, for a total value of $124,808.40.

Freshworks Trading Up 3.6%

Shares of FRSH traded up $0.47 during midday trading on Tuesday, reaching $13.46. The stock had a trading volume of 7,027,362 shares, compared to its average volume of 5,774,897. The company's 50-day moving average is $14.73 and its 200 day moving average is $15.22. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $19.77. The company has a market capitalization of $3.97 billion, a price-to-earnings ratio of -74.77 and a beta of 0.94.

Freshworks (NASDAQ:FRSH - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.12 by $0.06. Freshworks had a negative return on equity of 2.56% and a negative net margin of 7.02%. The firm had revenue of $204.68 million during the quarter, compared to analysts' expectations of $198.85 million. During the same period in the prior year, the business earned $0.08 EPS. The company's revenue for the quarter was up 19.6% compared to the same quarter last year. Research analysts forecast that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Scotiabank lifted their price target on Freshworks from $14.00 to $18.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 30th. Wall Street Zen upgraded Freshworks from a "buy" rating to a "strong-buy" rating in a research report on Sunday, June 29th. UBS Group reduced their price target on Freshworks from $22.00 to $19.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Piper Sandler set a $25.00 target price on Freshworks and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Finally, Oppenheimer reduced their target price on Freshworks from $24.00 to $19.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Freshworks currently has an average rating of "Moderate Buy" and an average price target of $20.29.

Hedge Funds Weigh In On Freshworks

A number of hedge funds and other institutional investors have recently modified their holdings of FRSH. Xponance Inc. boosted its holdings in Freshworks by 5.1% during the 1st quarter. Xponance Inc. now owns 15,605 shares of the company's stock valued at $220,000 after acquiring an additional 758 shares during the period. Amundi boosted its holdings in Freshworks by 1.3% during the 1st quarter. Amundi now owns 80,074 shares of the company's stock valued at $1,049,000 after acquiring an additional 1,040 shares during the period. Verdence Capital Advisors LLC boosted its holdings in Freshworks by 7.4% during the 2nd quarter. Verdence Capital Advisors LLC now owns 15,547 shares of the company's stock valued at $232,000 after acquiring an additional 1,070 shares during the period. Covestor Ltd boosted its holdings in Freshworks by 30.2% during the 4th quarter. Covestor Ltd now owns 4,686 shares of the company's stock valued at $76,000 after acquiring an additional 1,087 shares during the period. Finally, Vanguard Personalized Indexing Management LLC raised its position in Freshworks by 11.0% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 11,694 shares of the company's stock valued at $174,000 after purchasing an additional 1,160 shares during 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.

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