Insider Selling: Freshworks Inc. (NASDAQ:FRSH) Director Sells 6,303 Shares of Stock

Freshworks Inc. (NASDAQ:FRSH - Get Free Report) Director Roxanne S. Austin sold 6,303 shares of the business's stock in a transaction on Friday, May 9th. The shares were sold at an average price of $14.75, for a total transaction of $92,969.25. Following the transaction, the director now directly owns 169,586 shares in the company, valued at approximately $2,501,393.50. The trade was a 3.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

Freshworks Price Performance

Freshworks stock traded up $1.11 during mid-day trading on Monday, reaching $15.67. The stock had a trading volume of 3,238,775 shares, compared to its average volume of 3,276,283. Freshworks Inc. has a one year low of $10.81 and a one year high of $19.77. The company has a 50-day moving average price of $14.12 and a two-hundred day moving average price of $15.56. The company has a market capitalization of $4.62 billion, a price-to-earnings ratio of -48.97 and a beta of 0.97.

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

Hedge Funds Weigh In On Freshworks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Freshworks by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 26,189,892 shares of the company's stock worth $369,539,000 after purchasing an additional 1,126,013 shares in the last quarter. Eminence Capital LP bought a new stake in Freshworks in the 4th quarter worth about $86,002,000. Geode Capital Management LLC raised its position in Freshworks by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 4,673,600 shares of the company's stock worth $75,588,000 after buying an additional 79,388 shares during the last quarter. TPG GP A LLC lifted its stake in Freshworks by 28.7% during the 4th quarter. TPG GP A LLC now owns 4,346,855 shares of the company's stock valued at $70,289,000 after acquiring an additional 969,283 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Freshworks during the 4th quarter valued at about $61,530,000. 75.58% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Morgan Stanley increased their price target on shares of Freshworks from $14.00 to $18.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 1st. Robert W. Baird set a $18.00 target price on Freshworks in a research report on Wednesday, February 12th. Oppenheimer lowered their target price on Freshworks from $24.00 to $19.00 and set an "outperform" rating for the company in a research note on Wednesday, April 9th. Jefferies Financial Group reduced their price target on Freshworks from $22.00 to $20.00 and set a "hold" rating on the stock in a research note on Monday, March 31st. Finally, Wells Fargo & Company raised 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. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.21.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.