Insider Selling: Freshworks Inc. (NASDAQ:FRSH) Director Sells 4,685 Shares of Stock

Tue., January 10, 2023 | MarketBeat

Freshworks Inc. (NASDAQ:FRSH - Get Rating) Director Jennifer H. Taylor sold 4,685 shares of the business's stock in a transaction dated Tuesday, January 10th. The stock was sold at an average price of $14.29, for a total transaction of $66,948.65. Following the completion of the transaction, the director now owns 17,190 shares of the company's stock, valued at $245,645.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Freshworks Trading Down 0.3 %

Freshworks stock traded down $0.04 during mid-day trading on Tuesday, hitting $14.31. The company had a trading volume of 1,432,031 shares, compared to its average volume of 1,409,755. Freshworks Inc. has a 12-month low of $10.51 and a 12-month high of $25.78. The company's fifty day moving average is $14.08 and its 200-day moving average is $13.99.

Freshworks (NASDAQ:FRSH - Get Rating) last released its quarterly earnings data on Tuesday, November 1st. The company reported ($0.19) EPS for the quarter, hitting the consensus estimate of ($0.19). Freshworks had a negative return on equity of 20.74% and a negative net margin of 53.45%. The business had revenue of $128.76 million for the quarter, compared to analyst estimates of $125.07 million. Analysts anticipate that Freshworks Inc. will post -0.8 earnings per share for the current year.

Analyst Ratings Changes

FRSH has been the topic of a number of research analyst reports. Credit Suisse Group initiated coverage on Freshworks in a research note on Monday, November 21st. They set a "neutral" rating and a $14.00 price target on the stock. Jefferies Financial Group dropped their price target on Freshworks from $15.00 to $14.00 and set a "hold" rating on the stock in a research note on Monday, October 31st. Piper Sandler dropped their price target on Freshworks from $17.00 to $16.00 and set an "overweight" rating on the stock in a research note on Monday. Canaccord Genuity Group restated a "hold" rating and set a $15.00 price target on shares of Freshworks in a research note on Wednesday, January 4th. Finally, Morgan Stanley dropped their price target on Freshworks from $17.00 to $16.00 and set an "equal weight" rating on the stock in a research note on Wednesday, October 19th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $17.19.

Institutional Investors Weigh In On Freshworks

Several hedge funds have recently bought and sold shares of FRSH. Clarius Group LLC acquired a new position in shares of Freshworks during the 2nd quarter worth approximately $200,000. Ieq Capital LLC raised its stake in shares of Freshworks by 6.0% during the 2nd quarter. Ieq Capital LLC now owns 70,459 shares of the company's stock worth $927,000 after buying an additional 4,000 shares during the period. PDT Partners LLC raised its stake in shares of Freshworks by 64.3% during the 2nd quarter. PDT Partners LLC now owns 157,572 shares of the company's stock worth $2,072,000 after buying an additional 61,653 shares during the period. Quantbot Technologies LP raised its stake in shares of Freshworks by 1,713.3% during the 2nd quarter. Quantbot Technologies LP now owns 59,801 shares of the company's stock worth $786,000 after buying an additional 56,503 shares during the period. Finally, Crestone Asset Management LLC raised its stake in shares of Freshworks by 50.6% during the 3rd quarter. Crestone Asset Management LLC now owns 115,600 shares of the company's stock worth $1,499,000 after buying an additional 38,862 shares during the period. Hedge funds and other institutional investors own 46.36% of the company's stock.

Freshworks Company Profile

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Freshworks Inc, a software development company, provides modern software-as-a-service products worldwide. Freshworks Inc was formerly known as Freshdesk Inc and changed its name to Freshworks Inc in June 2017. The company was incorporated in 2010 and is headquartered in San Mateo, California.

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