Freshworks Inc. (NASDAQ:FRSH) Director Jennifer H. Taylor Sells 7,558 Shares

Freshworks Inc. (NASDAQ:FRSH) Director Jennifer H. Taylor sold 7,558 shares of the business’s stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $15.13, for a total value of $114,352.54. Following the transaction, the director owned 44,218 shares in the company, valued at $669,018.34. This represents a 14.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Freshworks Trading Down 2.8%

NASDAQ FRSH opened at $14.75 on Thursday. Freshworks Inc. has a 1-year low of $10.81 and a 1-year high of $19.77. The company has a 50 day moving average of $14.96 and a 200-day moving average of $15.55. The firm has a market cap of $4.35 billion, a price-to-earnings ratio of -61.46 and a beta of 0.95.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $191.90 million. During the same period in the prior year, the company earned $0.10 EPS. Freshworks’s revenue for the quarter was up 18.9% on a year-over-year basis. On average, analysts forecast that Freshworks Inc. will post -0.19 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Piper Sandler reissued an “overweight” rating and set a $22.00 price objective (up previously from $20.00) on shares of Freshworks in a report on Wednesday, April 30th. Scotiabank raised their target price on Freshworks from $14.00 to $18.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 30th. Wells Fargo & Company boosted their price target on shares of Freshworks from $11.00 to $12.00 and gave the company an “underweight” rating in a report on Wednesday, April 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price objective on shares of Freshworks in a report on Monday, March 17th. Finally, Morgan Stanley upped their target price on shares of Freshworks from $14.00 to $18.00 and gave the company an “equal weight” rating in a research note on Thursday, May 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $20.07.

Institutional Trading of Freshworks

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Eminence Capital LP acquired a new position in Freshworks during the 4th quarter worth about $86,002,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Freshworks during the fourth quarter worth approximately $61,530,000. Norges Bank acquired a new position in shares of Freshworks during the fourth quarter worth approximately $57,527,000. Wellington Management Group LLP bought a new stake in shares of Freshworks during the first quarter valued at approximately $48,813,000. Finally, Fuller & Thaler Asset Management Inc. acquired a new stake in shares of Freshworks in the fourth quarter valued at approximately $49,946,000. 75.58% of the stock is currently owned by institutional investors and hedge funds.

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.