Freshworks (NASDAQ:FRSH) Reaches New 12-Month Low on Insider Selling

Freshworks Inc. (NASDAQ:FRSH)’s share price reached a new 52-week low during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $10.89 and last traded at $10.98, with a volume of 308197 shares trading hands. The stock had previously closed at $11.01.

Specifically, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $11.04, for a total value of $93,199.68. Following the transaction, the director now owns 23,497 shares in the company, valued at approximately $259,406.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

FRSH has been the topic of several recent analyst reports. Cantor Fitzgerald cut their target price on Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Jefferies Financial Group reduced their target price on Freshworks from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. JPMorgan Chase & Co. dropped their price target on Freshworks from $19.00 to $17.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Piper Sandler reduced their price objective on shares of Freshworks from $22.00 to $17.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Finally, Scotiabank dropped their target price on shares of Freshworks from $18.00 to $16.00 and set a “sector perform” rating for the company in a research report on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.69.

Freshworks Trading Up 3.3 %

The company has a market cap of $3.36 billion, a PE ratio of -27.20 and a beta of 0.73. The firm has a 50 day moving average of $11.57 and a two-hundred day moving average of $13.71.

Freshworks (NASDAQ:FRSH) last released its earnings results on Tuesday, July 30th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. The firm had revenue of $174.13 million for the quarter, compared to analysts’ expectations of $169.05 million. During the same period in the prior year, the firm posted ($0.12) earnings per share. The company’s quarterly revenue was up 20.0% on a year-over-year basis. On average, research analysts forecast that Freshworks Inc. will post -0.38 EPS for the current year.

Institutional Investors Weigh In On Freshworks

A number of institutional investors have recently made changes to their positions in the company. Capital International Investors bought a new stake in Freshworks in the 1st quarter worth about $59,311,000. Clearbridge Investments LLC raised its holdings in shares of Freshworks by 107.4% during the first quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock valued at $73,764,000 after purchasing an additional 2,097,280 shares during the last quarter. Vanguard Group Inc. lifted its position in Freshworks by 6.8% during the first quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock valued at $385,525,000 after purchasing an additional 1,354,530 shares during the period. Stanley Laman Group Ltd. purchased a new stake in Freshworks in the second quarter worth approximately $9,133,000. Finally, Lake Street Advisors Group LLC purchased a new stake in Freshworks in the second quarter worth approximately $8,717,000. Hedge funds and other institutional investors own 75.58% of the company’s stock.

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.