Insider Selling: Freshworks Inc. (NASDAQ:FRSH) Director Sells 780 Shares of Stock

Freshworks Inc. (NASDAQ:FRSH) Director Barry L. Padgett sold 780 shares of Freshworks stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $14.09, for a total transaction of $10,990.20. Following the completion of the transaction, the director now directly owns 26,957 shares of the company’s stock, valued at $379,824.13. This trade represents a 2.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Freshworks Stock Performance

NASDAQ:FRSH traded up $0.22 during mid-day trading on Tuesday, hitting $14.33. 3,007,643 shares of the company’s stock traded hands, compared to its average volume of 3,246,959. The company has a fifty day moving average of $16.79 and a 200 day moving average of $15.15. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $19.77. The company has a market capitalization of $4.32 billion, a P/E ratio of -44.78 and a beta of 0.92.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.10). Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. On average, research analysts expect that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Freshworks

Several hedge funds have recently bought and sold shares of FRSH. Smith Group Asset Management LLC acquired a new position in shares of Freshworks during the 4th quarter worth about $589,000. Barclays PLC raised its holdings in shares of Freshworks by 33.4% during the third quarter. Barclays PLC now owns 337,621 shares of the company’s stock valued at $3,875,000 after acquiring an additional 84,568 shares during the last quarter. Edgestream Partners L.P. purchased a new position in shares of Freshworks in the third quarter valued at approximately $1,193,000. Raymond James Financial Inc. acquired a new stake in shares of Freshworks in the fourth quarter worth approximately $20,666,000. Finally, Geode Capital Management LLC increased its position in shares of Freshworks by 1.5% during the third quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company’s stock worth $52,750,000 after purchasing an additional 66,342 shares in the last quarter. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Piper Sandler boosted their target price on Freshworks from $20.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Scotiabank increased their price objective on shares of Freshworks from $17.00 to $19.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 12th. JMP Securities set a $27.00 target price on shares of Freshworks in a report on Wednesday, February 12th. Barclays boosted their target price on shares of Freshworks from $14.00 to $20.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 12th. Finally, Robert W. Baird set a $18.00 price target on Freshworks in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Freshworks has a consensus rating of “Moderate Buy” and a consensus price target of $21.14.

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.