Insider Selling: Freshworks Inc. (NASDAQ:FRSH) Director Sells 21,098 Shares of Stock
Freshworks Inc. (NASDAQ:FRSH – Get Rating) Director Zachary Nelson sold 21,098 shares of the firm’s stock in a transaction that occurred on Thursday, June 2nd. The shares were sold at an average price of $16.21, for a total value of $341,998.58. Following the transaction, the director now owns 1,043 shares of the company’s stock, valued at approximately $16,907.03. The transaction was disclosed in a document filed with the SEC, which is available through this link.
Shares of Freshworks stock traded down $0.89 on Friday, reaching $15.36. The company had a trading volume of 2,093,863 shares, compared to its average volume of 2,682,383. Freshworks Inc. has a 1 year low of $12.91 and a 1 year high of $53.36. The firm’s 50-day moving average price is $17.00 and its two-hundred day moving average price is $21.43.
Freshworks (NASDAQ:FRSH – Get Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.01. The business had revenue of $114.64 million for the quarter, compared to the consensus estimate of $108.24 million. During the same period in the prior year, the business posted ($0.02) earnings per share. Freshworks’s revenue was up 42.3% on a year-over-year basis. Sell-side analysts predict that Freshworks Inc. will post -0.72 earnings per share for the current fiscal year.
Several equities analysts have weighed in on FRSH shares. Oppenheimer cut their price target on Freshworks from $36.00 to $26.00 in a report on Wednesday, May 4th. Robert W. Baird cut their price target on Freshworks from $50.00 to $40.00 in a report on Friday, February 11th. Piper Sandler cut their price target on Freshworks from $38.00 to $36.00 and set an “overweight” rating for the company in a report on Friday, February 11th. JMP Securities cut their price target on Freshworks from $41.00 to $29.00 in a report on Wednesday, May 4th. Finally, Canaccord Genuity Group dropped their target price on Freshworks from $25.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, May 4th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Freshworks presently has an average rating of “Hold” and an average price target of $27.33.
Several hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company bought a new stake in Freshworks during the 3rd quarter valued at $427,000. Franklin Resources Inc. bought a new stake in Freshworks during the 3rd quarter valued at $49,162,000. Caas Capital Management LP bought a new stake in Freshworks during the 3rd quarter valued at $10,673,000. Lead Edge Capital Management LLC bought a new stake in Freshworks during the 3rd quarter valued at $427,000. Finally, Balyasny Asset Management LLC bought a new stake in Freshworks during the 3rd quarter valued at $6,404,000. 24.86% of the stock is owned by hedge funds and other institutional investors.
About Freshworks (Get Rating)
Freshworks Inc, a software development company, provides modern software-as-a-service products worldwide. The company offers Freshdesk Support Desk that enables businesses to delight their customers at every service engagement touchpoint across traditional channels, including email, as well as modern channels, such as messaging and social media; Freshdesk Messaging, which provides agents with a modern conversational user interface to engage with customers across web, mobile, and social messaging applications; Freshdesk Contact Center that helps agent with cloud-based telephony system to connect with customers; Freshdesk Omnichannel Suite, an integrated suite to engage and track customers across digital and traditional channels; and Freshdesk Customer Success that helps customer success managers at B2B subscription companies.
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