Freshworks Inc. (NASDAQ:FRSH) Chairman Sells $54,176.00 in Stock

Freshworks Inc. (NASDAQ:FRSH) Chairman Rathnagirish Mathrubootham sold 3,386 shares of the company’s stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $16.00, for a total transaction of $54,176.00. Following the transaction, the chairman now directly owns 744,647 shares of the company’s stock, valued at approximately $11,914,352. This trade represents a 0.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Rathnagirish Mathrubootham also recently made the following trade(s):

• On Wednesday, June 11th, Rathnagirish Mathrubootham sold 70,997 shares of Freshworks stock. The stock was sold at an average price of $16.01, for a total value of $1,136,661.97.
• On Tuesday, June 10th, Rathnagirish Mathrubootham sold 55,800 shares of Freshworks stock. The stock was sold at an average price of $16.00, for a total value of $892,800.00.

Freshworks Stock Down 4.6%

Shares of FRSH opened at $14.94 on Friday. 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 $4.41 billion, a P/E ratio of -46.69 and a beta of 0.97. The firm has a 50 day moving average of $14.36 and a 200 day moving average of $15.67.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.05. The firm had revenue of $196.27 million during the quarter, compared to analysts’ expectations of $191.90 million. Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. The company’s revenue was up 18.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.10 earnings per share. On average, sell-side analysts expect that Freshworks Inc. will post -0.19 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on FRSH shares. Morgan Stanley upped their target price on Freshworks from $14.00 to $18.00 and gave the stock an “equal weight” rating in a report on Thursday, May 1st. Wells Fargo & Company upped their price target on Freshworks from $11.00 to $12.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 30th. Cantor Fitzgerald raised Freshworks to an “overweight” rating and set a $20.00 price objective for the company in a research report on Tuesday, June 3rd. JMP Securities restated a “market outperform” rating and set a $27.00 target price on shares of Freshworks in a report on Wednesday, April 30th. Finally, Oppenheimer decreased their price target on shares of Freshworks from $24.00 to $19.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Freshworks currently has an average rating of “Moderate Buy” and an average price target of $20.07.

Hedge Funds Weigh In On Freshworks

A number of hedge funds have recently bought and sold shares of the business. Xponance Inc. boosted its holdings in shares of Freshworks by 5.1% during the 1st quarter. Xponance Inc. now owns 15,605 shares of the company’s stock valued at $220,000 after acquiring an additional 758 shares during the last quarter. Versor Investments LP boosted its holdings in Freshworks by 3.0% in the fourth quarter. Versor Investments LP now owns 34,400 shares of the company’s stock worth $556,000 after purchasing an additional 1,000 shares during the last quarter. Amundi boosted its holdings in Freshworks by 1.3% in the first quarter. Amundi now owns 80,074 shares of the company’s stock worth $1,049,000 after purchasing an additional 1,040 shares during the last quarter. Covestor Ltd grew its position in Freshworks by 30.2% in the 4th quarter. Covestor Ltd now owns 4,686 shares of the company’s stock worth $76,000 after purchasing an additional 1,087 shares during the period. Finally, Arizona State Retirement System raised its stake in Freshworks by 2.2% during the 4th quarter. Arizona State Retirement System now owns 51,704 shares of the company’s stock valued at $836,000 after buying an additional 1,103 shares during the last quarter. 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.