Freshworks Inc. (NASDAQ:FRSH – Get Rating)’s stock price fell 7.5% during mid-day trading on Tuesday after Barclays lowered their price target on the stock from $18.00 to $15.00. Barclays currently has an equal weight rating on the stock. Freshworks traded as low as $11.51 and last traded at $11.57. 9,230 shares traded hands during trading, a decline of 100% from the average session volume of 2,693,790 shares. The stock had previously closed at $12.51.
Several other research analysts also recently issued reports on FRSH. Needham & Company LLC dropped their price objective on shares of Freshworks from $40.00 to $25.00 in a report on Wednesday, May 4th. JMP Securities lowered their target price on shares of Freshworks from $41.00 to $29.00 in a research note on Wednesday, May 4th. Canaccord Genuity Group lowered their target price on shares of Freshworks from $25.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, May 4th. Piper Sandler lowered their target price on shares of Freshworks from $28.00 to $20.00 and set an “overweight” rating on the stock in a research note on Monday, July 18th. Finally, Oppenheimer lowered their target price on shares of Freshworks from $36.00 to $26.00 in a research note on Wednesday, May 4th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Freshworks has a consensus rating of “Hold” and an average price target of $22.60.
Insider Buying and Selling at Freshworks
In other Freshworks news, Director Johanna Flower sold 4,700 shares of the business’s stock in a transaction dated Monday, July 11th. The shares were sold at an average price of $14.96, for a total value of $70,312.00. Following the transaction, the director now directly owns 16,110 shares in the company, valued at $241,005.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Zachary Nelson sold 21,098 shares of the company’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 transaction of $341,998.58. Following the transaction, the director now directly owns 1,043 shares in the company, valued at $16,907.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Johanna Flower sold 4,700 shares of the company’s stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $14.96, for a total transaction of $70,312.00. Following the transaction, the director now owns 16,110 shares in the company, valued at $241,005.60. The disclosure for this sale can be found here. Insiders have sold a total of 293,938 shares of company stock worth $3,624,058 over the last ninety days. Corporate insiders own 29.12% of the company’s stock.
Hedge Funds Weigh In On Freshworks
A number of large investors have recently modified their holdings of FRSH. Allspring Global Investments Holdings LLC acquired a new position in shares of Freshworks during the fourth quarter worth approximately $19,278,000. Ieq Capital LLC acquired a new position in shares of Freshworks during the fourth quarter worth approximately $788,000. Renaissance Capital LLC bought a new stake in shares of Freshworks during the fourth quarter worth approximately $370,000. AGF Investments Inc. bought a new stake in shares of Freshworks during the fourth quarter worth approximately $5,252,000. Finally, New York State Common Retirement Fund raised its stake in shares of Freshworks by 84.5% during the fourth quarter. New York State Common Retirement Fund now owns 219,593 shares of the company’s stock worth $5,767,000 after buying an additional 100,541 shares during the last quarter. 24.86% of the stock is currently owned by institutional investors and hedge funds.
Freshworks Stock Performance
Freshworks (NASDAQ:FRSH – Get Rating) last posted its quarterly earnings results on Tuesday, May 3rd. The company reported ($0.18) earnings per share 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. The company’s quarterly revenue was up 42.3% on a year-over-year basis. During the same period last year, the firm earned ($0.02) earnings per share. On average, analysts predict that Freshworks Inc. will post -0.72 EPS for the current year.
Freshworks Company Profile
Freshworks Inc, a software development company, provides modern software-as-a-service products worldwide. Freshworks Inc was formerly known as Freshdesk Inc and changed its name to Freshworks Inc in June 2017. The company was incorporated in 2010 and is headquartered in San Mateo, California.
