Freshworks Inc. (NASDAQ:FRSH) Director Sells $2,560,500.00 in Stock

Freshworks Inc. (NASDAQ:FRSHGet Rating) Director Barry L. Padgett sold 225,000 shares of the company’s stock in a transaction dated Friday, June 17th. The stock was sold at an average price of $11.38, for a total value of $2,560,500.00. Following the sale, the director now owns 1,078 shares in the company, valued at approximately $12,267.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Shares of NASDAQ FRSH traded up $0.15 during trading hours on Tuesday, reaching $11.45. 3,310,410 shares of the stock were exchanged, compared to its average volume of 2,910,491. Freshworks Inc. has a 52 week low of $10.51 and a 52 week high of $53.36. The stock’s fifty day simple moving average is $15.71 and its 200 day simple moving average is $19.51.

Freshworks (NASDAQ:FRSHGet Rating) last announced its 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 firm had revenue of $114.64 million for the quarter, compared to the consensus estimate of $108.24 million. Freshworks’s revenue for the quarter was up 42.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.02) EPS. Analysts forecast that Freshworks Inc. will post -0.72 EPS for the current year.

Several research firms recently issued reports on FRSH. Jefferies Financial Group dropped their target price on Freshworks from $18.00 to $17.00 in a report on Monday, May 23rd. Scotiabank began coverage on Freshworks in a research note on Wednesday, June 8th. They issued a “sector perform” rating and a $16.00 price objective on the stock. Needham & Company LLC dropped their price objective on Freshworks from $40.00 to $25.00 in a research note on Wednesday, May 4th. Canaccord Genuity Group dropped their price objective on Freshworks from $25.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, May 4th. Finally, StockNews.com upgraded Freshworks to a “sell” rating in a research note on Monday, May 9th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $26.20.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Weiss Multi Strategy Advisers LLC acquired a new stake in Freshworks during the first quarter worth approximately $9,408,000. Virtu Financial LLC grew its position in Freshworks by 176.1% during the first quarter. Virtu Financial LLC now owns 24,553 shares of the company’s stock worth $440,000 after buying an additional 15,660 shares in the last quarter. Quantbot Technologies LP acquired a new stake in Freshworks during the first quarter worth approximately $59,000. SC US Ttgp LTD. acquired a new stake in Freshworks during the first quarter worth approximately $51,705,000. Finally, Goldman Sachs Group Inc. grew its position in Freshworks by 1,249.3% during the first quarter. Goldman Sachs Group Inc. now owns 459,380 shares of the company’s stock worth $8,232,000 after buying an additional 425,335 shares in the last quarter. Institutional investors own 24.86% of the company’s stock.

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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