Freshworks Inc. (NASDAQ:FRSH) Short Interest Update

Freshworks Inc. (NASDAQ:FRSH) was the target of a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 11,710,000 shares, a growth of 10.6% from the March 15th total of 10,590,000 shares. Based on an average daily trading volume, of 2,570,000 shares, the short-interest ratio is presently 4.6 days. Approximately 6.9% of the company’s stock are sold short.

Insiders Place Their Bets

In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $18.08, for a total value of $127,192.80. Following the completion of the transaction, the director now directly owns 19,991 shares of the company’s stock, valued at $361,437.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Jennifer H. Taylor sold 7,035 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $18.08, for a total transaction of $127,192.80. Following the completion of the transaction, the director now directly owns 19,991 shares of the company’s stock, valued at $361,437.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Roxanne S. Austin sold 6,303 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $21.54, for a total transaction of $135,766.62. Following the sale, the director now owns 88,431 shares of the company’s stock, valued at $1,904,803.74. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 460,792 shares of company stock valued at $9,408,403. Insiders own 26.66% of the company’s stock.

Institutional Trading of Freshworks

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Freshworks by 6.9% in the 4th quarter. Vanguard Group Inc. now owns 19,816,514 shares of the company’s stock valued at $465,490,000 after buying an additional 1,285,713 shares in the last quarter. BlackRock Inc. raised its position in shares of Freshworks by 210.2% in the 2nd quarter. BlackRock Inc. now owns 11,984,191 shares of the company’s stock valued at $210,682,000 after purchasing an additional 8,120,351 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of Freshworks by 35.0% in the 2nd quarter. Alliancebernstein L.P. now owns 4,794,336 shares of the company’s stock valued at $84,284,000 after purchasing an additional 1,243,205 shares during the last quarter. Morgan Stanley raised its position in shares of Freshworks by 38.7% in the 3rd quarter. Morgan Stanley now owns 3,988,906 shares of the company’s stock valued at $79,459,000 after purchasing an additional 1,113,371 shares during the last quarter. Finally, State Street Corp raised its position in shares of Freshworks by 239.7% in the 2nd quarter. State Street Corp now owns 3,294,195 shares of the company’s stock valued at $57,912,000 after purchasing an additional 2,324,432 shares during the last quarter. 75.58% of the stock is currently owned by institutional investors.

Freshworks Price Performance

Shares of FRSH opened at $17.96 on Monday. Freshworks has a twelve month low of $12.22 and a twelve month high of $24.98. The company’s fifty day simple moving average is $19.34 and its 200-day simple moving average is $20.13.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.04. Freshworks had a negative net margin of 23.04% and a negative return on equity of 12.55%. The business had revenue of $160.11 million for the quarter, compared to the consensus estimate of $158.11 million. On average, research analysts expect that Freshworks will post -0.37 earnings per share for the current year.

Wall Street Analyst Weigh In

FRSH has been the subject of several recent research reports. Piper Sandler boosted their target price on shares of Freshworks from $24.00 to $28.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Needham & Company LLC upped their price target on shares of Freshworks from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, December 28th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $25.00 price target on shares of Freshworks in a research report on Wednesday, February 7th. JMP Securities upped their price target on shares of Freshworks from $25.00 to $29.00 and gave the stock a “market outperform” rating in a research report on Wednesday, February 7th. Finally, Jefferies Financial Group upgraded shares of Freshworks from a “hold” rating to a “buy” rating and upped their price target for the stock from $20.00 to $30.00 in a research report on Friday, January 5th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Freshworks has a consensus rating of “Moderate Buy” and an average price target of $25.00.

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.