Zachary Nelson Sells 8,442 Shares of Freshworks Inc. (NASDAQ:FRSH) Stock

Freshworks Inc. (NASDAQ:FRSH) Director Zachary Nelson sold 8,442 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $11.60, for a total value of $97,927.20. Following the sale, the director now owns 22,530 shares in the company, valued at approximately $261,348. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Zachary Nelson also recently made the following trade(s):

• On Monday, June 3rd, Zachary Nelson sold 8,442 shares of Freshworks stock. The stock was sold at an average price of $12.75, for a total value of $107,635.50.

Freshworks Stock Performance

Shares of FRSH traded down $0.30 during trading hours on Friday, hitting $11.67. 2,265,921 shares of the stock were exchanged, compared to its average volume of 2,649,838. Freshworks Inc. has a 12-month low of $11.24 and a 12-month high of $24.98. The company has a market cap of $3.49 billion, a price-to-earnings ratio of -29.37 and a beta of 0.74. The stock’s 50-day moving average price is $12.82 and its two-hundred day moving average price is $16.67.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.02. Freshworks had a negative return on equity of 9.18% and a negative net margin of 15.72%. The firm had revenue of $165.14 million during the quarter, compared to analysts’ expectations of $163.53 million. On average, research analysts expect that Freshworks Inc. will post -0.34 earnings per share for the current year.

Hedge Funds Weigh In On Freshworks

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers boosted its stake in Freshworks by 23.9% during the second quarter. Rhumbline Advisers now owns 281,379 shares of the company’s stock worth $3,571,000 after buying an additional 54,293 shares during the last quarter. Hantz Financial Services Inc. acquired a new position in Freshworks during the second quarter worth $136,000. International Assets Investment Management LLC acquired a new position in shares of Freshworks in the 2nd quarter valued at $58,000. Principal Financial Group Inc. lifted its stake in shares of Freshworks by 26.4% in the 2nd quarter. Principal Financial Group Inc. now owns 27,541 shares of the company’s stock valued at $349,000 after purchasing an additional 5,745 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Freshworks by 32.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 37,047 shares of the company’s stock valued at $470,000 after purchasing an additional 9,180 shares during the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FRSH. Morgan Stanley cut their price target on Freshworks from $22.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 2nd. Oppenheimer downgraded Freshworks from an “outperform” rating to a “market perform” rating in a report on Thursday, May 2nd. Cantor Fitzgerald decreased their target price on Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday. Barclays reduced their price target on Freshworks from $15.00 to $14.00 and set an “equal weight” rating for the company in a research report on Wednesday. Finally, JMP Securities reduced their price target on Freshworks from $29.00 to $21.00 and set a “market outperform” rating for the company in a research report on Thursday, May 2nd. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.06.

Freshworks Company Profile

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.