Freshworks (NASDAQ:FRSH) Trading Down 5.5% – Should You Sell?
by Jessica Moore · The Cerbat GemFreshworks Inc. (NASDAQ:FRSH – Get Free Report)’s stock price was down 5.5% on Friday . The company traded as low as $11.71 and last traded at $11.5770. Approximately 384,777 shares were traded during trading, a decline of 86% from the average daily volume of 2,846,419 shares. The stock had previously closed at $12.25.
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on FRSH. BTIG Research started coverage on Freshworks in a report on Tuesday, December 16th. They set a “neutral” rating for the company. Morgan Stanley dropped their price target on Freshworks from $18.00 to $16.00 and set an “equal weight” rating for the company in a research note on Friday, September 12th. JMP Securities reaffirmed a “market outperform” rating and issued a $27.00 price objective on shares of Freshworks in a research note on Friday, September 12th. Weiss Ratings reissued a “sell (e+)” rating on shares of Freshworks in a research report on Wednesday, October 8th. Finally, UBS Group reaffirmed a “buy” rating and set a $17.00 price target on shares of Freshworks in a research report on Friday, November 14th. Seven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Freshworks has a consensus rating of “Hold” and an average target price of $19.23.
Freshworks Stock Down 5.2%
The firm’s 50 day moving average price is $12.03 and its two-hundred day moving average price is $12.83. The firm has a market capitalization of $3.28 billion, a PE ratio of -116.24 and a beta of 0.89.
Freshworks (NASDAQ:FRSH – Get Free Report) last issued its quarterly earnings data on Thursday, September 11th. The company reported $0.18 EPS for the quarter. The firm had revenue of $204.68 million for the quarter. Freshworks had a negative net margin of 3.65% and a negative return on equity of 0.37%. On average, sell-side analysts anticipate that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Freshworks news, CAO Philippa Lawrence sold 5,846 shares of the company’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $12.06, for a total value of $70,502.76. Following the transaction, the chief accounting officer directly owned 392,711 shares of the company’s stock, valued at $4,736,094.66. This represents a 1.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Mika Yamamoto sold 15,012 shares of the stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $13.00, for a total value of $195,156.00. Following the transaction, the insider owned 490,350 shares of the company’s stock, valued at approximately $6,374,550. This trade represents a 2.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 22,368 shares of company stock valued at $283,335 over the last 90 days. 11.17% of the stock is owned by company insiders.
Institutional Trading of Freshworks
Hedge funds and other institutional investors have recently bought and sold shares of the company. Eminence Capital LP lifted its holdings in Freshworks by 39.4% during the 2nd quarter. Eminence Capital LP now owns 7,334,601 shares of the company’s stock worth $109,359,000 after buying an additional 2,074,641 shares during the last quarter. Wellington Management Group LLP lifted its stake in Freshworks by 9.5% during the third quarter. Wellington Management Group LLP now owns 4,906,157 shares of the company’s stock worth $57,745,000 after purchasing an additional 424,866 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Freshworks by 1.6% in the second quarter. Geode Capital Management LLC now owns 4,856,163 shares of the company’s stock worth $72,414,000 after purchasing an additional 75,688 shares during the period. State Street Corp increased its stake in Freshworks by 2.1% during the second quarter. State Street Corp now owns 4,850,487 shares of the company’s stock valued at $72,321,000 after purchasing an additional 101,132 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Freshworks by 8.5% during the third quarter. Dimensional Fund Advisors LP now owns 3,316,920 shares of the company’s stock worth $39,052,000 after purchasing an additional 260,078 shares during the period. 75.58% of the stock is owned by institutional investors.
Freshworks Company Profile
Freshworks, Inc is a global provider of cloud-based customer engagement software designed to help businesses streamline customer support, sales, marketing, and IT service operations. The company’s integrated suite of solutions enables organizations of all sizes to deliver seamless experiences across multiple channels, including email, chat, phone, and social media. Freshworks’ platform is built on modern, user-friendly interfaces and offers native automation, AI-powered insights, and analytics to improve efficiency and customer satisfaction.
The company’s flagship product, Freshdesk, serves as a helpdesk solution for customer support teams, while Freshservice addresses IT service management needs.