Freshworks Inc. (NASDAQ:FRSH) Chairman Rathnagirish Mathrubootham Sells 55,800 Shares

Freshworks Inc. (NASDAQ:FRSH) Chairman Rathnagirish Mathrubootham sold 55,800 shares of Freshworks stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $16.00, for a total transaction of $892,800.00. Following the sale, the chairman now owns 724,515 shares of the company’s stock, valued at approximately $11,592,240. This represents a 7.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Rathnagirish Mathrubootham also recently made the following trade(s):

• On Wednesday, June 11th, Rathnagirish Mathrubootham sold 70,997 shares of Freshworks stock. The stock was sold at an average price of $16.01, for a total transaction of $1,136,661.97.
• On Monday, June 9th, Rathnagirish Mathrubootham sold 3,386 shares of Freshworks stock. The shares were sold at an average price of $16.00, for a total value of $54,176.00.

Freshworks Stock Performance

NASDAQ:FRSH opened at $15.63 on Thursday. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $19.77. The stock has a market cap of $4.61 billion, a P/E ratio of -48.84 and a beta of 0.97. The stock has a 50-day simple moving average of $14.23 and a 200-day simple moving average of $15.69.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.13 by $0.05. The company had revenue of $196.27 million for the quarter, compared to analyst estimates of $191.90 million. Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. The firm’s revenue was up 18.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.10 earnings per share. On average, equities research analysts predict that Freshworks Inc. will post -0.19 EPS for the current year.

Analyst Ratings Changes

FRSH has been the subject of a number of research analyst reports. JMP Securities restated a “market outperform” rating and set a $27.00 target price on shares of Freshworks in a report on Wednesday, April 30th. Morgan Stanley increased their price target on shares of Freshworks from $14.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 1st. Wall Street Zen raised shares of Freshworks from a “hold” rating to a “buy” rating in a research note on Thursday, February 13th. Scotiabank upped their target price on shares of Freshworks from $14.00 to $18.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 30th. Finally, Cantor Fitzgerald upgraded shares of Freshworks to an “overweight” rating and set a $20.00 target price on the stock in a report on Tuesday, June 3rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.07.

Institutional Investors Weigh In On Freshworks

Several hedge funds and other institutional investors have recently bought and sold shares of FRSH. Avion Wealth acquired a new position in Freshworks in the fourth quarter valued at $26,000. National Bank of Canada FI lifted its holdings in shares of Freshworks by 1,385.8% in the 4th quarter. National Bank of Canada FI now owns 3,967 shares of the company’s stock valued at $64,000 after purchasing an additional 3,700 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of Freshworks in the 1st quarter valued at about $70,000. Covestor Ltd boosted its position in shares of Freshworks by 30.2% in the 4th quarter. Covestor Ltd now owns 4,686 shares of the company’s stock valued at $76,000 after purchasing an additional 1,087 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its stake in Freshworks by 91.2% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 5,899 shares of the company’s stock worth $84,000 after buying an additional 2,814 shares during the last quarter. 75.58% of the stock is currently owned by institutional investors and hedge funds.

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.