Freshworks (NASDAQ:FRSH) Insider Tyler Sloat Purchases 171,615 Shares

Freshworks Inc. (NASDAQ:FRSH) insider Tyler Sloat bought 171,615 shares of Freshworks stock in a transaction dated Tuesday, November 11th. The stock was acquired at an average cost of $11.62 per share, for a total transaction of $1,994,166.30. Following the purchase, the insider directly owned 1,149,244 shares in the company, valued at approximately $13,354,215.28. The trade was a 17.55% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Freshworks Price Performance

FRSH opened at $11.64 on Thursday. The company has a market cap of $3.39 billion, a price-to-earnings ratio of -116.39 and a beta of 0.90. The firm has a 50 day simple moving average of $11.81 and a 200 day simple moving average of $13.49. Freshworks Inc. has a fifty-two week low of $10.51 and a fifty-two week high of $19.77.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings data on Thursday, September 11th. The company reported $0.18 earnings per share (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%. As a group, analysts expect that Freshworks Inc. will post -0.19 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Canaccord Genuity Group dropped their price objective on Freshworks from $23.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, November 6th. Wells Fargo & Company started coverage on Freshworks in a research report on Tuesday, September 30th. They set an “equal weight” rating and a $13.00 target price for the company. Wall Street Zen upgraded shares of Freshworks from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 8th. Piper Sandler reduced their price objective on shares of Freshworks from $25.00 to $20.00 and set an “overweight” rating on the stock in a research note on Friday, November 7th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $27.00 target price on shares of Freshworks in a research note on Friday, September 12th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.38.

Hedge Funds Weigh In On Freshworks

Several institutional investors and hedge funds have recently modified their holdings of the business. Xponance Inc. increased its stake in Freshworks by 5.1% during the 1st quarter. Xponance Inc. now owns 15,605 shares of the company’s stock worth $220,000 after purchasing an additional 758 shares in the last quarter. Amundi increased its position in shares of Freshworks by 1.3% during the first quarter. Amundi now owns 80,074 shares of the company’s stock worth $1,049,000 after acquiring an additional 1,040 shares in the last quarter. Verdence Capital Advisors LLC raised its holdings in shares of Freshworks by 7.4% during the second quarter. Verdence Capital Advisors LLC now owns 15,547 shares of the company’s stock worth $232,000 after acquiring an additional 1,070 shares during the period. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Freshworks by 11.0% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 11,694 shares of the company’s stock worth $174,000 after acquiring an additional 1,160 shares during the period. Finally, Legato Capital Management LLC lifted its position in Freshworks by 4.0% in the 1st quarter. Legato Capital Management LLC now owns 33,080 shares of the company’s stock valued at $467,000 after acquiring an additional 1,260 shares in the last quarter. 75.58% of the stock is currently owned by institutional investors and hedge funds.

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.