Freshworks Inc. (NASDAQ:FRSH - Get Free Report)'s share price dropped 2.2% during mid-day trading on Wednesday . The company traded as low as $11.22 and last traded at $11.26. Approximately 245,575 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 2,588,377 shares. The stock had previously closed at $11.51.
Several analysts have weighed in on the stock. Cantor Fitzgerald dropped their price objective on shares of Freshworks from $19.00 to $18.00 and set an "overweight" rating for the company in a research note on Wednesday, July 31st. JPMorgan Chase & Co. cut their price target on Freshworks from $19.00 to $17.00 and set an "overweight" rating for the company in a research note on Wednesday, July 31st. Jefferies Financial Group lowered their price objective on Freshworks from $25.00 to $20.00 and set a "buy" rating on the stock in a research note on Wednesday, July 31st. Scotiabank cut their target price on Freshworks from $18.00 to $16.00 and set a "sector perform" rating for the company in a research report on Wednesday, July 31st. Finally, Wells Fargo & Company initiated coverage on Freshworks in a research report on Wednesday. They issued an "equal weight" rating and a $11.00 price target on the stock. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, Freshworks presently has an average rating of "Moderate Buy" and a consensus target price of $17.86.
Check Out Our Latest Research Report on FRSH
The stock has a 50 day moving average of $11.39 and a 200 day moving average of $13.30. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of -28.78 and a beta of 0.73.
Freshworks (NASDAQ:FRSH - Get Free Report) last issued its earnings results on Tuesday, July 30th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.02. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.08%. The business had revenue of $174.13 million for the quarter, compared to analyst estimates of $169.05 million. During the same period in the prior year, the firm earned ($0.12) earnings per share. Freshworks's revenue was up 20.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Freshworks Inc. will post -0.38 EPS for the current fiscal year.
In related news, Director Jennifer H. Taylor sold 4,690 shares of the business's stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $11.06, for a total value of $51,871.40. Following the sale, the director now directly owns 36,689 shares in the company, valued at approximately $405,780.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the company's stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $11.06, for a total value of $51,871.40. Following the transaction, the director now directly owns 36,689 shares in the company, valued at $405,780.34. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $11.04, for a total transaction of $93,199.68. Following the sale, the director now directly owns 23,497 shares of the company's stock, valued at $259,406.88. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 47,245 shares of company stock worth $533,811 in the last ninety days. Company insiders own 19.15% of the company's stock.
Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Freshworks by 6.8% in the 1st quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company's stock worth $385,525,000 after acquiring an additional 1,354,530 shares in the last quarter. Sei Investments Co. grew its holdings in shares of Freshworks by 191.9% in the second quarter. Sei Investments Co. now owns 95,846 shares of the company's stock worth $1,216,000 after acquiring an additional 63,006 shares during the period. ProShare Advisors LLC lifted its stake in shares of Freshworks by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 29,127 shares of the company's stock worth $530,000 after purchasing an additional 2,293 shares during the period. Marshall Wace LLP bought a new stake in shares of Freshworks during the 2nd quarter valued at $1,740,000. Finally, Canada Pension Plan Investment Board raised its stake in shares of Freshworks by 41.3% in the second quarter. Canada Pension Plan Investment Board now owns 505,400 shares of the company's stock worth $6,414,000 after buying an additional 147,700 shares during the period. Hedge funds and other institutional investors own 75.58% of the company's stock.
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.
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