Freshworks (NASDAQ:FRSH) Reaches New 1-Year Low at $10.60

Freshworks Inc. (NASDAQ:FRSHGet Rating)’s share price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $10.60 and last traded at $10.63, with a volume of 35380 shares traded. The stock had previously closed at $11.19.

FRSH has been the topic of a number of research analyst reports. Jefferies Financial Group cut their price target on Freshworks from $18.00 to $17.00 in a report on Monday, May 23rd. Oppenheimer cut their price target on Freshworks from $36.00 to $26.00 in a report on Wednesday, May 4th. Scotiabank initiated coverage on Freshworks in a report on Wednesday, June 8th. They set a “sector perform” rating and a $16.00 price target on the stock. JMP Securities cut their price target on Freshworks from $41.00 to $29.00 in a report on Wednesday, May 4th. Finally, StockNews.com upgraded Freshworks to a “sell” rating in a report on Monday, May 9th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $26.20.

The business has a fifty day moving average of $16.07 and a 200-day moving average of $20.14.

Freshworks (NASDAQ:FRSHGet Rating) last issued its quarterly earnings data on Tuesday, May 3rd. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.01. The company had revenue of $114.64 million for the quarter, compared to the consensus estimate of $108.24 million. During the same quarter last year, the business posted ($0.02) earnings per share. Freshworks’s revenue was up 42.3% on a year-over-year basis. On average, equities analysts expect that Freshworks Inc. will post -0.72 EPS for the current year.

In related news, Director Johanna Flower sold 4,700 shares of Freshworks stock in a transaction dated Tuesday, May 10th. The stock was sold at an average price of $14.33, for a total value of $67,351.00. Following the completion of the sale, the director now owns 903 shares of the company’s stock, valued at approximately $12,939.99. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CRO Jose Morales sold 1,984 shares of Freshworks stock in a transaction dated Tuesday, April 19th. The stock was sold at an average price of $20.00, for a total value of $39,680.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 70,907 shares of company stock worth $1,114,632. Company insiders own 29.12% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC purchased a new position in Freshworks during the 3rd quarter valued at about $27,000. Moors & Cabot Inc. purchased a new position in Freshworks during the 3rd quarter valued at about $506,000. FourThought Financial LLC purchased a new position in Freshworks during the 1st quarter valued at about $47,000. Quantbot Technologies LP purchased a new position in Freshworks during the 1st quarter valued at about $59,000. Finally, Squarepoint Ops LLC purchased a new position in Freshworks during the 3rd quarter valued at about $305,000. 24.86% of the stock is owned by institutional investors.

About Freshworks (NASDAQ:FRSH)

Freshworks Inc, a software development company, provides modern software-as-a-service products worldwide. The company offers Freshdesk Support Desk that enables businesses to delight their customers at every service engagement touchpoint across traditional channels, including email, as well as modern channels, such as messaging and social media; Freshdesk Messaging, which provides agents with a modern conversational user interface to engage with customers across web, mobile, and social messaging applications; Freshdesk Contact Center that helps agent with cloud-based telephony system to connect with customers; Freshdesk Omnichannel Suite, an integrated suite to engage and track customers across digital and traditional channels; and Freshdesk Customer Success that helps customer success managers at B2B subscription companies.

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