Short Interest in Freshworks Inc. (NASDAQ:FRSH) Grows By 10.6%

Freshworks Inc. (NASDAQ:FRSH) was the target of a significant increase in short interest in March. As of March 31st, there was short interest totalling 11,710,000 shares, an increase of 10.6% from the March 15th total of 10,590,000 shares. Approximately 6.9% of the company’s stock are short sold. Based on an average daily volume of 2,570,000 shares, the short-interest ratio is presently 4.6 days.

Insider Transactions at Freshworks

In related news, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $21.71, for a total transaction of $152,729.85. Following the completion of the sale, the director now directly owns 19,490 shares of the company’s stock, valued at approximately $423,127.90. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Freshworks news, Director Johanna Flower sold 4,800 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $19.05, for a total value of $91,440.00. Following the transaction, the director now directly owns 23,451 shares of the company’s stock, valued at approximately $446,741.55. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jennifer H. Taylor sold 7,035 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $21.71, for a total value of $152,729.85. Following the transaction, the director now owns 19,490 shares of the company’s stock, valued at $423,127.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 460,792 shares of company stock valued at $9,408,403. Corporate insiders own 26.66% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Board of Trustees of The Leland Stanford Junior University lifted its holdings in shares of Freshworks by 1.9% during the fourth quarter. Board of Trustees of The Leland Stanford Junior University now owns 35,019 shares of the company’s stock worth $823,000 after buying an additional 638 shares during the last quarter. Arizona State Retirement System raised its stake in Freshworks by 2.6% during the 3rd quarter. Arizona State Retirement System now owns 40,667 shares of the company’s stock valued at $810,000 after purchasing an additional 1,020 shares during the last quarter. Teacher Retirement System of Texas boosted its holdings in Freshworks by 7.9% in the 4th quarter. Teacher Retirement System of Texas now owns 14,805 shares of the company’s stock valued at $218,000 after purchasing an additional 1,079 shares during the period. Advisors Asset Management Inc. grew its position in Freshworks by 373.8% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,663 shares of the company’s stock worth $33,000 after purchasing an additional 1,312 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC increased its holdings in shares of Freshworks by 29.8% during the 3rd quarter. Counterpoint Mutual Funds LLC now owns 6,833 shares of the company’s stock worth $136,000 after purchasing an additional 1,567 shares during the period. Institutional investors own 75.58% of the company’s stock.

Freshworks Price Performance

FRSH opened at $17.30 on Wednesday. The company has a market capitalization of $5.15 billion, a PE ratio of -36.81 and a beta of 0.90. Freshworks has a fifty-two week low of $12.22 and a fifty-two week high of $24.98. The business has a 50-day moving average of $19.16 and a 200-day moving average of $20.10.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.04. The business had revenue of $160.11 million for the quarter, compared to the consensus estimate of $158.11 million. Freshworks had a negative net margin of 23.04% and a negative return on equity of 12.55%. On average, equities research analysts expect that Freshworks will post -0.37 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently commented on FRSH. Jefferies Financial Group upgraded Freshworks from a “hold” rating to a “buy” rating and lifted their price target for the stock from $20.00 to $30.00 in a research note on Friday, January 5th. Needham & Company LLC raised their price target on shares of Freshworks from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, December 28th. Cantor Fitzgerald restated an “overweight” rating and set a $25.00 price objective on shares of Freshworks in a research note on Wednesday, February 7th. Wolfe Research raised Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 target price on the stock in a report on Tuesday, February 20th. Finally, Piper Sandler upped their price target on shares of Freshworks from $24.00 to $28.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $25.00.

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.