Freshworks (NASDAQ:FRSH) Reaches New 52-Week Low – What’s Next?

Freshworks Inc. (NASDAQ:FRSH)’s stock price reached a new 52-week low on Thursday . The company traded as low as $10.51 and last traded at $11.0240, with a volume of 672306 shares. The stock had previously closed at $11.06.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FRSH. Piper Sandler raised their price objective on shares of Freshworks from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 30th. Zacks Research upgraded shares of Freshworks from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 29th. Morgan Stanley lowered their price target on Freshworks from $18.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Friday, September 12th. Wall Street Zen lowered Freshworks from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 23rd. Finally, JMP Securities reaffirmed a “market outperform” rating and set 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, eight have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Freshworks has an average rating of “Moderate Buy” and a consensus price target of $20.07.

Freshworks Stock Performance

The company has a 50 day moving average price of $12.01 and a 200 day moving average price of $13.55. The firm has a market cap of $3.23 billion, a price-to-earnings ratio of -61.24 and a beta of 0.90.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings results on Thursday, September 11th. The company reported $0.18 EPS for the quarter. Freshworks had a negative return on equity of 2.56% and a negative net margin of 7.02%.The company had revenue of $204.68 million for the quarter. On average, research analysts forecast that Freshworks Inc. will post -0.19 earnings per share for the current year.

Insider Activity

In other news, insider Mika Yamamoto sold 4,289 shares of Freshworks stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $13.18, for a total value of $56,529.02. Following the transaction, the insider directly owned 533,993 shares of the company’s stock, valued at $7,038,027.74. The trade was a 0.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Philippa Lawrence sold 2,590 shares of the business’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $12.53, for a total value of $32,452.70. Following the completion of the transaction, the chief accounting officer owned 415,949 shares in the company, valued at $5,211,840.97. This trade represents a 0.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 27,828 shares of company stock valued at $358,968 over the last quarter. Company insiders own 11.17% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Inlight Wealth Management LLC acquired a new position in shares of Freshworks in the 2nd quarter valued at approximately $1,773,000. Principal Financial Group Inc. raised its holdings in Freshworks by 2,786.7% in the first quarter. Principal Financial Group Inc. now owns 512,875 shares of the company’s stock valued at $7,237,000 after acquiring an additional 495,108 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Freshworks by 2.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,642,290 shares of the company’s stock valued at $23,173,000 after acquiring an additional 32,333 shares in the last quarter. Pier 88 Investment Partners LLC acquired a new stake in shares of Freshworks in the 1st quarter valued at about $675,000. Finally, New York State Common Retirement Fund raised its position in shares of Freshworks by 75.8% during the 1st quarter. New York State Common Retirement Fund now owns 489,511 shares of the company’s stock valued at $6,907,000 after acquiring an additional 211,102 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

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.