Insider Buying: Freshworks (NASDAQ:FRSH) CEO Purchases $1,991,691.00 in Stock

Freshworks Inc. (NASDAQ:FRSH) CEO Dennis Woodside purchased 176,100 shares of Freshworks stock in a transaction dated Monday, November 10th. The stock was bought at an average price of $11.31 per share, with a total value of $1,991,691.00. Following the acquisition, the chief executive officer directly owned 2,111,517 shares of the company’s stock, valued at approximately $23,881,257.27. This trade represents a 9.10% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Freshworks Stock Up 1.7%

Shares of NASDAQ:FRSH opened at $12.11 on Friday. The firm has a market cap of $3.41 billion, a price-to-earnings ratio of -121.09 and a beta of 0.90. Freshworks Inc. has a 12 month low of $10.51 and a 12 month high of $19.77. The company’s fifty day simple moving average is $11.77 and its 200 day simple moving average is $13.47.

Freshworks (NASDAQ:FRSH) last released its earnings results on Thursday, September 11th. The company reported $0.18 earnings per share (EPS) for the quarter. Freshworks had a negative return on equity of 0.37% and a negative net margin of 3.65%.The firm had revenue of $204.68 million during the quarter. Research analysts expect that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Institutional Trading of Freshworks

A number of large investors have recently added to or reduced their stakes in the company. Inlight Wealth Management LLC bought a new stake in Freshworks in the second quarter valued at approximately $1,773,000. Pier 88 Investment Partners LLC increased its holdings in shares of Freshworks by 68.6% during the 2nd quarter. Pier 88 Investment Partners LLC now owns 80,680 shares of the company’s stock worth $1,203,000 after acquiring an additional 32,830 shares during the last quarter. Principal Financial Group Inc. raised its stake in Freshworks by 2,786.7% in the 1st 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 during the period. Charles Schwab Investment Management Inc. lifted its holdings in Freshworks by 2.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,642,290 shares of the company’s stock valued at $23,173,000 after purchasing an additional 32,333 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its holdings in 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 purchasing an additional 211,102 shares during the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

Wall Street Analyst Weigh In

FRSH has been the topic of several research reports. Zacks Research cut Freshworks from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Canaccord Genuity Group cut their price objective on shares of Freshworks from $23.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, November 6th. Piper Sandler decreased their target price on shares of Freshworks from $25.00 to $20.00 and set an “overweight” rating for the company in a research report on Friday, November 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of Freshworks in a research report on Wednesday, October 8th. Finally, UBS Group restated a “buy” rating and issued a $17.00 price objective on shares of Freshworks in a report on Friday. Seven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Freshworks has a consensus rating of “Hold” and a consensus target price of $19.23.

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.