Investors Buy High Volume of Call Options on Freshworks (NASDAQ:FRSH)

Freshworks Inc. (NASDAQ:FRSH) was the target of unusually large options trading activity on Tuesday. Stock traders purchased 11,574 call options on the stock. This is an increase of 539% compared to the typical daily volume of 1,810 call options.

Freshworks Price Performance

Shares of FRSH stock opened at $12.44 on Thursday. Freshworks has a 1-year low of $10.51 and a 1-year high of $19.77. The firm has a market cap of $3.51 billion, a PE ratio of -124.34 and a beta of 0.89. The company has a 50-day moving average of $11.54 and a two-hundred day moving average of $13.19.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data on Thursday, September 11th. The company reported $0.18 EPS for the quarter. Freshworks had a negative net margin of 3.65% and a negative return on equity of 0.37%. The firm had revenue of $204.68 million for the quarter. Sell-side analysts anticipate that Freshworks will post -0.19 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Philippa Lawrence sold 5,846 shares of the stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $12.06, for a total value of $70,502.76. Following the transaction, the chief accounting officer directly owned 392,711 shares of the company’s stock, valued at approximately $4,736,094.66. This represents a 1.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Tyler Sloat purchased 171,615 shares of Freshworks stock in a transaction on Tuesday, November 11th. The shares were acquired at an average cost of $11.62 per share, with a total value of $1,994,166.30. Following the completion of the transaction, the insider directly owned 1,149,244 shares in the company, valued at $13,354,215.28. The trade was a 17.55% increase in their position. The SEC filing for this purchase provides additional information. Insiders sold 14,631 shares of company stock worth $181,349 over the last quarter. Company insiders own 11.17% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Amundi lifted its holdings in Freshworks by 1.3% during the 1st quarter. Amundi now owns 80,074 shares of the company’s stock worth $1,049,000 after buying an additional 1,040 shares during the last quarter. Verdence Capital Advisors LLC increased its holdings in shares of Freshworks by 7.4% in the 2nd quarter. Verdence Capital Advisors LLC now owns 15,547 shares of the company’s stock valued at $232,000 after acquiring an additional 1,070 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its position in shares of Freshworks by 11.0% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 11,694 shares of the company’s stock worth $174,000 after acquiring an additional 1,160 shares in the last quarter. Inceptionr LLC lifted its stake in Freshworks by 3.6% during the third quarter. Inceptionr LLC now owns 33,583 shares of the company’s stock worth $395,000 after purchasing an additional 1,174 shares during the last quarter. Finally, Covestor Ltd boosted its holdings in Freshworks by 25.0% in the third quarter. Covestor Ltd now owns 7,393 shares of the company’s stock valued at $87,000 after purchasing an additional 1,479 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on FRSH. UBS Group reaffirmed a “buy” rating and set a $17.00 price target on shares of Freshworks in a research report on Friday, November 14th. Zacks Research downgraded shares of Freshworks from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 11th. Wall Street Zen raised Freshworks from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 8th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Freshworks in a research note on Wednesday, October 8th. Finally, Robert W. Baird dropped their price target on Freshworks from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, September 15th. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $19.23.

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.