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

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

Insider Activity at Freshworks

In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of the company’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $18.08, for a total transaction of $127,192.80. Following the transaction, the director now directly owns 19,991 shares in the company, valued at $361,437.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $20.44, for a total transaction of $8,792,245.56. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $18.08, for a total transaction of $127,192.80. Following the completion of the transaction, the director now owns 19,991 shares of the company’s stock, valued at approximately $361,437.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 460,792 shares of company stock worth $9,408,403. Insiders own 26.66% of the company’s stock.

Institutional Trading of Freshworks

Several institutional investors and hedge funds have recently bought and sold shares of FRSH. Advisors Asset Management Inc. increased its stake in Freshworks by 373.8% in the third quarter. Advisors Asset Management Inc. now owns 1,663 shares of the company’s stock valued at $33,000 after purchasing an additional 1,312 shares during the period. Quarry LP purchased a new stake in Freshworks during the 2nd quarter valued at approximately $35,000. UBS Group AG lifted its position in Freshworks by 117.5% during the 3rd quarter. UBS Group AG now owns 3,574 shares of the company’s stock worth $46,000 after acquiring an additional 1,931 shares during the period. Quantbot Technologies LP acquired a new stake in Freshworks during the 1st quarter worth approximately $59,000. Finally, Neo Ivy Capital Management purchased a new position in shares of Freshworks in the 3rd quarter valued at approximately $81,000. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Freshworks Stock Performance

Shares of FRSH stock opened at $17.30 on Wednesday. The stock’s 50-day moving average is $19.16 and its two-hundred day moving average is $20.10. Freshworks has a 1 year low of $12.22 and a 1 year high of $24.98. The firm has a market cap of $5.15 billion, a price-to-earnings ratio of -36.81 and a beta of 0.90.

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

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Needham & Company LLC upped their price objective on Freshworks from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, December 28th. Jefferies Financial Group upgraded Freshworks from a “hold” rating to a “buy” rating and lifted their price objective for the company from $20.00 to $30.00 in a research note on Friday, January 5th. Wolfe Research upgraded shares of Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 target price on the stock in a research note on Tuesday, February 20th. JMP Securities raised their target price on shares of Freshworks from $25.00 to $29.00 and gave the company a “market outperform” rating in a report on Wednesday, February 7th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $25.00 price target on shares of Freshworks in a report on Wednesday, February 7th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.