Freshworks Inc. (NASDAQ:FRSH) Short Interest Down 8.7% in October

Freshworks Inc. (NASDAQ:FRSH) was the target of a large decrease in short interest in October. As of October 15th, there was short interest totalling 12,620,000 shares, a decrease of 8.7% from the September 30th total of 13,830,000 shares. Approximately 7.5% of the shares of the stock are short sold. Based on an average daily volume of 2,670,000 shares, the short-interest ratio is currently 4.7 days.

Freshworks Stock Performance

Shares of Freshworks stock opened at $11.70 on Friday. Freshworks has a 52-week low of $10.81 and a 52-week high of $24.98. The company’s 50 day moving average price is $11.41 and its 200-day moving average price is $12.78. The stock has a market capitalization of $3.53 billion, a price-to-earnings ratio of -33.43 and a beta of 0.73.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. The business had revenue of $174.13 million for the quarter, compared to analyst estimates of $169.05 million. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.08%. The company’s revenue was up 20.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.12) EPS. As a group, equities research analysts forecast that Freshworks will post -0.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Piper Sandler dropped their target price on shares of Freshworks from $17.00 to $13.00 and set an “overweight” rating for the company in a research report on Thursday, October 10th. Jefferies Financial Group dropped their price objective on shares of Freshworks from $25.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Cantor Fitzgerald reduced their target price on Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Freshworks in a research note on Wednesday, July 31st. Finally, Barclays reduced their price objective on Freshworks from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 31st. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Freshworks has an average rating of “Moderate Buy” and a consensus price target of $17.86.

Insider Buying and Selling

In other news, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $11.17, for a total value of $52,331.45. Following the completion of the transaction, the director now directly owns 35,853 shares in the company, valued at approximately $400,478.01. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the company’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $11.06, for a total value of $51,871.40. Following the transaction, the director now directly owns 36,689 shares in the company, valued at $405,780.34. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $11.17, for a total value of $52,331.45. Following the completion of the sale, the director now directly owns 35,853 shares in the company, valued at approximately $400,478.01. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 38,803 shares of company stock valued at $435,884. Corporate insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in Freshworks by 6.8% during the 1st quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock valued at $385,525,000 after purchasing an additional 1,354,530 shares during the last quarter. Sei Investments Co. raised its holdings in shares of Freshworks by 191.9% during the second quarter. Sei Investments Co. now owns 95,846 shares of the company’s stock valued at $1,216,000 after acquiring an additional 63,006 shares in the last quarter. ProShare Advisors LLC lifted its stake in Freshworks by 8.5% in the first quarter. ProShare Advisors LLC now owns 29,127 shares of the company’s stock worth $530,000 after acquiring an additional 2,293 shares during the period. Marshall Wace LLP bought a new stake in Freshworks in the second quarter valued at $1,740,000. Finally, Canada Pension Plan Investment Board increased its position in Freshworks by 41.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 505,400 shares of the company’s stock valued at $6,414,000 after purchasing an additional 147,700 shares during the period. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

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.