Freshworks (NASDAQ:FRSH) Reaches New 1-Year Low – Here’s Why

Freshworks Inc. (NASDAQ:FRSH) reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $8.56 and last traded at $8.8150, with a volume of 177205 shares trading hands. The stock had previously closed at $8.92.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on FRSH shares. BTIG Research began coverage on Freshworks in a research note on Tuesday, December 16th. They set a “neutral” rating for the company. UBS Group reaffirmed a “buy” rating and set a $17.00 target price on shares of Freshworks in a research report on Friday, November 14th. Wall Street Zen downgraded Freshworks from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 20th. Canaccord Genuity Group dropped their price objective on Freshworks from $23.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, November 6th. Finally, Zacks Research lowered shares of Freshworks from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. Six equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $18.54.

Freshworks Stock Down 3.9%

The firm has a market cap of $2.42 billion, a PE ratio of -85.81 and a beta of 0.89. The company has a 50-day simple moving average of $11.80 and a two-hundred day simple moving average of $12.14.

Insider Activity at Freshworks

In other news, insider Mika Yamamoto sold 15,012 shares of the stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $13.00, for a total transaction of $195,156.00. Following the completion of the transaction, the insider directly owned 490,350 shares of the company’s stock, valued at $6,374,550. This represents a 2.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Philippa Lawrence sold 5,846 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $12.06, for a total transaction of $70,502.76. Following the sale, the chief accounting officer owned 392,711 shares of the company’s stock, valued at approximately $4,736,094.66. The trade was a 1.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 22,267 shares of company stock worth $282,301. 11.17% of the stock is owned by company insiders.

Institutional Trading of Freshworks

Several hedge funds have recently made changes to their positions in the company. Envestnet Asset Management Inc. boosted its holdings in shares of Freshworks by 34.1% in the second quarter. Envestnet Asset Management Inc. now owns 110,654 shares of the company’s stock worth $1,650,000 after acquiring an additional 28,152 shares during the period. Geode Capital Management LLC boosted its stake in Freshworks by 1.6% in the 2nd quarter. Geode Capital Management LLC now owns 4,856,163 shares of the company’s stock worth $72,414,000 after purchasing an additional 75,688 shares during the period. Nordea Investment Management AB purchased a new position in Freshworks during the 3rd quarter valued at about $5,083,000. Pier 88 Investment Partners LLC increased its position in shares of Freshworks by 68.6% during the second quarter. Pier 88 Investment Partners LLC now owns 80,680 shares of the company’s stock valued at $1,203,000 after buying an additional 32,830 shares during the period. Finally, Edgestream Partners L.P. lifted its holdings in shares of Freshworks by 744.6% in the second quarter. Edgestream Partners L.P. now owns 367,873 shares of the company’s stock worth $5,485,000 after buying an additional 324,319 shares in the last quarter. 75.58% of the stock is currently owned by institutional investors.

Freshworks Company Profile

Freshworks, Inc is a global provider of cloud-based customer engagement software designed to help businesses streamline customer support, sales, marketing, and IT service operations. The company’s integrated suite of solutions enables organizations of all sizes to deliver seamless experiences across multiple channels, including email, chat, phone, and social media. Freshworks’ platform is built on modern, user-friendly interfaces and offers native automation, AI-powered insights, and analytics to improve efficiency and customer satisfaction.

The company’s flagship product, Freshdesk, serves as a helpdesk solution for customer support teams, while Freshservice addresses IT service management needs.