Freshworks Inc. (NASDAQ:FRSH) Short Interest Up 10.6% in March

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

Freshworks Trading Up 1.2 %

NASDAQ FRSH opened at $17.30 on Wednesday. The company has a fifty day simple moving average of $19.16 and a 200 day simple moving average of $20.10. Freshworks has a 12-month low of $12.22 and a 12-month high of $24.98. The company has a market cap of $5.15 billion, a P/E ratio of -36.81 and a beta of 0.90.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $160.11 million for the quarter, compared to analysts’ expectations of $158.11 million. Sell-side analysts predict that Freshworks will post -0.37 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have issued reports on FRSH shares. Needham & Company LLC raised their price target on shares of Freshworks from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, December 28th. Piper Sandler raised their price objective on shares of Freshworks from $24.00 to $28.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $25.00 price objective on shares of Freshworks in a research report on Wednesday, February 7th. JMP Securities raised their price objective on shares of Freshworks from $25.00 to $29.00 and gave the stock a “market outperform” rating in a research report on Wednesday, February 7th. Finally, Jefferies Financial Group raised shares of Freshworks from a “hold” rating to a “buy” rating and raised their price objective for the stock from $20.00 to $30.00 in a research report on Friday, January 5th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $25.00.

Insider Activity at Freshworks

In other Freshworks news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $20.44, for a total transaction of $8,792,245.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Freshworks news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $20.44, for a total transaction of $8,792,245.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction that occurred 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 owns 19,991 shares of the company’s stock, valued at approximately $361,437.28. The disclosure for this sale can be found here. Insiders sold a total of 460,792 shares of company stock worth $9,408,403 in the last quarter. 26.66% of the stock is owned by insiders.

Hedge Funds Weigh In On Freshworks

Several large investors have recently bought and sold shares of FRSH. Bank of New York Mellon Corp lifted its stake in Freshworks by 3,770.9% during the 1st quarter. Bank of New York Mellon Corp now owns 597,595 shares of the company’s stock valued at $10,709,000 after acquiring an additional 582,157 shares in the last quarter. US Bancorp DE lifted its stake in Freshworks by 1,141.4% during the 1st quarter. US Bancorp DE now owns 8,044 shares of the company’s stock valued at $144,000 after acquiring an additional 7,396 shares in the last quarter. Citigroup Inc. bought a new position in Freshworks during the 1st quarter valued at $255,000. Cibc World Market Inc. bought a new position in Freshworks during the 1st quarter valued at $887,000. Finally, Dimensional Fund Advisors LP bought a new position in Freshworks during the 1st quarter valued at $267,000. 75.58% of the stock is currently owned by 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.