Short Interest in Freshworks Inc. (NASDAQ:FRSH) Rises By 26.6%

Freshworks Inc. (NASDAQ:FRSHGet Rating) saw a significant increase in short interest in April. As of April 30th, there was short interest totalling 11,340,000 shares, an increase of 26.6% from the April 15th total of 8,960,000 shares. Currently, 13.4% of the company’s stock are short sold. Based on an average daily volume of 3,160,000 shares, the days-to-cover ratio is currently 3.6 days.

NASDAQ:FRSH opened at $15.14 on Thursday. Freshworks has a 1 year low of $12.91 and a 1 year high of $53.36. The stock has a fifty day simple moving average of $17.89.

Freshworks (NASDAQ:FRSHGet Rating) last posted its quarterly earnings data on Tuesday, May 3rd. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.04. The firm had revenue of $114.64 million during the quarter, compared to the consensus estimate of $108.24 million. During the same period in the prior year, the firm posted ($0.02) EPS. The firm’s quarterly revenue was up 42.3% on a year-over-year basis. On average, research analysts expect that Freshworks will post -0.72 EPS for the current year.

In related news, CRO Jose Morales sold 1,984 shares of Freshworks stock in a transaction on Tuesday, April 19th. The shares were sold at an average price of $20.00, for a total transaction of $39,680.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Randy Gottfried sold 33,750 shares of the company’s stock in a transaction dated Monday, May 16th. The shares were sold at an average price of $15.59, for a total transaction of $526,162.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 77,944 shares of company stock worth $1,332,185. 29.12% of the stock is currently owned by insiders.

Several institutional investors have recently made changes to their positions in the company. Weiss Multi Strategy Advisers LLC acquired a new position in shares of Freshworks in the first quarter worth about $9,408,000. Virtu Financial LLC lifted its position in shares of Freshworks by 176.1% in the 1st quarter. Virtu Financial LLC now owns 24,553 shares of the company’s stock valued at $440,000 after acquiring an additional 15,660 shares in the last quarter. Quantbot Technologies LP acquired a new position in Freshworks in the 1st quarter worth approximately $59,000. SC US Ttgp LTD. purchased a new position in shares of Freshworks during the first quarter valued at $51,705,000. Finally, Goldman Sachs Group Inc. grew its stake in Freshworks by 1,249.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 459,380 shares of the company’s stock valued at $8,232,000 after acquiring an additional 425,335 shares in the last quarter. 24.86% of the stock is currently owned by institutional investors.

Several research analysts have recently commented on the stock. StockNews.com raised shares of Freshworks to a “sell” rating in a report on Monday, May 9th. Morgan Stanley lowered their price objective on Freshworks from $43.00 to $25.00 and set an “equal weight” rating for the company in a research note on Friday, March 4th. Piper Sandler cut their target price on Freshworks from $38.00 to $36.00 and set an “overweight” rating on the stock in a research note on Friday, February 11th. JMP Securities lowered their price target on shares of Freshworks from $41.00 to $29.00 in a research report on Wednesday, May 4th. Finally, Needham & Company LLC cut their price objective on shares of Freshworks from $40.00 to $25.00 in a research report on Wednesday, May 4th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Freshworks presently has an average rating of “Hold” and a consensus price target of $28.22.

Freshworks Company Profile (Get Rating)

Freshworks Inc, a software development company, provides modern software-as-a-service products worldwide. The company offers Freshdesk Support Desk that enables businesses to delight their customers at every service engagement touchpoint across traditional channels, including email, as well as modern channels, such as messaging and social media; Freshdesk Messaging, which provides agents with a modern conversational user interface to engage with customers across web, mobile, and social messaging applications; Freshdesk Contact Center that helps agent with cloud-based telephony system to connect with customers; Freshdesk Omnichannel Suite, an integrated suite to engage and track customers across digital and traditional channels; and Freshdesk Customer Success that helps customer success managers at B2B subscription companies.

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