Freshworks (NASDAQ:FRSH) Price Target Lowered to $19.00 at Oppenheimer

Freshworks (NASDAQ:FRSH) had its price target trimmed by Oppenheimer from $24.00 to $19.00 in a report published on Wednesday, Marketbeat.com reports. The firm currently has an outperform rating on the stock.

Several other analysts have also recently issued reports on FRSH. Robert W. Baird set a $18.00 price objective on Freshworks in a research note on Wednesday, February 12th. Morgan Stanley lifted their price target on shares of Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. StockNews.com raised shares of Freshworks from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. Wells Fargo & Company cut shares of Freshworks from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $16.00 to $13.00 in a research report on Tuesday, January 21st. Finally, Cantor Fitzgerald raised their price target on Freshworks from $18.00 to $22.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Freshworks currently has a consensus rating of “Moderate Buy” and an average target price of $20.79.

Freshworks Price Performance

Shares of FRSH stock traded down $0.83 on Wednesday, hitting $12.39. The stock had a trading volume of 1,522,473 shares, compared to its average volume of 3,727,749. The company’s 50 day moving average price is $15.88 and its 200-day moving average price is $15.18. Freshworks has a 1 year low of $10.81 and a 1 year high of $19.77. The firm has a market capitalization of $3.74 billion, a P/E ratio of -38.46 and a beta of 0.98.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. On average, equities analysts forecast that Freshworks will post -0.19 EPS for the current year.

Insider Buying and Selling at Freshworks

In related news, insider Mika Yamamoto sold 2,859 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $18.29, for a total transaction of $52,291.11. Following the transaction, the insider now owns 397,390 shares of the company’s stock, valued at $7,268,263.10. This trade represents a 0.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $18.30, for a total value of $154,488.60. Following the sale, the director now directly owns 24,187 shares of the company’s stock, valued at approximately $442,622.10. This represents a 25.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 55,262 shares of company stock worth $955,812. 19.15% of the stock is owned by company insiders.

Hedge Funds Weigh In On Freshworks

Several institutional investors have recently bought and sold shares of the company. State Street Corp boosted its holdings in shares of Freshworks by 7.1% in the third quarter. State Street Corp now owns 4,729,093 shares of the company’s stock valued at $54,290,000 after acquiring an additional 313,982 shares in the last quarter. Y Intercept Hong Kong Ltd increased its position in Freshworks by 4.7% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 132,261 shares of the company’s stock worth $1,518,000 after purchasing an additional 5,901 shares during the period. Barclays PLC raised its stake in shares of Freshworks by 33.4% during the 3rd quarter. Barclays PLC now owns 337,621 shares of the company’s stock worth $3,875,000 after buying an additional 84,568 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Freshworks by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company’s stock valued at $52,750,000 after buying an additional 66,342 shares during the period. Finally, Tidal Investments LLC purchased a new stake in shares of Freshworks in the third quarter valued at approximately $534,000. 75.58% of the stock is owned by institutional investors and hedge funds.

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.