Canaccord Genuity Group Lowers Freshworks (NASDAQ:FRSH) Price Target to $20.00

Freshworks (NASDAQ:FRSH) had its target price decreased by stock analysts at Canaccord Genuity Group from $27.00 to $20.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 42.55% from the company’s current price.

A number of other research analysts also recently issued reports on the stock. Piper Sandler reduced their price objective on shares of Freshworks from $28.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday. Oppenheimer downgraded shares of Freshworks from an “outperform” rating to a “market perform” rating in a research note on Thursday. Morgan Stanley lowered their price objective on shares of Freshworks from $22.00 to $18.00 and set an “equal weight” rating for the company in a report on Thursday. Cantor Fitzgerald reduced their target price on Freshworks from $25.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, Barclays lowered their target price on Freshworks from $20.00 to $15.00 and set an “equal weight” rating for the company in a research note on Friday. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $22.59.

Freshworks Trading Down 4.4 %

Shares of NASDAQ:FRSH opened at $14.03 on Friday. The company’s fifty day moving average is $18.29 and its 200 day moving average is $19.98. Freshworks has a 52 week low of $12.22 and a 52 week high of $24.98.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.04. The firm had revenue of $160.11 million during the quarter, compared to analyst estimates of $158.11 million. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. As a group, sell-side analysts forecast that Freshworks will post -0.37 EPS for the current fiscal year.

Insider Buying and Selling

In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of the business’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $18.08, for a total value of $127,192.80. Following the completion of the sale, the director now directly owns 19,991 shares of the company’s stock, valued at approximately $361,437.28. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, Director Johanna Flower sold 4,800 shares of the firm’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $19.05, for a total transaction of $91,440.00. Following the transaction, the director now owns 23,451 shares in the company, valued at $446,741.55. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jennifer H. Taylor sold 7,035 shares of the company’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $18.08, for a total transaction of $127,192.80. Following the completion of the sale, the director now directly owns 19,991 shares of the company’s stock, valued at $361,437.28. The disclosure for this sale can be found here. Insiders have sold 460,792 shares of company stock valued at $9,408,403 in the last 90 days. Company insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

Several large investors have recently modified their holdings of the business. Board of Trustees of The Leland Stanford Junior University boosted its stake in shares of Freshworks by 1.9% during the fourth quarter. Board of Trustees of The Leland Stanford Junior University now owns 35,019 shares of the company’s stock valued at $823,000 after purchasing an additional 638 shares in the last quarter. Arizona State Retirement System boosted its position in Freshworks by 2.6% during the 3rd quarter. Arizona State Retirement System now owns 40,667 shares of the company’s stock valued at $810,000 after acquiring an additional 1,020 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Freshworks by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock valued at $250,000 after acquiring an additional 1,160 shares during the period. Victory Capital Management Inc. raised its position in shares of Freshworks by 12.1% in the 3rd quarter. Victory Capital Management Inc. now owns 16,215 shares of the company’s stock worth $323,000 after acquiring an additional 1,750 shares in the last quarter. Finally, Diversified Trust Co lifted its stake in shares of Freshworks by 5.6% during the 3rd quarter. Diversified Trust Co now owns 45,771 shares of the company’s stock worth $912,000 after purchasing an additional 2,440 shares during the last quarter. Institutional investors own 75.58% of the company’s stock.

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.