Freshworks (NASDAQ:FRSH) Cut to Peer Perform at Wolfe Research

Wolfe Research cut shares of Freshworks (NASDAQ:FRSH) from an outperform rating to a peer perform rating in a research note published on Wednesday, MarketBeat reports.

A number of other equities research analysts have also weighed in on FRSH. UBS Group boosted their price objective on Freshworks from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Oppenheimer reiterated a “market perform” rating on shares of Freshworks in a research report on Wednesday. KeyCorp began coverage on Freshworks in a research note on Monday, September 14th. They set an “overweight” rating and a $18.00 price target on the stock. Wells Fargo & Company boosted their price target on Freshworks from $10.00 to $15.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 28th. Finally, Weiss Ratings raised Freshworks from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, September 29th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $15.92.

Freshworks Trading Down 4.6%

Freshworks stock traded down $0.59 during mid-day trading on Wednesday, reaching $12.11. The company had a trading volume of 5,446,919 shares, compared to its average volume of 7,619,666. Freshworks has a fifty-two week low of $6.79 and a fifty-two week high of $15.51. The company has a market cap of $3.16 billion, a P/E ratio of 16.59, a P/E/G ratio of 9.47 and a beta of 0.80. The business has a fifty day simple moving average of $13.45 and a 200 day simple moving average of $10.50.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.04. The company had revenue of $245.43 million during the quarter, compared to the consensus estimate of $245.06 million. Freshworks had a net margin of 20.49% and a return on equity of 5.52%. The company’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.16 earnings per share. Research analysts forecast that Freshworks will post 0.06 EPS for the current year.

Insider Buying and Selling at Freshworks

In related news, CAO Philippa Lawrence sold 3,492 shares of the business’s stock in a transaction on Monday, October 5th. The shares were sold at an average price of $12.98, for a total value of $45,326.16. Following the sale, the chief accounting officer owned 379,639 shares of the company’s stock, valued at $4,927,714.22. The trade was a 0.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 8.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Aberdeen Group plc acquired a new stake in shares of Freshworks in the third quarter valued at about $1,791,000. Russell Investments Group Ltd. raised its position in shares of Freshworks by 11.6% during the third quarter. Russell Investments Group Ltd. now owns 230,498 shares of the company’s stock worth $2,929,000 after acquiring an additional 23,998 shares during the last quarter. Jefferies Financial Group Inc. acquired a new position in shares of Freshworks in the third quarter worth approximately $1,714,000. Fulcrum Asset Management LLP lifted its stake in shares of Freshworks by 42,179.1% in the third quarter. Fulcrum Asset Management LLP now owns 117,536 shares of the company’s stock worth $1,479,000 after acquiring an additional 117,258 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Freshworks by 3.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 130,060 shares of the company’s stock worth $1,710,000 after acquiring an additional 4,899 shares during the period. 75.58% of the stock is owned by institutional investors.

About Freshworks

Freshworks Inc (NASDAQ:FRSH) develops cloud-based customer and employee engagement software for businesses of various sizes. Its products are designed to help organizations manage customer support, IT service operations, sales activities, and marketing workflows through user-friendly, artificial intelligence-enabled applications.

The company’s product portfolio includes Freshdesk for customer service and support, Freshservice for IT and enterprise service management, Freshsales for customer relationship management, and Freshmarketer for marketing automation and customer engagement.