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

Freshworks (NASDAQ:FRSH) had its target price cut by Cantor Fitzgerald from $25.00 to $19.00 in a research note published on Thursday, Benzinga reports. They currently have an overweight rating on the stock.

Several other brokerages also recently weighed in on FRSH. Wolfe Research raised shares of Freshworks from a peer perform rating to an outperform rating and set a $27.00 target price for the company in a research note on Tuesday, February 20th. Robert W. Baird lowered shares of Freshworks from an outperform rating to a neutral rating and cut their price objective for the company from $28.00 to $16.00 in a research report on Thursday. Needham & Company LLC restated a buy rating and set a $30.00 target price on shares of Freshworks in a research report on Thursday. Morgan Stanley reduced their price target on Freshworks from $24.00 to $22.00 and set an equal weight rating on the stock in a research note on Wednesday, April 17th. Finally, Jefferies Financial Group upgraded 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 report on Friday, January 5th. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $22.59.

Freshworks Trading Down 4.4 %

FRSH stock opened at $14.03 on Thursday. The firm has a 50 day moving average of $18.29 and a 200-day moving average of $19.99. Freshworks has a 12-month low of $12.22 and a 12-month 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 the consensus estimate of ($0.13) by $0.04. The firm had revenue of $160.11 million during the quarter, compared to the consensus estimate of $158.11 million. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. Sell-side analysts forecast that Freshworks will post -0.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of the stock in a transaction that occurred on 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 owns 19,991 shares of the company’s stock, valued at $361,437.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Jennifer H. Taylor sold 7,035 shares of the company’s stock in a transaction on 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 transaction, the director now directly owns 19,991 shares in the company, valued at $361,437.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Johanna Flower sold 4,800 shares of the business’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 completion of the transaction, the director now owns 23,451 shares in the company, valued at approximately $446,741.55. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 460,792 shares of company stock valued at $9,408,403. Corporate insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

Several hedge funds and other institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC increased its holdings in shares of Freshworks by 226.6% in the 3rd quarter. SG Americas Securities LLC now owns 35,651 shares of the company’s stock valued at $710,000 after acquiring an additional 24,735 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Freshworks by 13.4% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,734 shares of the company’s stock valued at $572,000 after acquiring an additional 3,385 shares during the period. Allspring Global Investments Holdings LLC bought a new position in shares of Freshworks in the third quarter worth $327,000. Jennison Associates LLC bought a new stake in shares of Freshworks during the third quarter valued at about $582,000. Finally, Teacher Retirement System of Texas boosted its holdings in shares of Freshworks by 135.9% in the third quarter. Teacher Retirement System of Texas now owns 25,211 shares of the company’s stock valued at $502,000 after acquiring an additional 14,526 shares in the last quarter. 75.58% of the stock is owned by institutional investors.

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.