Freshworks (NASDAQ:FRSH) PT Lowered to $22.00

Freshworks (NASDAQ:FRSH) had its price target reduced by investment analysts at Morgan Stanley from $24.00 to $22.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price points to a potential upside of 24.65% from the stock’s previous close.

A number of other equities analysts have also commented on FRSH. Wolfe Research raised Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 price objective on the stock in a research note on Tuesday, February 20th. JMP Securities lifted their target price on Freshworks from $25.00 to $29.00 and gave the stock a “market outperform” rating in a report on Wednesday, February 7th. Needham & Company LLC lifted their target price on Freshworks from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, December 28th. Jefferies Financial Group upgraded Freshworks from a “hold” rating to a “buy” rating and boosted their price objective for the company from $20.00 to $30.00 in a report on Friday, January 5th. Finally, Piper Sandler boosted their price objective on Freshworks from $24.00 to $28.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $25.00.

Freshworks Price Performance

Freshworks stock opened at $17.65 on Wednesday. The stock’s 50 day moving average is $19.02 and its 200 day moving average is $20.06. The firm has a market cap of $5.26 billion, a P/E ratio of -37.55 and a beta of 0.90. Freshworks has a one year low of $12.22 and a one year high of $24.98.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. The company had revenue of $160.11 million for the quarter, compared to analyst estimates of $158.11 million. Freshworks had a negative return on equity of 12.55% and a negative net margin of 23.04%. Equities analysts anticipate that Freshworks will post -0.37 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $21.71, for a total transaction of $152,729.85. Following the completion of the transaction, the director now owns 19,490 shares of the company’s stock, valued at approximately $423,127.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction on Monday, February 12th. The stock was sold at an average price of $21.71, for a total value of $152,729.85. Following the completion of the sale, the director now owns 19,490 shares of the company’s stock, valued at approximately $423,127.90. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Johanna Flower sold 4,800 shares of Freshworks stock in a transaction on Monday, March 11th. The stock was sold at an average price of $19.05, for a total value of $91,440.00. Following the completion of the sale, the director now directly owns 23,451 shares of the company’s stock, valued at approximately $446,741.55. The disclosure for this sale can be found here. Insiders sold a total of 460,792 shares of company stock worth $9,408,403 in the last quarter. 26.66% of the stock is owned by company insiders.

Institutional Trading of Freshworks

Large investors have recently modified their holdings of the company. Advisors Asset Management Inc. grew its holdings in shares of Freshworks by 373.8% in the third quarter. Advisors Asset Management Inc. now owns 1,663 shares of the company’s stock worth $33,000 after acquiring an additional 1,312 shares during the period. Quarry LP purchased a new position in Freshworks during the second quarter valued at $35,000. UBS Group AG lifted its position in Freshworks by 117.5% during the third quarter. UBS Group AG now owns 3,574 shares of the company’s stock valued at $46,000 after purchasing an additional 1,931 shares in the last quarter. Quantbot Technologies LP purchased a new position in Freshworks during the first quarter valued at $59,000. Finally, Neo Ivy Capital Management purchased a new position in Freshworks during the third quarter valued at $81,000. 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.