Morgan Stanley Cuts Freshworks (NASDAQ:FRSH) Price Target to $14.00

Freshworks (NASDAQ:FRSH) had its price target dropped by stock analysts at Morgan Stanley from $21.00 to $14.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 9.72% from the stock’s current price.

Other analysts also recently issued reports about the company. Jefferies Financial Group lowered their price objective on Freshworks from $22.00 to $20.00 and set a “hold” rating for the company in a research report on Monday, March 31st. JMP Securities set a $27.00 price target on Freshworks in a report on Wednesday, February 12th. UBS Group set a $22.00 price target on Freshworks in a research note on Thursday, February 6th. Barclays boosted their price target on Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 12th. Finally, Oppenheimer lowered their price target on shares of Freshworks from $24.00 to $19.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.43.

Freshworks Stock Down 0.5 %

Shares of NASDAQ:FRSH traded down $0.07 during trading on Wednesday, hitting $12.76. 486,433 shares of the stock traded hands, compared to its average volume of 3,302,457. The company has a fifty day moving average price of $15.42 and a two-hundred day moving average price of $15.22. The company has a market cap of $3.85 billion, a price-to-earnings ratio of -39.88 and a beta of 0.98. Freshworks has a 52-week low of $10.81 and a 52-week high of $19.77.

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

Insiders Place Their Bets

In other news, insider Mika Yamamoto sold 3,574 shares of the business’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $14.20, for a total value of $50,750.80. Following the completion of the sale, the insider now owns 611,604 shares of the company’s stock, valued at approximately $8,684,776.80. The trade was a 0.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Johanna Flower sold 21,400 shares of the firm’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $18.00, for a total value of $385,200.00. Following the completion of the transaction, the director now owns 41,491 shares in the company, valued at $746,838. The trade was a 34.03 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 50,577 shares of company stock worth $883,242. Company insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FRSH. Avion Wealth bought a new position in shares of Freshworks during the fourth quarter worth about $26,000. Blue Trust Inc. lifted its stake in Freshworks by 32.2% during the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock valued at $63,000 after acquiring an additional 954 shares in the last quarter. National Bank of Canada FI boosted its holdings in Freshworks by 1,385.8% during the fourth quarter. National Bank of Canada FI now owns 3,967 shares of the company’s stock worth $64,000 after purchasing an additional 3,700 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of Freshworks by 102.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock valued at $71,000 after acquiring an additional 2,223 shares during the last quarter. Finally, Covestor Ltd boosted its holdings in shares of Freshworks by 30.2% in the 4th quarter. Covestor Ltd now owns 4,686 shares of the company’s stock worth $76,000 after buying an additional 1,087 shares during the last quarter. 75.58% of the stock is currently 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.