Piper Sandler Lowers Freshworks (NASDAQ:FRSH) Price Target to $22.00

Freshworks (NASDAQ:FRSH) had its price target cut by Piper Sandler from $28.00 to $22.00 in a research note published on Thursday, Benzinga reports. They currently have an overweight rating on the stock.

FRSH has been the subject of several other reports. Oppenheimer downgraded shares of Freshworks from an outperform rating to a market perform rating in a research note on Thursday. Robert W. Baird downgraded shares of Freshworks from an outperform rating to a neutral rating and decreased their target price for the company from $28.00 to $16.00 in a research note on Thursday. Cantor Fitzgerald reiterated an overweight rating and set a $25.00 price objective on shares of Freshworks in a research note on Wednesday, February 7th. Wolfe Research upgraded shares of 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. Finally, JMP Securities increased their price objective on shares of Freshworks from $25.00 to $29.00 and gave the company a market outperform rating in a research note on Wednesday, February 7th. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Freshworks presently has a consensus rating of Moderate Buy and an average target price of $22.59.

Freshworks Stock Performance

Shares of FRSH stock opened at $14.03 on Thursday. The firm has a fifty day simple moving average of $18.29 and a 200-day simple moving average of $19.99. Freshworks has a twelve month low of $12.22 and a twelve month high of $24.98.

Freshworks (NASDAQ:FRSH) last announced its earnings results 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 business had revenue of $160.11 million during the quarter, compared to the consensus estimate of $158.11 million. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. As a group, equities analysts predict that Freshworks will post -0.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Freshworks news, Director Roxanne S. Austin sold 6,303 shares of the stock in a transaction on Friday, February 9th. The shares were sold at an average price of $21.54, for a total transaction of $135,766.62. Following the sale, the director now directly owns 88,431 shares of the company’s stock, valued at $1,904,803.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Freshworks news, Director Roxanne S. Austin sold 6,303 shares of the stock in a transaction on Friday, February 9th. The shares were sold at an average price of $21.54, for a total transaction of $135,766.62. Following the sale, the director now directly owns 88,431 shares of the company’s stock, valued at $1,904,803.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Rathnagirish Mathrubootham sold 430,149 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $20.44, for a total transaction of $8,792,245.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 460,792 shares of company stock valued at $9,408,403. Company insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

Large investors have recently modified their holdings of the company. Neo Ivy Capital Management acquired a new stake in shares of Freshworks in the 3rd quarter worth about $81,000. Quest Partners LLC acquired a new stake in shares of Freshworks in the 4th quarter worth about $166,000. Steph & Co. acquired a new stake in shares of Freshworks in the 1st quarter worth about $201,000. Jasper Ridge Partners L.P. acquired a new position in Freshworks during the 3rd quarter valued at about $217,000. Finally, Northside Capital Management LLC acquired a new position in Freshworks during the 4th quarter valued at about $226,000. Institutional investors and hedge funds 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.