Freshworks (NASDAQ:FRSH) Price Target Cut to $21.00 by Analysts at Canaccord Genuity Group

Freshworks (NASDAQ:FRSHGet Rating) had its price objective reduced by Canaccord Genuity Group from $25.00 to $21.00 in a research report issued on Wednesday, The Fly reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 23.82% from the stock’s previous close.

A number of other research analysts also recently commented on FRSH. Barclays dropped their price objective on Freshworks from $45.00 to $27.00 in a report on Wednesday, January 12th. JMP Securities dropped their price objective on Freshworks from $53.00 to $41.00 and set a “market outperform” rating on the stock in a report on Friday, February 11th. Needham & Company LLC dropped their price objective on Freshworks from $40.00 to $25.00 in a report on Wednesday. Morgan Stanley dropped their price objective on Freshworks from $43.00 to $25.00 and set an “equal weight” rating on the stock in a report on Friday, March 4th. Finally, Robert W. Baird dropped their price target on Freshworks from $50.00 to $40.00 in a research note on Friday, February 11th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $29.56.

FRSH stock opened at $16.96 on Wednesday. The firm has a 50-day moving average of $18.44. Freshworks has a 1 year low of $15.60 and a 1 year high of $53.36.

Freshworks (NASDAQ:FRSHGet Rating) last posted its quarterly earnings results on Tuesday, May 3rd. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.04. The company had revenue of $114.64 million during the quarter, compared to analyst estimates of $108.24 million. During the same period in the prior year, the business earned ($0.02) EPS. Freshworks’s revenue for the quarter was up 42.3% on a year-over-year basis. Equities research analysts expect that Freshworks will post -0.73 earnings per share for the current fiscal year.

In other news, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction that occurred on Monday, April 11th. The stock was sold at an average price of $17.44, for a total value of $81,706.40. Following the completion of the sale, the director now directly owns 809 shares of the company’s stock, valued at approximately $14,108.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Jose Morales sold 1,984 shares of the firm’s stock in a transaction that occurred on Tuesday, April 19th. The shares were sold at an average price of $20.00, for a total value of $39,680.00. The disclosure for this sale can be found here. Insiders have sold a total of 151,994 shares of company stock worth $3,031,422 in the last 90 days.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Ward Ferry Management BVI Ltd lifted its holdings in shares of Freshworks by 119.5% in the 1st quarter. Ward Ferry Management BVI Ltd now owns 6,729,186 shares of the company’s stock valued at $120,587,000 after buying an additional 3,663,500 shares during the period. Capital Research Global Investors raised its holdings in shares of Freshworks by 147.6% in the fourth quarter. Capital Research Global Investors now owns 4,098,097 shares of the company’s stock worth $107,616,000 after acquiring an additional 2,443,144 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Freshworks by 34,332.5% in the fourth quarter. JPMorgan Chase & Co. now owns 3,443,252 shares of the company’s stock worth $90,420,000 after acquiring an additional 3,433,252 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of Freshworks by 42.4% in the fourth quarter. Alliancebernstein L.P. now owns 2,982,620 shares of the company’s stock worth $78,324,000 after acquiring an additional 887,912 shares during the last quarter. Finally, BlackRock Inc. raised its holdings in shares of Freshworks by 16.7% in the fourth quarter. BlackRock Inc. now owns 1,751,037 shares of the company’s stock worth $45,982,000 after acquiring an additional 251,037 shares during the last quarter. 24.86% of the stock is owned by institutional investors and hedge funds.

About Freshworks (Get Rating)

Freshworks Inc, a software development company, provides modern software-as-a-service products worldwide. The company offers Freshdesk Support Desk that enables businesses to delight their customers at every service engagement touchpoint across traditional channels, including email, as well as modern channels, such as messaging and social media; Freshdesk Messaging, which provides agents with a modern conversational user interface to engage with customers across web, mobile, and social messaging applications; Freshdesk Contact Center that helps agent with cloud-based telephony system to connect with customers; Freshdesk Omnichannel Suite, an integrated suite to engage and track customers across digital and traditional channels; and Freshdesk Customer Success that helps customer success managers at B2B subscription companies.

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