Freshworks (NASDAQ:FRSH) Rating Increased to Sell at StockNews.com

StockNews.com upgraded shares of Freshworks (NASDAQ:FRSHGet Rating) to a sell rating in a research report sent to investors on Monday.

Several other equities analysts have also recently issued reports on FRSH. Barclays decreased their price objective on Freshworks from $45.00 to $27.00 in a report on Wednesday, January 12th. Morgan Stanley decreased their price objective on Freshworks from $43.00 to $25.00 and set an equal weight rating for the company in a report on Friday, March 4th. Canaccord Genuity Group decreased their price objective on Freshworks from $25.00 to $21.00 and set a buy rating for the company in a report on Wednesday, May 4th. JMP Securities decreased their price objective on Freshworks from $41.00 to $29.00 in a report on Wednesday, May 4th. Finally, Oppenheimer decreased their price objective on Freshworks from $36.00 to $26.00 in a report on Wednesday, May 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $28.22.

Shares of FRSH opened at $14.07 on Monday. The stock’s 50-day moving average price is $18.23. Freshworks has a one year low of $14.03 and a one year high of $53.36.

Freshworks (NASDAQ:FRSHGet Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.04. The firm had revenue of $114.64 million for the quarter, compared to analyst estimates of $108.24 million. During the same period in the prior year, the firm posted ($0.02) EPS. The business’s revenue was up 42.3% compared to the same quarter last year. Equities analysts forecast that Freshworks will post -0.72 earnings per share for the current year.

In other Freshworks news, CRO Jose Morales sold 1,984 shares of the firm’s stock in a transaction on Tuesday, April 19th. The stock was sold at an average price of $20.00, for a total value of $39,680.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Zachary Nelson sold 28,125 shares of the firm’s stock in a transaction on Wednesday, March 2nd. The shares were sold at an average price of $18.97, for a total value of $533,531.25. The disclosure for this sale can be found here. Insiders sold a total of 151,994 shares of company stock worth $3,031,422 in the last three months. 29.12% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in the business. Cubist Systematic Strategies LLC purchased a new position in shares of Freshworks during the 3rd quarter worth $27,000. FourThought Financial LLC purchased a new position in shares of Freshworks during the 1st quarter worth $47,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Freshworks during the 4th quarter worth $218,000. Virtu Financial LLC purchased a new position in shares of Freshworks during the 4th quarter worth $234,000. Finally, Bank of America Corp DE raised its holdings in shares of Freshworks by 1,658.0% during the 4th quarter. Bank of America Corp DE now owns 9,493 shares of the company’s stock worth $249,000 after acquiring an additional 8,953 shares during the period. Institutional investors own 24.86% of the company’s stock.

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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Analyst Recommendations for Freshworks (NASDAQ:FRSH)

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