Freshworks (NASDAQ:FRSH) Earns Sector Perform Rating from Analysts at Scotiabank

Equities research analysts at Scotiabank initiated coverage on shares of Freshworks (NASDAQ:FRSHGet Rating) in a research report issued to clients and investors on Wednesday, The Fly reports. The brokerage set a “sector perform” rating on the stock.

Several other research firms have also recently issued reports on FRSH. Oppenheimer lowered their target price on shares of Freshworks from $36.00 to $26.00 in a research note on Wednesday, May 4th. Piper Sandler lowered their target price on shares of Freshworks from $38.00 to $36.00 and set an “overweight” rating on the stock in a research note on Friday, February 11th. Canaccord Genuity Group lowered their target price on shares of Freshworks from $25.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, May 4th. Jefferies Financial Group lowered their target price on shares of Freshworks from $18.00 to $17.00 in a research note on Monday, May 23rd. Finally, Morgan Stanley lowered their price objective on shares of Freshworks from $43.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Friday, March 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Freshworks has a consensus rating of “Hold” and an average target price of $27.33.

Freshworks stock traded up $0.57 during mid-day trading on Wednesday, reaching $15.65. The stock had a trading volume of 2,409,820 shares, compared to its average volume of 2,717,672. The company has a 50-day moving average price of $16.78 and a two-hundred day moving average price of $20.98. Freshworks has a one year low of $12.91 and a one year high of $53.36.

Freshworks (NASDAQ:FRSHGet Rating) last announced its quarterly earnings results on Tuesday, May 3rd. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.01. The firm had revenue of $114.64 million during the quarter, compared to the consensus estimate of $108.24 million. The business’s revenue for the quarter was up 42.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.02) EPS. On average, equities analysts expect that Freshworks will post -0.72 EPS for the current fiscal year.

In related news, CRO Jose Morales sold 1,984 shares of the 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jennifer H. Taylor sold 4,685 shares of the stock in a transaction that occurred on Monday, April 11th. The stock was sold at an average price of $17.44, for a total transaction of $81,706.40. Following the completion of the sale, the director now directly owns 809 shares of the company’s stock, valued at $14,108.96. The disclosure for this sale can be found here. Insiders sold a total of 70,917 shares of company stock worth $1,140,652 in the last quarter. Company insiders own 29.12% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC purchased a new stake in Freshworks during the 3rd quarter valued at approximately $27,000. Moors & Cabot Inc. bought a new position in shares of Freshworks during the 3rd quarter valued at approximately $506,000. FourThought Financial LLC bought a new position in shares of Freshworks during the 1st quarter valued at approximately $47,000. Quantbot Technologies LP bought a new position in shares of Freshworks during the 1st quarter valued at approximately $59,000. Finally, Atom Investors LP bought a new position in shares of Freshworks during the 3rd quarter valued at approximately $268,000. 24.86% of the stock is owned by institutional investors.

Freshworks Company Profile (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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