Morgan Stanley Cuts Freshworks (NASDAQ:FRSH) Price Target to $22.00

Freshworks (NASDAQ:FRSH) had its target price dropped by research analysts at Morgan Stanley from $24.00 to $22.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price target indicates a potential upside of 24.65% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $25.00 price target on shares of Freshworks in a report on Wednesday, February 7th. JMP Securities raised their price target on shares of Freshworks from $25.00 to $29.00 and gave the stock a “market outperform” rating in a report 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 target for the company in a report on Tuesday, February 20th. Piper Sandler raised their price target on shares of Freshworks from $24.00 to $28.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Finally, Jefferies Financial Group upgraded shares of Freshworks from a “hold” rating to a “buy” rating and lifted their price objective for the company from $20.00 to $30.00 in a report on Friday, January 5th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $25.00.

Freshworks Price Performance

Shares of NASDAQ FRSH opened at $17.65 on Wednesday. The firm has a market cap of $5.26 billion, a PE ratio of -37.55 and a beta of 0.90. The company has a 50 day simple moving average of $19.02 and a 200 day simple moving average of $20.06. Freshworks has a 1 year low of $12.22 and a 1 year high of $24.98.

Freshworks (NASDAQ:FRSH) last released its earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates 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 23.04% and a negative return on equity of 12.55%. As a group, research analysts anticipate that Freshworks will post -0.37 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Roxanne S. Austin sold 6,303 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 88,431 shares of the company’s stock, valued at $1,904,803.74. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Barry L. Padgett sold 4,690 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $20.22, for a total transaction of $94,831.80. Following the completion of the transaction, the director now owns 17,387 shares of the company’s stock, valued at $351,565.14. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Roxanne S. Austin sold 6,303 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $21.54, for a total transaction of $135,766.62. Following the completion of the transaction, the director now directly owns 88,431 shares of the company’s stock, valued at approximately $1,904,803.74. The disclosure for this sale can be found here. Insiders have sold a total of 460,792 shares of company stock valued at $9,408,403 over the last quarter. Company insiders own 26.66% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Advisors Asset Management Inc. grew its stake in Freshworks by 373.8% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,663 shares of the company’s stock worth $33,000 after buying an additional 1,312 shares in the last quarter. Quarry LP purchased a new position in Freshworks in the 2nd quarter worth approximately $35,000. Quantbot Technologies LP bought a new stake in shares of Freshworks in the 1st quarter worth approximately $59,000. KBC Group NV bought a new stake in shares of Freshworks in the 4th quarter worth approximately $81,000. Finally, UBS Group AG lifted its holdings in shares of Freshworks by 117.5% in the 3rd quarter. UBS Group AG now owns 3,574 shares of the company’s stock worth $46,000 after acquiring an additional 1,931 shares during the last quarter. Hedge funds and other institutional investors 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.