Freshworks (NASDAQ:FRSH) Price Target Cut to $21.00

Freshworks (NASDAQ:FRSH) had its price target lowered by investment analysts at JMP Securities from $29.00 to $21.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “market outperform” rating on the stock. JMP Securities’ price target would suggest a potential upside of 49.68% from the stock’s previous close.

FRSH has been the subject of a number of other reports. Wolfe Research upgraded Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 target price for the company in a research note on Tuesday, February 20th. Robert W. Baird lowered Freshworks from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $28.00 to $16.00 in a research note on Thursday. Morgan Stanley lowered their target price on Freshworks from $24.00 to $22.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 17th. Piper Sandler lowered their target price on Freshworks from $28.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Needham & Company LLC restated a “buy” rating and issued a $30.00 target price on shares of Freshworks in a research note on Thursday. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.59.

Freshworks Price Performance

Freshworks stock opened at $14.03 on Thursday. The stock has a fifty day moving average price of $18.29 and a two-hundred day moving average price of $19.97. Freshworks has a 52-week low of $12.22 and a 52-week high of $24.98. The firm has a market capitalization of $4.18 billion, a P/E ratio of -35.07 and a beta of 0.88.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.04. Freshworks had a negative return on equity of 10.70% and a negative net margin of 18.93%. The firm had revenue of $160.11 million during the quarter, compared to analyst estimates of $158.11 million. On average, equities research analysts predict that Freshworks will post -0.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $18.08, for a total transaction of $127,192.80. Following the transaction, the director now owns 19,991 shares in the company, valued at $361,437.28. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Johanna Flower sold 4,800 shares of Freshworks stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $19.05, for a total transaction of $91,440.00. Following the transaction, the director now owns 23,451 shares in the company, valued at approximately $446,741.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $18.08, for a total value of $127,192.80. Following the transaction, the director now owns 19,991 shares in the company, valued at approximately $361,437.28. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 460,792 shares of company stock worth $9,408,403. Insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Several institutional investors have recently modified their holdings of FRSH. Board of Trustees of The Leland Stanford Junior University raised its position in Freshworks by 1.9% in the 4th quarter. Board of Trustees of The Leland Stanford Junior University now owns 35,019 shares of the company’s stock valued at $823,000 after buying an additional 638 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of Freshworks by 2.6% during the 3rd quarter. Arizona State Retirement System now owns 40,667 shares of the company’s stock worth $810,000 after acquiring an additional 1,020 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Freshworks by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock worth $250,000 after acquiring an additional 1,160 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Freshworks by 12.1% during the 3rd quarter. Victory Capital Management Inc. now owns 16,215 shares of the company’s stock worth $323,000 after acquiring an additional 1,750 shares during the last quarter. Finally, Diversified Trust Co increased its holdings in shares of Freshworks by 5.6% during the 3rd quarter. Diversified Trust Co now owns 45,771 shares of the company’s stock worth $912,000 after acquiring an additional 2,440 shares during the last quarter. 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.