Freshworks (NASDAQ:FRSH) Price Target Lowered to $20.00 at Canaccord Genuity Group

Freshworks (NASDAQ:FRSH) had its target price decreased by Canaccord Genuity Group from $27.00 to $20.00 in a research note issued to investors on Friday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other equities analysts also recently weighed in on FRSH. Needham & Company LLC restated a buy rating and issued a $30.00 target price on shares of Freshworks in a research report on Thursday, May 2nd. Cantor Fitzgerald decreased their target price on Freshworks from $25.00 to $19.00 and set an overweight rating on the stock in a research report on Thursday, May 2nd. Oppenheimer downgraded Freshworks from an outperform rating to a market perform rating in a research report on Thursday, May 2nd. Robert W. Baird downgraded Freshworks from an outperform rating to a neutral rating and reduced their price objective for the stock from $28.00 to $16.00 in a research report on Thursday, May 2nd. Finally, Wolfe Research upgraded Freshworks from a peer perform rating to an outperform rating and set a $27.00 price objective on the stock in a research report on Tuesday, February 20th. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Freshworks has a consensus rating of Moderate Buy and a consensus price target of $22.59.

Freshworks Trading Up 0.7 %

Shares of FRSH stock opened at $14.13 on Friday. The company has a market capitalization of $4.21 billion, a P/E ratio of -35.33 and a beta of 0.88. The business’s 50 day moving average is $18.17 and its two-hundred day moving average is $19.95. Freshworks has a 12-month low of $13.01 and a 12-month high of $24.98.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. The company had revenue of $160.11 million for the quarter, compared to the consensus estimate of $158.11 million. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. On average, research analysts predict that Freshworks will post -0.37 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Barry L. Padgett sold 4,690 shares of Freshworks stock in a transaction on Friday, March 1st. The stock was sold at an average price of $20.22, for a total value of $94,831.80. Following the completion of the sale, the director now directly owns 17,387 shares of the company’s stock, valued at $351,565.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Barry L. Padgett sold 4,690 shares of Freshworks stock in a transaction on Friday, March 1st. The stock was sold at an average price of $20.22, for a total value of $94,831.80. Following the completion of the sale, the director now directly owns 17,387 shares of the company’s stock, valued at $351,565.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Rathnagirish Mathrubootham sold 430,149 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $20.44, for a total value of $8,792,245.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 460,792 shares of company stock valued at $9,408,403. 19.15% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Freshworks

Several institutional investors have recently added to or reduced their stakes in the stock. Board of Trustees of The Leland Stanford Junior University increased 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 acquiring an additional 638 shares during the period. Arizona State Retirement System increased its position in 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 purchasing an additional 1,020 shares during the period. Allspring Global Investments Holdings LLC increased its position in 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 purchasing an additional 1,160 shares during the period. Victory Capital Management Inc. increased its position in 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 purchasing an additional 1,750 shares during the period. Finally, Diversified Trust Co increased its position in 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 purchasing an additional 2,440 shares during the period. Institutional investors and hedge funds 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.