Freshworks (NASDAQ:FRSH) Price Target Cut to $17.00 by Analysts at Canaccord Genuity Group

Freshworks (NASDAQ:FRSHFree Report) had its target price decreased by Canaccord Genuity Group from $20.00 to $17.00 in a report issued on Wednesday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Other equities analysts have also recently issued reports about the company. Cantor Fitzgerald decreased their target price on Freshworks from $25.00 to $19.00 and set an overweight rating on the stock in a report on Thursday, May 2nd. StockNews.com cut Freshworks from a buy rating to a hold rating in a report on Saturday, June 22nd. Piper Sandler decreased their price target on Freshworks from $28.00 to $22.00 and set an overweight rating on the stock in a report on Thursday, May 2nd. Barclays decreased their price target on Freshworks from $20.00 to $15.00 and set an equal weight rating on the stock in a report on Friday, May 3rd. Finally, Robert W. Baird cut Freshworks from an outperform rating to a neutral rating and decreased their price target for the company from $28.00 to $16.00 in a report on Thursday, May 2nd. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Freshworks presently has an average rating of Moderate Buy and an average price target of $21.82.

Read Our Latest Stock Report on Freshworks

Freshworks Price Performance

FRSH stock opened at $12.38 on Wednesday. The company has a market cap of $3.70 billion, a P/E ratio of -30.95 and a beta of 0.74. Freshworks has a 1 year low of $11.90 and a 1 year high of $24.98. The stock’s fifty day moving average price is $13.08 and its 200-day moving average price is $17.74.

Freshworks (NASDAQ:FRSHGet Free Report) last announced its earnings results on Wednesday, May 1st. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. The company had revenue of $165.14 million for the quarter, compared to analysts’ expectations of $163.53 million. As a group, analysts expect that Freshworks will post -0.34 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Barry L. Padgett sold 5,546 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $12.77, for a total value of $70,822.42. Following the completion of the transaction, the director now owns 26,957 shares of the company’s stock, valued at $344,240.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Freshworks news, Director Barry L. Padgett sold 5,546 shares of Freshworks stock in a transaction on Monday, July 1st. The shares were sold at an average price of $12.77, for a total value of $70,822.42. Following the transaction, the director now directly owns 26,957 shares of the company’s stock, valued at $344,240.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jennifer H. Taylor sold 7,028 shares of Freshworks stock in a transaction on Friday, May 10th. The stock was sold at an average price of $13.74, for a total transaction of $96,564.72. Following the completion of the transaction, the director now directly owns 19,991 shares in the company, valued at $274,676.34. The disclosure for this sale can be found here. Insiders sold a total of 29,611 shares of company stock valued at $386,098 over the last 90 days. Insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

Large investors have recently made changes to their positions in the stock. Advisors Asset Management Inc. grew its holdings in shares of Freshworks by 34.2% during the first quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock valued at $54,000 after buying an additional 757 shares during the last quarter. CWM LLC lifted its position in Freshworks by 554.5% during the second quarter. CWM LLC now owns 3,397 shares of the company’s stock valued at $43,000 after purchasing an additional 2,878 shares during the period. Neo Ivy Capital Management acquired a new position in Freshworks during the third quarter valued at $81,000. EntryPoint Capital LLC acquired a new position in Freshworks during the first quarter valued at $82,000. Finally, Quest Partners LLC acquired a new position in Freshworks during the fourth quarter valued at $166,000. 75.58% of the stock is owned by hedge funds and other institutional investors.

About Freshworks

(Get Free Report)

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.

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Analyst Recommendations for Freshworks (NASDAQ:FRSH)

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