Morgan Stanley Has Lowered Expectations for Freshworks (NASDAQ:FRSH) Stock Price

Freshworks (NASDAQ:FRSH) had its price target cut by investment analysts at Morgan Stanley from $21.00 to $14.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would indicate a potential upside of 11.11% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. StockNews.com raised shares of Freshworks from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. Piper Sandler raised their price objective on shares of Freshworks from $20.00 to $24.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. JMP Securities set a $27.00 price objective on shares of Freshworks in a research note on Wednesday, February 12th. Oppenheimer reduced their target price on Freshworks from $24.00 to $19.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. Finally, Cantor Fitzgerald boosted their price objective on shares of Freshworks from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $20.43.

Freshworks Stock Up 0.5 %

Shares of Freshworks stock opened at $12.60 on Wednesday. The company has a 50-day simple moving average of $15.20 and a two-hundred day simple moving average of $15.21. Freshworks has a twelve month low of $10.81 and a twelve month high of $19.77. The stock has a market capitalization of $3.80 billion, a price-to-earnings ratio of -39.38 and a beta of 0.98.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Tuesday, February 11th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. On average, sell-side analysts anticipate that Freshworks will post -0.19 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Freshworks news, insider Mika Yamamoto sold 2,859 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $18.29, for a total transaction of $52,291.11. Following the completion of the sale, the insider now directly owns 397,390 shares in the company, valued at $7,268,263.10. The trade was a 0.71 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Johanna Flower sold 21,400 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $18.00, for a total value of $385,200.00. Following the completion of the transaction, the director now directly owns 41,491 shares in the company, valued at $746,838. This trade represents a 34.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 50,577 shares of company stock worth $883,242 in the last three months. 19.15% of the stock is owned by corporate insiders.

Institutional Trading of Freshworks

Institutional investors have recently made changes to their positions in the business. Smith Group Asset Management LLC purchased a new stake in shares of Freshworks during the 4th quarter worth approximately $589,000. Barclays PLC boosted its holdings in shares of Freshworks by 33.4% in the 3rd quarter. Barclays PLC now owns 337,621 shares of the company’s stock valued at $3,875,000 after buying an additional 84,568 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Freshworks during the 4th quarter valued at about $20,666,000. Geode Capital Management LLC lifted its stake in shares of Freshworks by 1.5% during the third quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company’s stock worth $52,750,000 after buying an additional 66,342 shares during the period. Finally, Lisanti Capital Growth LLC acquired a new position in Freshworks in the 4th quarter worth approximately $2,290,000. 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.