Freshworks (NASDAQ:FRSH) Downgraded to Buy Rating by Wall Street Zen

Freshworks (NASDAQ:FRSH) was downgraded by stock analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued on Saturday.

Other equities research analysts have also recently issued reports about the company. Wells Fargo & Company lifted their price objective on Freshworks from $11.00 to $12.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 30th. Jefferies Financial Group decreased their price objective on Freshworks from $22.00 to $20.00 and set a “hold” rating for the company in a research note on Monday, March 31st. Oppenheimer decreased their price objective on Freshworks from $24.00 to $19.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Morgan Stanley lifted their price objective on Freshworks from $14.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 1st. Finally, Scotiabank lifted their target price on Freshworks from $14.00 to $18.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.07.

Freshworks Stock Performance

NASDAQ FRSH opened at $14.74 on Friday. The stock has a fifty day moving average of $14.60 and a 200-day moving average of $15.64. The stock has a market capitalization of $4.35 billion, a P/E ratio of -61.41 and a beta of 0.97. Freshworks has a 52 week low of $10.81 and a 52 week high of $19.77.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.05. Freshworks had a negative return on equity of 4.41% and a negative net margin of 9.76%. The business had revenue of $196.27 million during the quarter, compared to analysts’ expectations of $191.90 million. During the same period in the previous year, the firm earned $0.10 earnings per share. The firm’s quarterly revenue was up 18.9% compared to the same quarter last year. Equities research analysts forecast that Freshworks will post -0.19 earnings per share for the current fiscal year.

Insider Activity

In other news, Chairman Rathnagirish Mathrubootham sold 70,997 shares of the business’s stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $16.01, for a total value of $1,136,661.97. Following the sale, the chairman now directly owns 724,515 shares in the company, valued at $11,599,485.15. The trade was a 8.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $15.41, for a total value of $72,195.85. Following the completion of the sale, the director now owns 37,895 shares in the company, valued at approximately $583,961.95. This trade represents a 11.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 169,121 shares of company stock worth $2,665,716 over the last three months. Corporate insiders own 11.17% of the company’s stock.

Institutional Trading of Freshworks

Several institutional investors and hedge funds have recently bought and sold shares of FRSH. Eminence Capital LP bought a new stake in Freshworks during the fourth quarter worth about $86,002,000. Arrowstreet Capital Limited Partnership bought a new stake in Freshworks during the fourth quarter worth about $61,530,000. Norges Bank bought a new stake in Freshworks during the fourth quarter worth about $57,527,000. Wellington Management Group LLP bought a new stake in Freshworks during the first quarter worth about $48,813,000. Finally, Fuller & Thaler Asset Management Inc. bought a new stake in Freshworks during the fourth quarter worth about $49,946,000. Institutional investors own 75.58% of the company’s stock.

Freshworks Company Profile

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.