Wall Street Zen Downgrades Freshworks (NASDAQ:FRSH) to Buy

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

Other equities research analysts also recently issued research reports about the company. UBS Group reissued a “buy” rating and issued a $17.00 target price on shares of Freshworks in a report on Friday, November 14th. Wells Fargo & Company began coverage on shares of Freshworks in a report on Tuesday, September 30th. They issued an “equal weight” rating and a $13.00 price target for the company. Zacks Research cut shares of Freshworks from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 11th. JMP Securities restated a “market outperform” rating and set a $27.00 target price on shares of Freshworks in a research report on Friday, September 12th. Finally, Morgan Stanley reduced their price target on shares of Freshworks from $18.00 to $16.00 and set an “equal weight” rating for the company in a research report on Friday, September 12th. Seven analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Freshworks has a consensus rating of “Hold” and a consensus target price of $19.23.

Freshworks Price Performance

NASDAQ:FRSH opened at $12.53 on Friday. The firm has a market capitalization of $3.53 billion, a PE ratio of -125.29 and a beta of 0.89. The business’s fifty day moving average price is $11.82 and its 200 day moving average price is $13.04. Freshworks has a 12 month low of $10.51 and a 12 month high of $19.77.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Thursday, September 11th. The company reported $0.18 earnings per share (EPS) for the quarter. The business had revenue of $204.68 million during the quarter. Freshworks had a negative net margin of 3.65% and a negative return on equity of 0.37%. As a group, equities analysts anticipate that Freshworks will post -0.19 EPS for the current year.

Insider Activity

In other news, insider Tyler Sloat bought 171,615 shares of Freshworks stock in a transaction on Tuesday, November 11th. The shares were bought at an average price of $11.62 per share, with a total value of $1,994,166.30. Following the acquisition, the insider directly owned 1,149,244 shares in the company, valued at approximately $13,354,215.28. This represents a 17.55% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mika Yamamoto sold 15,012 shares of the stock in a transaction on Friday, December 5th. The stock was sold at an average price of $13.00, for a total transaction of $195,156.00. Following the sale, the insider directly owned 490,350 shares in the company, valued at $6,374,550. This trade represents a 2.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 22,368 shares of company stock valued at $283,335 over the last ninety days. 11.17% of the stock is owned by company insiders.

Hedge Funds Weigh In On Freshworks

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. boosted its stake in shares of Freshworks by 34.1% in the 2nd quarter. Envestnet Asset Management Inc. now owns 110,654 shares of the company’s stock valued at $1,650,000 after purchasing an additional 28,152 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Freshworks by 1.6% in the 2nd quarter. Geode Capital Management LLC now owns 4,856,163 shares of the company’s stock valued at $72,414,000 after acquiring an additional 75,688 shares during the last quarter. Inlight Wealth Management LLC purchased a new stake in Freshworks during the 2nd quarter valued at about $1,773,000. Pier 88 Investment Partners LLC grew its position in Freshworks by 68.6% during the 2nd quarter. Pier 88 Investment Partners LLC now owns 80,680 shares of the company’s stock worth $1,203,000 after acquiring an additional 32,830 shares during the last quarter. Finally, Thoroughbred Financial Services LLC bought a new stake in Freshworks in the second quarter valued at approximately $1,080,000. 75.58% of the stock is owned by institutional investors.

Freshworks Company Profile

Freshworks, Inc is a global provider of cloud-based customer engagement software designed to help businesses streamline customer support, sales, marketing, and IT service operations. The company’s integrated suite of solutions enables organizations of all sizes to deliver seamless experiences across multiple channels, including email, chat, phone, and social media. Freshworks’ platform is built on modern, user-friendly interfaces and offers native automation, AI-powered insights, and analytics to improve efficiency and customer satisfaction.

The company’s flagship product, Freshdesk, serves as a helpdesk solution for customer support teams, while Freshservice addresses IT service management needs.