Robert W. Baird Cuts Freshworks (NASDAQ:FRSH) Price Target to $20.00

Freshworks (NASDAQ:FRSHGet Rating) had its price target trimmed by Robert W. Baird from $40.00 to $20.00 in a report released on Wednesday, The Fly reports.

FRSH has been the subject of a number of other reports. Barclays reduced their target price on shares of Freshworks from $18.00 to $15.00 and set an equal weight rating for the company in a report on Tuesday, July 26th. Piper Sandler reduced their target price on shares of Freshworks from $20.00 to $17.00 and set an overweight rating for the company in a report on Wednesday. StockNews.com upgraded shares of Freshworks to a sell rating in a report on Monday, May 9th. Oppenheimer cut their price objective on shares of Freshworks from $36.00 to $26.00 in a report on Wednesday, May 4th. Finally, Scotiabank initiated coverage on shares of Freshworks in a report on Wednesday, June 8th. They set a sector perform rating and a $16.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $18.23.

Freshworks Trading Down 0.6 %

Shares of Freshworks stock opened at $15.31 on Wednesday. The company has a 50-day simple moving average of $13.47 and a two-hundred day simple moving average of $16.73. Freshworks has a one year low of $10.51 and a one year high of $53.36.

Freshworks (NASDAQ:FRSHGet Rating) last announced its earnings results on Tuesday, May 3rd. The company reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.01. The business had revenue of $114.64 million during the quarter, compared to the consensus estimate of $108.24 million. Freshworks had a negative net margin of 68.69% and a negative return on equity of 24.02%. The firm’s revenue was up 42.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.02) earnings per share. As a group, sell-side analysts anticipate that Freshworks will post -0.73 earnings per share for the current year.

Insider Activity at Freshworks

In related news, Director Johanna Flower sold 4,700 shares of the company’s stock in a transaction that occurred on Tuesday, May 10th. The stock was sold at an average price of $14.33, for a total value of $67,351.00. Following the sale, the director now owns 903 shares in the company, valued at $12,939.99. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Zachary Nelson sold 21,098 shares of the company’s stock in a transaction that occurred on Thursday, June 2nd. The stock was sold at an average price of $16.21, for a total value of $341,998.58. Following the sale, the director now owns 1,043 shares in the company, valued at $16,907.03. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Johanna Flower sold 4,700 shares of the company’s stock in a transaction that occurred on Tuesday, May 10th. The shares were sold at an average price of $14.33, for a total value of $67,351.00. Following the completion of the sale, the director now owns 903 shares in the company, valued at approximately $12,939.99. The disclosure for this sale can be found here. Insiders have sold a total of 293,938 shares of company stock worth $3,624,058 over the last quarter. Insiders own 29.12% of the company’s stock.

Institutional Investors Weigh In On Freshworks

Hedge funds have recently bought and sold shares of the stock. abrdn plc purchased a new stake in Freshworks in the 1st quarter worth approximately $283,000. JPMorgan Chase & Co. boosted its position in Freshworks by 34,332.5% in the 4th quarter. JPMorgan Chase & Co. now owns 3,443,252 shares of the company’s stock worth $90,420,000 after purchasing an additional 3,433,252 shares in the last quarter. Alliancebernstein L.P. boosted its position in Freshworks by 42.4% in the 4th quarter. Alliancebernstein L.P. now owns 2,982,620 shares of the company’s stock worth $78,324,000 after purchasing an additional 887,912 shares in the last quarter. Alpha Family Trust purchased a new stake in Freshworks in the 4th quarter worth approximately $1,838,000. Finally, Kerrisdale Advisers LLC purchased a new stake in Freshworks in the 4th quarter worth approximately $431,000. Hedge funds and other institutional investors own 24.86% of the company’s stock.

Freshworks Company Profile

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Freshworks Inc, a software development company, provides modern software-as-a-service products worldwide. Freshworks Inc was formerly known as Freshdesk Inc and changed its name to Freshworks Inc in June 2017. The company was incorporated in 2010 and is headquartered in San Mateo, California.

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