Freshworks (NASDAQ:FRSH) Price Target Cut to $21.00

Freshworks (NASDAQ:FRSH) had its target price decreased by analysts at JMP Securities from $29.00 to $21.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. JMP Securities’ target price would suggest a potential upside of 49.68% from the stock’s current price.

Other research analysts also recently issued reports about the company. Wolfe Research upgraded Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 price objective on the stock in a report on Tuesday, February 20th. Oppenheimer cut Freshworks from an “outperform” rating to a “market perform” rating in a research report on Thursday. Cantor Fitzgerald dropped their target price on Freshworks from $25.00 to $19.00 and set an “overweight” rating on the stock in a research report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 target price on shares of Freshworks in a research report on Thursday. Finally, Piper Sandler dropped their target price on Freshworks from $28.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $22.59.

Freshworks Stock Down 4.4 %

FRSH opened at $14.03 on Thursday. The stock’s fifty day moving average is $18.29 and its two-hundred day moving average is $19.97. The company has a market capitalization of $4.18 billion, a P/E ratio of -35.07 and a beta of 0.88. Freshworks has a 52 week low of $12.22 and a 52 week high of $24.98.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.04. The company had revenue of $160.11 million for the quarter, compared to the consensus estimate of $158.11 million. Freshworks had a negative return on equity of 10.70% and a negative net margin of 18.93%. Equities analysts anticipate that Freshworks will post -0.37 earnings per share for the current year.

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $21.71, for a total transaction of $152,729.85. Following the completion of the transaction, the director now owns 19,490 shares in the company, valued at approximately $423,127.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Rathnagirish Mathrubootham sold 430,149 shares of Freshworks stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $20.44, for a total value of $8,792,245.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $21.71, for a total value of $152,729.85. Following the completion of the transaction, the director now owns 19,490 shares of the company’s stock, valued at approximately $423,127.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 460,792 shares of company stock worth $9,408,403. Insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Freshworks by 14.6% in the 3rd quarter. Vanguard Group Inc. now owns 18,530,801 shares of the company’s stock valued at $369,134,000 after purchasing an additional 2,363,550 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in Freshworks in the 3rd quarter worth about $2,445,000. Ninety One North America Inc. acquired a new stake in Freshworks in the 4th quarter worth about $15,405,000. Neo Ivy Capital Management acquired a new stake in Freshworks in the 3rd quarter worth about $81,000. Finally, Calamos Advisors LLC boosted its holdings in Freshworks by 39.7% in the 4th quarter. Calamos Advisors LLC now owns 36,804 shares of the company’s stock worth $865,000 after buying an additional 10,465 shares during the last quarter. Hedge funds and other 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.