Freshworks (NASDAQ:FRSH) Price Target Cut to $18.00

Freshworks (NASDAQ:FRSH) had its price objective decreased by Morgan Stanley from $22.00 to $18.00 in a research report sent to investors on Thursday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

FRSH has been the subject of a number of other research reports. Jefferies Financial Group upgraded shares of Freshworks from a hold rating to a buy rating and raised their target price for the stock from $20.00 to $30.00 in a research note on Friday, January 5th. Robert W. Baird cut Freshworks from an outperform rating to a neutral rating and reduced their price objective for the stock from $28.00 to $16.00 in a report on Thursday. Needham & Company LLC reaffirmed a buy rating and issued a $30.00 target price on shares of Freshworks in a research report on Thursday. Piper Sandler dropped their price target on Freshworks from $28.00 to $22.00 and set an overweight rating for the company in a report on Thursday. Finally, Cantor Fitzgerald decreased their price objective on Freshworks from $25.00 to $19.00 and set an overweight rating on the stock in a report on Thursday. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $22.59.

Freshworks Stock Down 4.4 %

Shares of NASDAQ FRSH opened at $14.03 on Thursday. The business’s 50 day moving average price is $18.29 and its two-hundred day moving average price is $19.99. The company has a market cap of $4.18 billion, a PE ratio of -35.07 and a beta of 0.88. Freshworks has a twelve month low of $12.22 and a twelve month high of $24.98.

Freshworks (NASDAQ:FRSH) last posted its earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. The business had revenue of $160.11 million for the quarter, compared to analyst estimates of $158.11 million. As a group, research analysts anticipate that Freshworks will post -0.37 EPS for the current fiscal year.

Insider Buying and Selling at Freshworks

In other news, Director Roxanne S. Austin sold 6,303 shares of the business’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $21.54, for a total transaction of $135,766.62. Following the completion of the transaction, the director now owns 88,431 shares of the company’s stock, valued at approximately $1,904,803.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Freshworks news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were 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 SEC, which is available at this link. Also, Director Roxanne S. Austin sold 6,303 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $21.54, for a total transaction of $135,766.62. Following the transaction, the director now owns 88,431 shares of the company’s stock, valued at $1,904,803.74. The disclosure for this sale can be found here. In the last quarter, insiders have sold 460,792 shares of company stock valued at $9,408,403. 19.15% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Freshworks

Hedge funds and other institutional investors have recently bought and sold shares of the company. Board of Trustees of The Leland Stanford Junior University increased its position in Freshworks by 1.9% during the 4th quarter. Board of Trustees of The Leland Stanford Junior University now owns 35,019 shares of the company’s stock valued at $823,000 after purchasing an additional 638 shares during the period. Arizona State Retirement System increased its position in shares of Freshworks by 2.6% during the third quarter. Arizona State Retirement System now owns 40,667 shares of the company’s stock worth $810,000 after buying an additional 1,020 shares during the period. Allspring Global Investments Holdings LLC raised its stake in Freshworks by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock worth $250,000 after buying an additional 1,160 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in Freshworks by 12.1% in the third quarter. Victory Capital Management Inc. now owns 16,215 shares of the company’s stock valued at $323,000 after buying an additional 1,750 shares during the period. Finally, Diversified Trust Co lifted its holdings in Freshworks by 5.6% in the third quarter. Diversified Trust Co now owns 45,771 shares of the company’s stock valued at $912,000 after buying an additional 2,440 shares during the period. 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.