Freshworks (NASDAQ:FRSH) PT Lowered to $20.00 at Canaccord Genuity Group

Freshworks (NASDAQ:FRSH) had its target price trimmed by Canaccord Genuity Group from $27.00 to $20.00 in a research note published on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

Several other analysts also recently weighed in on FRSH. Oppenheimer downgraded Freshworks from an outperform rating to a market perform rating in a research note on Thursday. Wolfe Research raised shares of Freshworks from a peer perform rating to an outperform rating and set a $27.00 target price on the stock in a research note on Tuesday, February 20th. Piper Sandler dropped their target price on Freshworks from $28.00 to $22.00 and set an overweight rating on the stock in a report on Thursday. Jefferies Financial Group raised Freshworks from a hold rating to a buy rating and increased their price target for the company from $20.00 to $30.00 in a research note on Friday, January 5th. Finally, Morgan Stanley decreased their target price on Freshworks from $22.00 to $18.00 and set an equal weight rating for the company in a research note on Thursday. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $22.59.

Freshworks Trading Down 4.4 %

Shares of NASDAQ FRSH opened at $14.03 on Friday. The business has a 50 day simple moving average of $18.29 and a 200-day simple moving average of $19.99. 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 (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.04. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. The firm had revenue of $160.11 million during the quarter, compared to analyst estimates of $158.11 million. Research analysts predict that Freshworks will post -0.37 earnings per share for the current fiscal year.

Insider Buying and Selling at Freshworks

In related 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 Securities & Exchange Commission, which is available at 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Roxanne S. Austin sold 6,303 shares of the stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $21.54, for a total value of $135,766.62. Following the completion of the transaction, the director now directly owns 88,431 shares in the company, valued at approximately $1,904,803.74. 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. 19.15% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Freshworks

Several hedge funds have recently bought and sold shares of FRSH. Vanguard Group Inc. increased its position in shares of Freshworks by 6.9% in the 4th quarter. Vanguard Group Inc. now owns 19,816,514 shares of the company’s stock valued at $465,490,000 after buying an additional 1,285,713 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Freshworks by 6.5% in the 4th quarter. Franklin Resources Inc. now owns 3,175,334 shares of the company’s stock valued at $74,589,000 after purchasing an additional 193,708 shares during the period. FMR LLC increased its stake in Freshworks by 76.5% during the 3rd quarter. FMR LLC now owns 2,222,907 shares of the company’s stock worth $44,280,000 after purchasing an additional 963,426 shares in the last quarter. Clearbridge Investments LLC raised its holdings in Freshworks by 8.3% during the 4th quarter. Clearbridge Investments LLC now owns 1,953,453 shares of the company’s stock worth $45,887,000 after buying an additional 149,825 shares during the period. Finally, Norges Bank bought a new position in Freshworks in the fourth quarter valued at approximately $44,919,000. 75.58% of the stock is currently owned by institutional investors and hedge funds.

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.