Freshworks (NASDAQ:FRSH) Cut to Underweight at Wells Fargo & Company

Wells Fargo & Company lowered shares of Freshworks (NASDAQ:FRSH) from an equal weight rating to an underweight rating in a report published on Tuesday, Marketbeat Ratings reports. Wells Fargo & Company currently has $13.00 price objective on the stock, down from their prior price objective of $16.00.

Other analysts also recently issued reports about the stock. Morgan Stanley lifted their price objective on shares of Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. Canaccord Genuity Group boosted their price target on shares of Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. JMP Securities increased their price objective on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Thursday, November 7th. Oppenheimer raised Freshworks from a “market perform” rating to an “outperform” rating and set a $22.00 target price on the stock in a research report on Thursday, January 16th. Finally, JPMorgan Chase & Co. increased their price target on Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.07.

Freshworks Price Performance

Shares of Freshworks stock opened at $18.04 on Tuesday. The company has a market capitalization of $5.46 billion, a P/E ratio of -53.06 and a beta of 0.88. The business has a 50-day moving average of $16.23 and a two-hundred day moving average of $13.51. Freshworks has a 1 year low of $10.81 and a 1 year high of $23.30.

Insider Activity at Freshworks

In related news, Director Barry L. Padgett sold 2,345 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $17.30, for a total value of $40,568.50. Following the sale, the director now owns 26,957 shares of the company’s stock, valued at $466,356.10. The trade was a 8.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jennifer H. Taylor sold 4,690 shares of Freshworks stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $16.74, for a total value of $78,510.60. Following the transaction, the director now directly owns 36,689 shares in the company, valued at $614,173.86. The trade was a 11.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,702,163 shares of company stock valued at $26,721,018. 19.15% of the stock is owned by insiders.

Hedge Funds Weigh In On Freshworks

Hedge funds have recently bought and sold shares of the company. Smith Group Asset Management LLC acquired a new position in Freshworks in the fourth quarter valued at approximately $589,000. KBC Group NV lifted its position in shares of Freshworks by 59.1% during the 4th quarter. KBC Group NV now owns 7,604 shares of the company’s stock valued at $123,000 after acquiring an additional 2,824 shares during the period. Blue Trust Inc. boosted its stake in Freshworks by 32.2% during the fourth quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock worth $63,000 after acquiring an additional 954 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in Freshworks by 102.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock worth $71,000 after purchasing an additional 2,223 shares during the period. Finally, Everence Capital Management Inc. acquired a new stake in Freshworks in the fourth quarter worth $190,000. 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.