Morgan Stanley Lowers Freshworks (NASDAQ:FRSH) Price Target to $14.00

Freshworks (NASDAQ:FRSH) had its price objective decreased by research analysts at Morgan Stanley from $21.00 to $14.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price target would indicate a potential upside of 11.11% from the stock’s previous close.

Several other brokerages have also recently issued reports on FRSH. UBS Group set a $22.00 price target on Freshworks in a research report on Thursday, February 6th. Scotiabank upped their target price on Freshworks from $17.00 to $19.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 12th. Barclays upped their price target on Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 12th. StockNews.com raised shares of Freshworks from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. Finally, Wells Fargo & Company cut shares of Freshworks from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $16.00 to $13.00 in a research report on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.43.

Freshworks Price Performance

NASDAQ FRSH opened at $12.60 on Wednesday. Freshworks has a 12 month low of $10.81 and a 12 month high of $19.77. The firm’s 50-day moving average is $15.20 and its two-hundred day moving average is $15.21. The stock has a market capitalization of $3.80 billion, a P/E ratio of -39.38 and a beta of 0.98.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. As a group, analysts anticipate that Freshworks will post -0.19 EPS for the current year.

Insider Activity

In other Freshworks news, insider Mika Yamamoto sold 3,574 shares of Freshworks stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $14.20, for a total transaction of $50,750.80. Following the sale, the insider now owns 611,604 shares of the company’s stock, valued at $8,684,776.80. The trade was a 0.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Johanna Flower sold 21,400 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $18.00, for a total value of $385,200.00. Following the sale, the director now directly owns 41,491 shares in the company, valued at approximately $746,838. The trade was a 34.03 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 50,577 shares of company stock valued at $883,242. Company insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

Several hedge funds have recently modified their holdings of the stock. Avion Wealth acquired a new stake in Freshworks during the 4th quarter valued at $26,000. Blue Trust Inc. boosted its stake in shares of Freshworks by 32.2% during the 4th 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. National Bank of Canada FI raised its position in shares of Freshworks by 1,385.8% in the fourth quarter. National Bank of Canada FI now owns 3,967 shares of the company’s stock valued at $64,000 after purchasing an additional 3,700 shares during the period. Nisa Investment Advisors LLC lifted its position in shares of Freshworks by 102.4% during the 4th 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 last quarter. Finally, Covestor Ltd boosted its position in shares of Freshworks by 30.2% in the fourth quarter. Covestor Ltd now owns 4,686 shares of the company’s stock valued at $76,000 after acquiring an additional 1,087 shares during the period. 75.58% of the stock is owned by hedge funds and other institutional investors.

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.