Piper Sandler Trims Freshworks (NASDAQ:FRSH) Target Price to $38.00

Freshworks (NASDAQ:FRSH) had its price target trimmed by Piper Sandler from $53.00 to $38.00 in a research report sent to investors on Wednesday, The Fly reports. The brokerage currently has an overweight rating on the stock.

Separately, Jefferies Financial Group reduced their price objective on Freshworks from $50.00 to $25.00 and set a hold rating for the company in a report on Thursday, January 6th.

Shares of NASDAQ FRSH opened at $23.10 on Wednesday. The firm’s fifty day moving average price is $29.06. Freshworks has a 1-year low of $20.84 and a 1-year high of $53.36.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings data on Tuesday, November 2nd. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($0.92) by ($0.25). The business had revenue of $96.61 million during the quarter, compared to analyst estimates of $90.68 million. On average, equities research analysts predict that Freshworks will post -1.51 EPS for the current year.

In other news, major shareholder Capitalg 2014 Lp sold 2,770 shares of the firm’s stock in a transaction on Thursday, November 11th. The stock was sold at an average price of $39.05, for a total value of $108,168.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Zachary Nelson sold 14,063 shares of the firm’s stock in a transaction on Wednesday, December 22nd. The stock was sold at an average price of $27.50, for a total value of $386,732.50. The disclosure for this sale can be found here. 13.10% of the stock is owned by company insiders.

Several institutional investors have recently bought and sold shares of the company. Hudson Bay Capital Management LP purchased a new stake in shares of Freshworks in the third quarter worth $1,067,000. UBS Asset Management Americas Inc. purchased a new stake in Freshworks during the third quarter valued at about $7,462,000. Moors & Cabot Inc. purchased a new stake in Freshworks during the third quarter valued at about $506,000. Balyasny Asset Management LLC purchased a new stake in Freshworks during the third quarter valued at about $6,404,000. Finally, Suvretta Capital Management LLC purchased a new stake in Freshworks during the third quarter valued at about $6,404,000. 15.98% of the stock is owned by hedge funds and other institutional investors.

Freshworks Company Profile

Freshworks Inc develops software solutions for businesses worldwide. It offers Freshdesk, a solution that empower the support team to work together and resolve customer issues; Freshworks CRM, a solution that keep sales team in the know about prospects and close deals; Freshworks 360, a sales, support, marketing, and success platform; and Freshservice, a solution to streamline information technology service and manage internal requests from the employees.

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