Freshworks (NASDAQ:FRSH) PT Lowered to $22.00

Freshworks (NASDAQ:FRSH) had its price objective decreased by equities research analysts at Piper Sandler from $28.00 to $22.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price target suggests a potential upside of 20.55% from the company’s current price.

Other research analysts also recently issued reports about the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $25.00 price objective on shares of Freshworks in a research note on Wednesday, February 7th. Morgan Stanley reduced their target price on shares of Freshworks from $24.00 to $22.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 17th. Wolfe Research upgraded shares of Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 price target on the stock in a research report on Tuesday, February 20th. JMP Securities increased their price objective on shares of Freshworks from $25.00 to $29.00 and gave the company a “market outperform” rating in a report on Wednesday, February 7th. Finally, Oppenheimer cut Freshworks from an “outperform” rating to a “market perform” rating in a report on Thursday. Eight 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 an average rating of “Moderate Buy” and an average target price of $24.24.

Freshworks Stock Performance

NASDAQ:FRSH opened at $18.25 on Thursday. The company has a fifty day moving average of $18.53 and a two-hundred day moving average of $20.04. Freshworks has a fifty-two week low of $12.22 and a fifty-two week high of $24.98. The stock has a market capitalization of $5.44 billion, a PE ratio of -38.83 and a beta of 0.87.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.04. Freshworks had a negative net margin of 23.04% and a negative return on equity of 12.55%. The firm had revenue of $160.11 million for the quarter, compared to analyst estimates of $158.11 million. Research analysts forecast that Freshworks will post -0.37 earnings per share for the current year.

Insider Activity

In related 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 value of $135,766.62. Following the sale, the director now owns 88,431 shares in the company, valued at approximately $1,904,803.74. The transaction was disclosed in a document filed 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 legal filing with the Securities & Exchange Commission, which is accessible through 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 value of $135,766.62. Following the sale, 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 three months, insiders have sold 460,792 shares of company stock valued at $9,408,403. Company insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of FRSH. SG Americas Securities LLC boosted its stake in shares of Freshworks by 226.6% in the 3rd quarter. SG Americas Securities LLC now owns 35,651 shares of the company’s stock valued at $710,000 after buying an additional 24,735 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Freshworks by 13.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,734 shares of the company’s stock worth $572,000 after acquiring an additional 3,385 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in Freshworks in the third quarter worth approximately $327,000. Jennison Associates LLC acquired a new position in Freshworks during the 3rd quarter worth approximately $582,000. Finally, Teacher Retirement System of Texas increased its position in shares of Freshworks by 135.9% in the 3rd quarter. Teacher Retirement System of Texas now owns 25,211 shares of the company’s stock valued at $502,000 after purchasing an additional 14,526 shares during the last quarter. 75.58% of the stock is owned by institutional investors and hedge funds.

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.