Freshworks (NASDAQ:FRSH) Price Target Cut to $20.00 by Analysts at Needham & Company LLC

Freshworks (NASDAQ:FRSH) had its price objective reduced by Needham & Company LLC from $30.00 to $20.00 in a research report sent to investors on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

FRSH has been the subject of a number of other research reports. Wolfe Research upgraded shares of Freshworks from a peer perform rating to an outperform rating and set a $27.00 target price for the company in a research report on Tuesday, February 20th. Barclays cut their target price on shares of Freshworks from $20.00 to $15.00 and set an equal weight rating for the company in a research report on Friday, May 3rd. Piper Sandler cut their price objective on shares of Freshworks from $28.00 to $22.00 and set an overweight rating for the company in a research report on Thursday, May 2nd. Oppenheimer lowered shares of Freshworks from an outperform rating to a market perform rating in a research report on Thursday, May 2nd. Finally, Robert W. Baird lowered shares of Freshworks from an outperform rating to a neutral rating and cut their price objective for the company from $28.00 to $16.00 in a research report on Thursday, May 2nd. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $22.00.

Freshworks Trading Down 3.3 %

FRSH stock opened at $13.29 on Monday. The company has a market cap of $3.97 billion, a P/E ratio of -33.22 and a beta of 0.88. Freshworks has a 52 week low of $13.01 and a 52 week high of $24.98. The company’s 50-day moving average price is $16.76 and its 200 day moving average price is $19.54.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Wednesday, May 1st. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The firm had revenue of $165.14 million for the quarter, compared to the consensus estimate of $163.53 million. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. On average, equities research analysts expect that Freshworks will post -0.34 earnings per share for the current year.

Insider Activity

In other news, Director Jennifer H. Taylor sold 7,028 shares of the company’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $13.74, for a total value of $96,564.72. Following the completion of the transaction, the director now directly owns 19,991 shares in the company, valued at $274,676.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Freshworks news, Director Barry L. Padgett sold 4,690 shares of the stock in a transaction on Friday, March 1st. The shares were sold at an average price of $20.22, for a total transaction of $94,831.80. Following the sale, the director now directly owns 17,387 shares of the company’s stock, valued at $351,565.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jennifer H. Taylor sold 7,028 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $13.74, for a total transaction of $96,564.72. Following the sale, the director now directly owns 19,991 shares in the company, valued at $274,676.34. The disclosure for this sale can be found here. Over the last three months, insiders sold 455,262 shares of company stock worth $9,227,461. 19.15% of the stock is currently owned by company insiders.

Institutional Trading of Freshworks

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Freshworks by 6.8% during the first quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock worth $385,525,000 after purchasing an additional 1,354,530 shares during the period. Clearbridge Investments LLC increased its holdings in shares of Freshworks by 107.4% in the 1st quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock worth $73,764,000 after acquiring an additional 2,097,280 shares during the period. Capital International Investors acquired a new stake in shares of Freshworks in the 1st quarter worth about $59,311,000. Franklin Resources Inc. increased its holdings 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 worth $74,589,000 after acquiring an additional 193,708 shares during the period. Finally, FMR LLC increased its holdings in shares of Freshworks by 76.5% in the 3rd quarter. FMR LLC now owns 2,222,907 shares of the company’s stock worth $44,280,000 after acquiring an additional 963,426 shares during the period. 75.58% of the stock is 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.