Freshworks (NASDAQ:FRSH) Downgraded by Robert W. Baird to Neutral

Robert W. Baird lowered shares of Freshworks (NASDAQ:FRSH) from an outperform rating to a neutral rating in a research report report published on Thursday, MarketBeat reports. The firm currently has $16.00 target price on the stock, down from their previous target price of $28.00.

Several other equities research analysts also recently weighed in on FRSH. Wolfe Research raised shares of Freshworks from a peer perform rating to an outperform rating and set a $27.00 target price on the stock in a research note on Tuesday, February 20th. Morgan Stanley reduced their price target on shares of Freshworks from $24.00 to $22.00 and set an equal weight rating on the stock in a research note on Wednesday, April 17th. Jefferies Financial Group raised shares of Freshworks from a hold rating to a buy rating and raised their price target for the stock from $20.00 to $30.00 in a research note on Friday, January 5th. JMP Securities raised their price target on shares of Freshworks from $25.00 to $29.00 and gave the stock a market outperform rating in a research note on Wednesday, February 7th. Finally, Cantor Fitzgerald reaffirmed an overweight rating and issued a $25.00 price target on shares of Freshworks in a research note on Wednesday, February 7th. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $22.59.

Freshworks Price Performance

Shares of NASDAQ:FRSH traded down $0.64 during midday trading on Thursday, reaching $14.03. 6,974,887 shares of the company were exchanged, compared to its average volume of 3,264,107. Freshworks has a one year low of $12.22 and a one year high of $24.98. The business’s fifty day moving average is $18.29 and its two-hundred day moving average is $19.97.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.04. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. The business had revenue of $160.11 million for the quarter, compared to the consensus estimate of $158.11 million. As a group, sell-side analysts expect that Freshworks will post -0.37 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Roxanne S. Austin sold 6,303 shares of the firm’s stock in a transaction dated Friday, February 9th. The shares were 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Rathnagirish Mathrubootham sold 430,149 shares of Freshworks 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Roxanne S. Austin sold 6,303 shares of Freshworks stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $21.54, for a total transaction of $135,766.62. Following the completion of the sale, the director now owns 88,431 shares of the company’s stock, valued at $1,904,803.74. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 460,792 shares of company stock worth $9,408,403. Corporate insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Freshworks by 14.6% during the 3rd quarter. Vanguard Group Inc. now owns 18,530,801 shares of the company’s stock valued at $369,134,000 after acquiring an additional 2,363,550 shares during the period. Qube Research & Technologies Ltd purchased a new stake in shares of Freshworks in the 3rd quarter valued at $2,445,000. Ninety One North America Inc. purchased a new stake in shares of Freshworks in the 4th quarter valued at $15,405,000. Neo Ivy Capital Management purchased a new stake in shares of Freshworks in the 3rd quarter valued at $81,000. Finally, Calamos Advisors LLC boosted its holdings in shares of Freshworks by 39.7% in the 4th quarter. Calamos Advisors LLC now owns 36,804 shares of the company’s stock valued at $865,000 after acquiring an additional 10,465 shares during the last quarter. 75.58% of the stock is currently 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.