Freshworks (NASDAQ:FRSH) PT Lowered to $18.00

Freshworks (NASDAQ:FRSH) had its target price lowered by research analysts at Morgan Stanley from $22.00 to $18.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 23.97% from the company’s previous close.

FRSH has been the topic of several other research reports. Jefferies Financial Group upgraded shares of Freshworks from a “hold” rating to a “buy” rating and increased their price target for the stock from $20.00 to $30.00 in a report on Friday, January 5th. Wolfe Research raised shares of Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 target price for the company in a report on Tuesday, February 20th. Oppenheimer lowered shares of Freshworks from an “outperform” rating to a “market perform” rating in a report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 price target on shares of Freshworks in a research report on Thursday. Finally, JMP Securities decreased their price objective on Freshworks from $29.00 to $21.00 and set a “market outperform” rating for the company in a report on Thursday. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Freshworks has an average rating of “Moderate Buy” and an average target price of $23.18.

Freshworks Stock Down 20.4 %

Shares of FRSH traded down $3.73 during trading hours on Thursday, reaching $14.52. 16,614,049 shares of the company traded hands, compared to its average volume of 2,690,247. The business has a fifty day moving average price of $18.53 and a 200-day moving average price of $20.04. Freshworks has a 12-month low of $12.22 and a 12-month high of $24.98. The stock has a market capitalization of $4.33 billion, a P/E ratio of -30.79 and a beta of 0.87.

Freshworks (NASDAQ:FRSH) last posted its quarterly 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. The business had revenue of $160.11 million for the quarter, compared to the consensus estimate of $158.11 million. Freshworks had a negative return on equity of 12.55% and a negative net margin of 23.04%. As a group, research analysts predict that Freshworks will post -0.37 EPS for the current fiscal year.

Insider Activity at Freshworks

In related news, Director Jennifer H. Taylor sold 7,035 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $21.71, for a total value of $152,729.85. Following the completion of the transaction, the director now directly owns 19,490 shares in the company, valued at approximately $423,127.90. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Freshworks news, Director Barry L. Padgett sold 4,690 shares of the company’s 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 completion of the transaction, the director now directly owns 17,387 shares in the company, valued at $351,565.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jennifer H. Taylor sold 7,035 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $21.71, for a total transaction of $152,729.85. Following the transaction, the director now owns 19,490 shares of the company’s stock, valued at $423,127.90. The disclosure for this sale can be found here. Insiders sold a total of 460,792 shares of company stock worth $9,408,403 in the last three months. Company insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Large investors have recently added to or reduced their stakes in the stock. Neo Ivy Capital Management acquired a new position in Freshworks during the third quarter worth $81,000. Quest Partners LLC acquired a new position in Freshworks during the fourth quarter worth $166,000. Steph & Co. acquired a new position in Freshworks during the first quarter worth $201,000. Jasper Ridge Partners L.P. purchased a new stake in shares of Freshworks during the third quarter worth $217,000. Finally, Northside Capital Management LLC purchased a new stake in shares of Freshworks during the fourth quarter worth $226,000. 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.