Freshworks (NASDAQ:FRSH) PT Lowered to $22.00 at Piper Sandler

Freshworks (NASDAQ:FRSH) had its target price lowered by Piper Sandler from $28.00 to $22.00 in a research report sent to investors on Thursday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

Other analysts have also recently issued research reports about the company. Cantor Fitzgerald reiterated an overweight rating and set a $25.00 price objective on shares of Freshworks in a research report on Wednesday, February 7th. Morgan Stanley lowered their price target on Freshworks from $24.00 to $22.00 and set an equal weight rating on the stock in a report on Wednesday, April 17th. JMP Securities increased their price target on Freshworks from $25.00 to $29.00 and gave the company a market outperform rating in a research note on Wednesday, February 7th. Jefferies Financial Group raised Freshworks from a hold rating to a buy rating and raised their price objective for the company from $20.00 to $30.00 in a research note on Friday, January 5th. Finally, Oppenheimer downgraded shares of Freshworks from an outperform rating to a market perform rating in a research note on Thursday. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $22.59.

Freshworks Stock Performance

FRSH traded down $0.64 during trading on Thursday, reaching $14.03. The stock had a trading volume of 6,974,887 shares, compared to its average volume of 3,264,107. The stock has a market cap of $4.18 billion, a PE ratio of -35.07 and a beta of 0.88. The business has a 50-day moving average of $18.29 and a 200-day moving average of $19.97. Freshworks has a one year low of $12.22 and a one year high of $24.98.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.04. The firm had revenue of $160.11 million during the quarter, compared to analyst estimates of $158.11 million. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. Equities research analysts forecast that Freshworks will post -0.37 EPS for the current fiscal year.

Insider Activity

In other news, Director Roxanne S. Austin sold 6,303 shares of the 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 completion of the sale, the director now directly owns 88,431 shares in the company, valued at $1,904,803.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Freshworks news, Director Barry L. Padgett sold 4,690 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $20.22, for a total value of $94,831.80. Following the completion of the transaction, the director now owns 17,387 shares in the company, valued at $351,565.14. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 transaction of $135,766.62. Following the transaction, the director now owns 88,431 shares of the company’s stock, valued at approximately $1,904,803.74. The disclosure for this sale can be found here. Insiders have sold a total of 460,792 shares of company stock worth $9,408,403 over the last 90 days. 19.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Freshworks

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Board of Trustees of The Leland Stanford Junior University lifted its position in shares of Freshworks by 1.9% during the 4th quarter. Board of Trustees of The Leland Stanford Junior University now owns 35,019 shares of the company’s stock valued at $823,000 after acquiring an additional 638 shares during the period. Arizona State Retirement System grew its holdings in Freshworks by 2.6% in the third quarter. Arizona State Retirement System now owns 40,667 shares of the company’s stock valued at $810,000 after purchasing an additional 1,020 shares during the period. Allspring Global Investments Holdings LLC raised its stake in Freshworks by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock worth $250,000 after purchasing an additional 1,160 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Freshworks by 12.1% in the 3rd quarter. Victory Capital Management Inc. now owns 16,215 shares of the company’s stock valued at $323,000 after purchasing an additional 1,750 shares during the last quarter. Finally, Diversified Trust Co grew its stake in shares of Freshworks by 5.6% during the 3rd quarter. Diversified Trust Co now owns 45,771 shares of the company’s stock valued at $912,000 after buying an additional 2,440 shares during the period. Hedge funds and other institutional investors own 75.58% of the company’s stock.

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.