Freshworks (NASDAQ:FRSH) Reaches New 52-Week Low Following Analyst Downgrade

Shares of Freshworks Inc. (NASDAQ:FRSH) hit a new 52-week low during trading on Thursday after Piper Sandler lowered their price target on the stock from $17.00 to $13.00. Piper Sandler currently has an overweight rating on the stock. Freshworks traded as low as $10.81 and last traded at $10.90, with a volume of 370032 shares. The stock had previously closed at $11.21.

Other equities analysts have also issued research reports about the company. Cantor Fitzgerald lowered their price objective on Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. StockNews.com lowered Freshworks from a “buy” rating to a “hold” rating in a research report on Saturday, June 22nd. Canaccord Genuity Group lowered their price target on Freshworks from $20.00 to $17.00 and set a “buy” rating for the company in a research report on Wednesday, July 10th. Barclays lowered their price target on Freshworks from $15.00 to $14.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 31st. Finally, Scotiabank lowered their price target on Freshworks from $18.00 to $16.00 and set a “sector perform” rating for the company in a research report on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $18.38.

Insider Activity at Freshworks

In related news, Director Jennifer H. Taylor sold 4,690 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $11.23, for a total transaction of $52,668.70. Following the completion of the transaction, the director now directly owns 35,853 shares in the company, valued at approximately $402,629.19. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Jennifer H. Taylor sold 4,690 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $11.23, for a total value of $52,668.70. Following the transaction, the director now directly owns 35,853 shares of the company’s stock, valued at approximately $402,629.19. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Zachary Nelson sold 8,442 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $11.60, for a total value of $97,927.20. Following the completion of the transaction, the director now directly owns 22,530 shares in the company, valued at approximately $261,348. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 47,245 shares of company stock worth $533,811. 19.15% of the stock is owned by company insiders.

Institutional Trading of Freshworks

Hedge funds have recently modified their holdings of the company. Capital International Investors bought a new position in shares of Freshworks during the 1st quarter valued at approximately $59,311,000. Clearbridge Investments LLC increased its position in shares of Freshworks by 107.4% during the 1st quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock valued at $73,764,000 after purchasing an additional 2,097,280 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Freshworks by 6.8% during the 1st quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock valued at $385,525,000 after purchasing an additional 1,354,530 shares during the last quarter. Stanley Laman Group Ltd. bought a new position in shares of Freshworks during the 2nd quarter valued at approximately $9,133,000. Finally, Lake Street Advisors Group LLC bought a new position in shares of Freshworks during the 2nd quarter valued at approximately $8,717,000. 75.58% of the stock is owned by hedge funds and other institutional investors.

Freshworks Trading Up 2.8 %

The company has a 50-day moving average price of $11.39 and a two-hundred day moving average price of $13.42. The stock has a market cap of $3.43 billion, a P/E ratio of -28.68 and a beta of 0.73.

Freshworks (NASDAQ:FRSH) last released its earnings results on Tuesday, July 30th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. The business had revenue of $174.13 million for the quarter, compared to analyst estimates of $169.05 million. During the same quarter last year, the firm posted ($0.12) earnings per share. The business’s revenue was up 20.0% compared to the same quarter last year. As a group, equities analysts forecast that Freshworks Inc. will post -0.38 earnings per share for the current fiscal year.

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.