JMP Securities Lowers Freshworks (NASDAQ:FRSH) Price Target to $21.00

Freshworks (NASDAQ:FRSH) had its price objective trimmed by JMP Securities from $29.00 to $21.00 in a report issued on Thursday morning, Benzinga reports. The firm currently has a market outperform rating on the stock.

Other research analysts have also recently issued reports about the company. Needham & Company LLC reissued a buy rating and issued a $30.00 price target on shares of Freshworks in a report on Thursday. Oppenheimer downgraded shares of Freshworks from an outperform rating to a market perform rating in a report on Thursday. Jefferies Financial Group upgraded 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 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 price objective for the company in a research note on Tuesday, February 20th. Finally, Piper Sandler lowered their target price on shares of Freshworks from $28.00 to $22.00 and set an overweight rating for the company in a report on Thursday. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Freshworks currently has a consensus rating of Moderate Buy and a consensus target price of $22.59.

Freshworks Price Performance

Shares of NASDAQ:FRSH traded down $0.64 during mid-day trading on Thursday, reaching $14.03. 6,974,884 shares of the company traded hands, compared to its average volume of 2,820,791. Freshworks has a 52 week low of $12.22 and a 52 week high of $24.98. The firm has a market cap of $4.18 billion, a PE ratio of -35.07 and a beta of 0.88. The company’s 50 day moving average price is $18.29 and its 200-day moving average price is $19.97.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.04. The firm had revenue of $160.11 million for the quarter, compared to the consensus estimate of $158.11 million. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.70%. On average, research analysts predict 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 stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $21.54, for a total transaction of $135,766.62. Following the transaction, the director now directly owns 88,431 shares in the company, valued at $1,904,803.74. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Freshworks news, Director Roxanne S. Austin sold 6,303 shares of Freshworks stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $21.54, for a total value of $135,766.62. Following the transaction, the director now owns 88,431 shares in the company, valued at $1,904,803.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jennifer H. Taylor sold 7,035 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $21.71, for a total transaction of $152,729.85. Following the completion of 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. In the last quarter, insiders sold 460,792 shares of company stock worth $9,408,403. 19.15% of the stock is currently owned by corporate insiders.

Institutional Trading of Freshworks

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Freshworks by 6.9% during the 4th quarter. Vanguard Group Inc. now owns 19,816,514 shares of the company’s stock valued at $465,490,000 after buying an additional 1,285,713 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Freshworks by 6.5% during the fourth 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 last quarter. FMR LLC increased its holdings in shares of Freshworks by 76.5% during the third quarter. FMR LLC now owns 2,222,907 shares of the company’s stock valued at $44,280,000 after acquiring an additional 963,426 shares in the last quarter. Clearbridge Investments LLC raised its position in shares of Freshworks by 8.3% in the 4th quarter. Clearbridge Investments LLC now owns 1,953,453 shares of the company’s stock valued at $45,887,000 after purchasing an additional 149,825 shares during the last quarter. Finally, Norges Bank acquired a new stake in Freshworks in the 4th quarter worth approximately $44,919,000. 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.