Freshworks (NASDAQ:FRSH) Price Target Cut to $17.00

Freshworks (NASDAQ:FRSH) had its price objective lowered by equities researchers at Piper Sandler from $22.00 to $17.00 in a report issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price objective suggests a potential upside of 33.23% from the company’s current price.

FRSH has been the subject of several other reports. Needham & Company LLC cut their price objective on Freshworks from $30.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, May 20th. StockNews.com cut Freshworks from a “buy” rating to a “hold” rating in a report on Saturday, June 22nd. Barclays decreased their price objective on Freshworks from $20.00 to $15.00 and set an “equal weight” rating on the stock in a report on Friday, May 3rd. Robert W. Baird cut Freshworks from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $28.00 to $16.00 in a report on Thursday, May 2nd. Finally, Oppenheimer cut Freshworks from an “outperform” rating to a “market perform” rating in a report on Thursday, May 2nd. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $21.53.

Freshworks Stock Performance

NASDAQ FRSH opened at $12.76 on Friday. The stock has a 50-day simple moving average of $13.04 and a two-hundred day simple moving average of $17.70. The firm has a market capitalization of $3.81 billion, a P/E ratio of -31.90 and a beta of 0.74. Freshworks has a fifty-two week low of $11.90 and a fifty-two week high of $24.98.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Wednesday, May 1st. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.02. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. The firm had revenue of $165.14 million during the quarter, compared to analyst estimates of $163.53 million. As a group, analysts forecast that Freshworks will post -0.34 earnings per share for the current year.

Insider Activity at Freshworks

In related news, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $12.28, for a total value of $57,531.80. Following the completion of the sale, the director now owns 35,853 shares in the company, valued at $440,274.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Freshworks news, Director Jennifer H. Taylor sold 4,685 shares of the stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $12.28, for a total value of $57,531.80. Following the completion of the transaction, the director now directly owns 35,853 shares of the company’s stock, valued at $440,274.84. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Jennifer H. Taylor sold 7,028 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $13.74, for a total transaction of $96,564.72. Following the completion of the transaction, the director now directly owns 19,991 shares of the company’s stock, valued at $274,676.34. The disclosure for this sale can be found here. Insiders sold a total of 34,296 shares of company stock worth $443,630 over the last 90 days. Company insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

A number of hedge funds have recently bought and sold shares of FRSH. Vanguard Group Inc. boosted its holdings in shares of Freshworks by 6.8% in 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. Clearbridge Investments LLC increased its stake in Freshworks by 107.4% during the 1st quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock worth $73,764,000 after buying an additional 2,097,280 shares during the period. Capital International Investors purchased a new stake in Freshworks during the 1st quarter worth $59,311,000. Franklin Resources Inc. increased its position in shares of Freshworks by 6.5% in the 4th quarter. Franklin Resources Inc. now owns 3,175,334 shares of the company’s stock worth $74,589,000 after purchasing an additional 193,708 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Freshworks in the 4th quarter worth about $44,919,000. Institutional investors and hedge funds own 75.58% of the company’s stock.

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.