Freshworks (NASDAQ:FRSH) Lowered to Buy Rating by Wall Street Zen

Wall Street Zen lowered shares of Freshworks (NASDAQ:FRSH - Free Report) from a strong-buy rating to a buy rating in a research report released on Saturday.

FRSH has been the topic of several other reports. Needham & Company LLC reiterated a "buy" rating and issued a $25.00 target price on shares of Freshworks in a research note on Monday, March 17th. Oppenheimer cut their price objective on shares of Freshworks from $24.00 to $19.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. Cantor Fitzgerald raised shares of Freshworks to an "overweight" rating and set a $20.00 target price on the stock in a report on Tuesday, June 3rd. Jefferies Financial Group dropped their price target on shares of Freshworks from $22.00 to $20.00 and set a "hold" rating on the stock in a research note on Monday, March 31st. Finally, Wells Fargo & Company raised their price objective on shares of Freshworks from $11.00 to $12.00 and gave the company an "underweight" rating in a research report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.07.

Freshworks Price Performance

Shares of FRSH traded up $0.27 during mid-day trading on Friday, reaching $14.87. 2,449,153 shares of the company's stock were exchanged, compared to its average volume of 3,293,422. The business's fifty day simple moving average is $14.64 and its 200-day simple moving average is $15.62. Freshworks has a 52-week low of $10.81 and a 52-week high of $19.77. The stock has a market capitalization of $4.39 billion, a PE ratio of -61.96 and a beta of 0.97.

Freshworks (NASDAQ:FRSH - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $0.18 EPS for the quarter, beating analysts' consensus estimates of $0.13 by $0.05. Freshworks had a negative net margin of 9.76% and a negative return on equity of 4.41%. The company had revenue of $196.27 million for the quarter, compared to analyst estimates of $191.90 million. During the same period in the previous year, the business posted $0.10 earnings per share. Freshworks's quarterly revenue was up 18.9% on a year-over-year basis. Equities research analysts predict that Freshworks will post -0.19 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Mika Yamamoto sold 3,574 shares of Freshworks stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $14.20, for a total transaction of $50,750.80. Following the completion of the sale, the insider now directly owns 611,604 shares in the company, valued at $8,684,776.80. The trade was a 0.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Rathnagirish Mathrubootham sold 70,997 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $16.01, for a total transaction of $1,136,661.97. Following the transaction, the chairman now directly owns 724,515 shares in the company, valued at $11,599,485.15. The trade was a 8.92% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 169,121 shares of company stock worth $2,665,716. Insiders own 11.17% of the company's stock.

Institutional Investors Weigh In On Freshworks

A number of hedge funds and other institutional investors have recently made changes to their positions in FRSH. Rhumbline Advisers boosted its holdings in shares of Freshworks by 18.1% in the 1st quarter. Rhumbline Advisers now owns 325,704 shares of the company's stock valued at $4,596,000 after purchasing an additional 49,873 shares during the last quarter. Strs Ohio purchased a new stake in Freshworks during the first quarter valued at about $830,000. Diker Management LLC increased its stake in Freshworks by 4.3% during the first quarter. Diker Management LLC now owns 120,526 shares of the company's stock worth $1,701,000 after acquiring an additional 5,000 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of Freshworks in the 1st quarter worth about $2,734,000. Finally, Intech Investment Management LLC lifted its stake in shares of Freshworks by 40.9% in the 1st quarter. Intech Investment Management LLC now owns 154,170 shares of the company's stock valued at $2,175,000 after purchasing an additional 44,761 shares in the last quarter. Hedge funds and other institutional investors 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.