Freshworks (NASDAQ:FRSH) Price Target Cut to $14.00 by Analysts at Morgan Stanley

Freshworks (NASDAQ:FRSH - Free Report) had its price objective trimmed by Morgan Stanley from $21.00 to $14.00 in a research note published on Wednesday,Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other research firms also recently issued reports on FRSH. JMP Securities set a $27.00 price target on shares of Freshworks in a research note on Wednesday, February 12th. Piper Sandler raised their target price on Freshworks from $20.00 to $24.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Barclays upped their price target on Freshworks from $14.00 to $20.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 12th. Jefferies Financial Group cut their price objective on Freshworks from $22.00 to $20.00 and set a "hold" rating on the stock in a research note on Monday, March 31st. Finally, Robert W. Baird set a $18.00 price objective on shares of Freshworks in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $20.43.

Freshworks Stock Down 4.2 %

Shares of NASDAQ FRSH traded down $0.53 during midday trading on Wednesday, reaching $12.07. 3,382,071 shares of the company were exchanged, compared to its average volume of 3,317,338. The stock's 50-day moving average price is $15.09 and its 200-day moving average price is $15.28. The stock has a market cap of $3.64 billion, a P/E ratio of -37.72 and a beta of 0.98. Freshworks has a one year low of $10.81 and a one year high of $19.77.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) EPS for the quarter, missing analysts' consensus estimates of $0.08 by ($0.10). Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. On average, equities research analysts anticipate that Freshworks will post -0.19 EPS for the current year.

Insider Activity at Freshworks

In related news, insider Mika Yamamoto sold 2,859 shares of Freshworks stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $18.29, for a total value of $52,291.11. Following the completion of the sale, the insider now owns 397,390 shares of the company's stock, valued at approximately $7,268,263.10. This trade represents a 0.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $16.72, for a total transaction of $140,999.76. Following the sale, the director now directly owns 24,187 shares in the company, valued at approximately $404,406.64. This trade represents a 25.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,577 shares of company stock worth $883,242. Insiders own 19.15% of the company's stock.

Institutional Investors Weigh In On Freshworks

A number of hedge funds and other institutional investors have recently bought and sold shares of FRSH. FNY Investment Advisers LLC bought a new stake in shares of Freshworks during the 1st quarter valued at $70,000. Wealth Enhancement Advisory Services LLC increased its position in shares of Freshworks by 128.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 26,878 shares of the company's stock valued at $379,000 after buying an additional 15,092 shares during the period. Sapient Capital LLC lifted its holdings in shares of Freshworks by 18.7% in the first quarter. Sapient Capital LLC now owns 25,195 shares of the company's stock worth $356,000 after buying an additional 3,974 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Freshworks by 303.0% in the first quarter. SG Americas Securities LLC now owns 56,057 shares of the company's stock worth $791,000 after buying an additional 42,148 shares in the last quarter. Finally, MRA Advisory Group bought a new position in shares of Freshworks in the first quarter valued at approximately $320,000. 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.