Oppenheimer cut shares of Freshworks (NASDAQ:FRSH - Free Report) from an outperform rating to a market perform rating in a research note issued to investors on Thursday, Marketbeat Ratings reports.
A number of other equities research analysts also recently weighed in on FRSH. Robert W. Baird downgraded shares of Freshworks from an outperform rating to a neutral rating and lowered their price objective for the company from $28.00 to $16.00 in a research report on Thursday. Cantor Fitzgerald reissued an overweight rating and issued a $25.00 price target on shares of Freshworks in a report on Wednesday, February 7th. Jefferies Financial Group upgraded Freshworks from a hold rating to a buy rating and upped their price objective for the stock from $20.00 to $30.00 in a research note on Friday, January 5th. JMP Securities raised their target price on Freshworks from $25.00 to $29.00 and gave the company a market outperform rating in a research note on Wednesday, February 7th. Finally, Wolfe Research upgraded shares of Freshworks from a peer perform rating to an outperform rating and set a $27.00 price target for the company in a research report on Tuesday, February 20th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Freshworks currently has an average rating of Moderate Buy and a consensus price target of $23.18.
Get Our Latest Analysis on Freshworks
Freshworks Trading Down 19.6 %
NASDAQ FRSH traded down $3.58 during trading hours on Thursday, reaching $14.67. 22,954,555 shares of the company traded hands, compared to its average volume of 2,771,712. The stock has a market capitalization of $4.37 billion, a PE ratio of -30.79 and a beta of 0.87. Freshworks has a 12 month low of $12.22 and a 12 month high of $24.98. The company has a 50 day moving average of $18.53 and a two-hundred day moving average of $20.04.
Freshworks (NASDAQ:FRSH - Get Free Report) last issued its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.04. The business had revenue of $160.11 million for the quarter, compared to analysts' expectations of $158.11 million. Freshworks had a negative net margin of 23.04% and a negative return on equity of 12.55%. On average, equities research analysts anticipate that Freshworks will post -0.37 earnings per share for the current year.
Insider Buying and Selling
In related news, Director Jennifer H. Taylor sold 7,035 shares of the business's stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $21.71, for a total value of $152,729.85. Following the sale, the director now directly owns 19,490 shares in the company, valued at approximately $423,127.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction on Monday, February 12th. The stock was sold at an average price of $21.71, for a total value of $152,729.85. Following the transaction, the director now directly owns 19,490 shares in the company, valued at approximately $423,127.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Johanna Flower sold 4,800 shares of the company's stock in a transaction on Monday, March 11th. The shares were sold at an average price of $19.05, for a total value of $91,440.00. Following the sale, the director now directly owns 23,451 shares of the company's stock, valued at $446,741.55. The disclosure for this sale can be found here. Insiders have sold a total of 460,792 shares of company stock valued at $9,408,403 over the last three months. Company insiders own 19.15% of the company's stock.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in FRSH. Neo Ivy Capital Management acquired a new position in Freshworks in the 3rd quarter worth approximately $81,000. Quest Partners LLC acquired a new stake in shares of Freshworks in the fourth quarter worth $166,000. Steph & Co. purchased a new position in shares of Freshworks during the first quarter valued at $201,000. Jasper Ridge Partners L.P. acquired a new position in Freshworks during the third quarter valued at $217,000. Finally, Northside Capital Management LLC purchased a new stake in Freshworks in the 4th quarter worth about $226,000. 75.58% of the stock is owned by hedge funds and other institutional investors.
About Freshworks
(
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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.
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