Freshworks (NASDAQ:FRSH) Price Target Lowered to $22.00 at Morgan Stanley

Freshworks (NASDAQ:FRSH - Get Free Report) had its price objective reduced by equities research analysts at Morgan Stanley from $24.00 to $22.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Morgan Stanley's price objective suggests a potential upside of 24.36% from the company's previous close.

A number of other equities research analysts also recently commented on FRSH. Needham & Company LLC lifted their target price on Freshworks from $25.00 to $30.00 and gave the stock a "buy" rating in a report on Thursday, December 28th. Cantor Fitzgerald reiterated an "overweight" rating and set a $25.00 price target on shares of Freshworks in a research report on Wednesday, February 7th. Wolfe Research upgraded 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. Jefferies Financial Group upgraded Freshworks from a "hold" rating to a "buy" rating and lifted their price target for the company from $20.00 to $30.00 in a research report on Friday, January 5th. Finally, Piper Sandler lifted their price target on Freshworks from $24.00 to $28.00 and gave the company an "overweight" rating in a research report on Tuesday, January 2nd. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $25.00.

Freshworks Stock Performance

FRSH stock traded up $0.39 during trading on Wednesday, reaching $17.69. 2,187,477 shares of the company traded hands, compared to its average volume of 2,538,058. Freshworks has a 12 month low of $12.22 and a 12 month high of $24.98. The business has a 50 day simple moving average of $19.09 and a 200 day simple moving average of $20.08. The company has a market capitalization of $5.27 billion, a price-to-earnings ratio of -37.64 and a beta of 0.90.

Freshworks (NASDAQ:FRSH - Get Free Report) last issued its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, beating analysts' consensus estimates of ($0.13) by $0.04. Freshworks had a negative return on equity of 12.55% and a negative net margin of 23.04%. The company had revenue of $160.11 million for the quarter, compared to the consensus estimate of $158.11 million. As a group, research analysts forecast that Freshworks will post -0.37 EPS for the current year.

Insider Buying and Selling

In related news, Director Barry L. Padgett sold 4,690 shares of the business's stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $20.22, for a total transaction of $94,831.80. Following the completion of the sale, the director now directly owns 17,387 shares in the company, valued at $351,565.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Freshworks news, Director Barry L. Padgett sold 4,690 shares of the business's stock in a transaction on Friday, March 1st. The stock was sold at an average price of $20.22, for a total transaction of $94,831.80. Following the transaction, the director now owns 17,387 shares of the company's stock, valued at $351,565.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Roxanne S. Austin sold 6,303 shares of the business's stock in a transaction on 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 directly owns 88,431 shares in the company, valued at approximately $1,904,803.74. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 460,792 shares of company stock worth $9,408,403. 26.66% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Freshworks

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Board of Trustees of The Leland Stanford Junior University boosted its stake in Freshworks by 1.9% during the fourth quarter. Board of Trustees of The Leland Stanford Junior University now owns 35,019 shares of the company's stock worth $823,000 after buying an additional 638 shares during the last quarter. Arizona State Retirement System lifted its stake in shares of Freshworks by 2.6% in the 3rd quarter. Arizona State Retirement System now owns 40,667 shares of the company's stock valued at $810,000 after purchasing an additional 1,020 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in shares of Freshworks by 7.9% in the 4th quarter. Teacher Retirement System of Texas now owns 14,805 shares of the company's stock valued at $218,000 after purchasing an additional 1,079 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in shares of Freshworks by 373.8% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,663 shares of the company's stock valued at $33,000 after purchasing an additional 1,312 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC lifted its stake in shares of Freshworks by 29.8% in the 3rd quarter. Counterpoint Mutual Funds LLC now owns 6,833 shares of the company's stock valued at $136,000 after purchasing an additional 1,567 shares during the last quarter. Institutional investors and hedge funds 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.