Morgan Stanley Cuts Freshworks (NASDAQ:FRSH) Price Target to $18.00

Freshworks (NASDAQ:FRSH - Get Free Report) had its target price decreased by Morgan Stanley from $22.00 to $18.00 in a report released on Thursday, Benzinga reports. The firm currently has an "equal weight" rating on the stock. Morgan Stanley's target price points to a potential upside of 22.70% from the stock's current price.

FRSH has been the topic of several other reports. Jefferies Financial Group raised Freshworks from a "hold" rating to a "buy" rating and lifted their price objective for the company from $20.00 to $30.00 in a research report on Friday, January 5th. Needham & Company LLC reiterated a "buy" rating and set a $30.00 target price on shares of Freshworks in a report on Thursday. Piper Sandler lowered their target price on shares of Freshworks from $28.00 to $22.00 and set an "overweight" rating for the company in a report on Thursday. Robert W. Baird lowered shares of Freshworks from an "outperform" rating to a "neutral" rating and lowered their target price for the company from $28.00 to $16.00 in a report on Thursday. Finally, Wolfe Research upgraded shares of Freshworks from a "peer perform" rating to an "outperform" rating and set a $27.00 target price for the company in a report on Tuesday, February 20th. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Freshworks has an average rating of "Moderate Buy" and a consensus target price of $23.18.

Freshworks Trading Down 19.6 %

Freshworks stock traded down $3.58 during trading hours on Thursday, hitting $14.67. 22,954,555 shares of the stock traded hands, compared to its average volume of 2,771,712. The firm's 50-day moving average price is $18.42 and its two-hundred day moving average price is $20.00. The company has a market cap of $4.37 billion, a PE ratio of -31.21 and a beta of 0.87. Freshworks has a one year low of $12.22 and a one year high of $24.98.

Freshworks (NASDAQ:FRSH - Get Free Report) last posted its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, beating 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 return on equity of 12.55% and a negative net margin of 23.04%. On average, sell-side analysts expect that Freshworks will post -0.37 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Barry L. Padgett sold 4,690 shares of the business's stock in a transaction on Friday, March 1st. The shares were 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 owns 17,387 shares of the company's stock, valued at approximately $351,565.14. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Barry L. Padgett sold 4,690 shares of the business's stock in a transaction on Friday, March 1st. The shares were 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 owns 17,387 shares of the company's stock, valued at approximately $351,565.14. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Roxanne S. Austin sold 6,303 shares of the business's stock in a transaction on Friday, February 9th. The shares were sold at an average price of $21.54, for a total transaction of $135,766.62. Following the sale, the director now directly owns 88,431 shares of the company's stock, valued at approximately $1,904,803.74. The disclosure for this sale can be found here. Insiders sold a total of 460,792 shares of company stock valued at $9,408,403 in the last 90 days. Company insiders own 19.15% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of FRSH. Neo Ivy Capital Management bought a new position in Freshworks in the 3rd quarter worth $81,000. Quest Partners LLC bought a new position in Freshworks in the 4th quarter worth $166,000. Steph & Co. bought a new position in Freshworks in the 1st quarter worth $201,000. Jasper Ridge Partners L.P. bought a new position in Freshworks in the 3rd quarter worth $217,000. Finally, Northside Capital Management LLC bought a new position in Freshworks in the 4th quarter worth $226,000. 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.