Freshworks (NASDAQ:FRSH) PT Lowered to $20.00

Freshworks (NASDAQ:FRSH - Get Free Report) had its target price dropped by analysts at Canaccord Genuity Group from $27.00 to $20.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's price target points to a potential upside of 42.55% from the company's current price.

A number of other brokerages also recently issued reports on FRSH. Wolfe Research upgraded Freshworks from a "peer perform" rating to an "outperform" rating and set a $27.00 price target on the stock in a research report on Tuesday, February 20th. Robert W. Baird cut shares of Freshworks from an "outperform" rating to a "neutral" rating and lowered their target price for the stock from $28.00 to $16.00 in a research note on Thursday. Piper Sandler decreased their target price on shares of Freshworks from $28.00 to $22.00 and set an "overweight" rating on the stock in a research note on Thursday. Morgan Stanley reduced their price objective on Freshworks from $22.00 to $18.00 and set an "equal weight" rating on the stock in a research report on Thursday. Finally, Needham & Company LLC restated a "buy" rating and issued a $30.00 target price on shares of Freshworks in a report on Thursday. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, Freshworks currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.59.

Freshworks Trading Down 4.4 %

Shares of FRSH stock traded down $0.64 during trading hours on Friday, reaching $14.03. 6,974,884 shares of the company's stock were exchanged, compared to its average volume of 2,820,791. Freshworks has a 1 year low of $12.22 and a 1 year high of $24.98. The stock has a market cap of $4.18 billion, a PE ratio of -35.07 and a beta of 0.88. The stock's fifty day moving average price is $18.42 and its two-hundred day moving average price is $20.00.

Freshworks (NASDAQ:FRSH - Get Free Report) last released its earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.04. Freshworks had a negative return on equity of 10.70% and a negative net margin of 18.93%. The firm had revenue of $160.11 million for the quarter, compared to the consensus estimate of $158.11 million. On average, equities analysts expect that Freshworks will post -0.37 EPS for the current fiscal year.

Insider Activity at Freshworks

In other news, Director Roxanne S. Austin sold 6,303 shares of the stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $21.54, for a total transaction of $135,766.62. Following the completion of the sale, the director now owns 88,431 shares in the company, valued at $1,904,803.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Freshworks news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the firm's stock in a transaction on Monday, February 26th. The stock was sold at an average price of $20.44, for a total value of $8,792,245.56. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Roxanne S. Austin sold 6,303 shares of the company's stock in a transaction on Friday, February 9th. The shares were sold at an average price of $21.54, for a total value of $135,766.62. Following the completion of the sale, the director now 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 have sold a total of 460,792 shares of company stock valued at $9,408,403 over the last 90 days. 19.15% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Freshworks

Hedge funds have recently bought and sold shares of the business. Board of Trustees of The Leland Stanford Junior University raised its stake in shares of Freshworks by 1.9% in the fourth quarter. Board of Trustees of The Leland Stanford Junior University now owns 35,019 shares of the company's stock valued at $823,000 after purchasing an additional 638 shares in the last quarter. Arizona State Retirement System grew its stake in shares of Freshworks by 2.6% during the third quarter. Arizona State Retirement System now owns 40,667 shares of the company's stock worth $810,000 after purchasing an additional 1,020 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Freshworks by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company's stock worth $250,000 after acquiring an additional 1,160 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Freshworks by 12.1% during the third quarter. Victory Capital Management Inc. now owns 16,215 shares of the company's stock valued at $323,000 after purchasing an additional 1,750 shares during the period. Finally, Diversified Trust Co increased its stake in Freshworks by 5.6% in the third quarter. Diversified Trust Co now owns 45,771 shares of the company's stock valued at $912,000 after purchasing an additional 2,440 shares in the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

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.

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