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

Freshworks (NASDAQ:FRSH) had its price objective reduced by investment analysts at Morgan Stanley from $24.00 to $22.00 in a report released on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price target would indicate a potential upside of 23.39% from the company’s current price.

FRSH has been the topic of several other research reports. Needham & Company LLC raised their price objective on shares of Freshworks from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, December 28th. Piper Sandler increased their target price on Freshworks from $24.00 to $28.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. JMP Securities lifted their price target on Freshworks from $25.00 to $29.00 and gave the stock a “market outperform” rating in a research report on Wednesday, February 7th. Cantor Fitzgerald reissued an “overweight” rating and set a $25.00 price objective on shares of Freshworks in a research report 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 objective for the company in a research note on Tuesday, February 20th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.00.

Freshworks Trading Up 3.1 %

Shares of FRSH traded up $0.53 during mid-day trading on Wednesday, reaching $17.83. 1,484,636 shares of the stock traded hands, compared to its average volume of 2,527,789. The company has a market cap of $5.31 billion, a price-to-earnings ratio of -37.89 and a beta of 0.90. Freshworks has a 1 year low of $12.22 and a 1 year high of $24.98. The firm has a fifty day moving average price of $19.16 and a 200 day moving average price of $20.10.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.04. The company had revenue of $160.11 million during the quarter, compared to analyst estimates 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 anticipate that Freshworks will post -0.37 EPS for the current year.

Insider Buying and Selling at Freshworks

In related news, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $21.71, for a total transaction of $152,729.85. Following the sale, the director now directly owns 19,490 shares of the company’s stock, valued at $423,127.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Jennifer H. Taylor sold 7,035 shares of the business’s stock in a transaction 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 completion of the transaction, the director now directly owns 19,490 shares in the company, valued at approximately $423,127.90. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Rathnagirish Mathrubootham sold 430,149 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $20.44, for a total transaction of $8,792,245.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 460,792 shares of company stock worth $9,408,403. Insiders own 26.66% of the company’s stock.

Hedge Funds Weigh In On Freshworks

A number of hedge funds have recently bought and sold shares of the business. Steph & Co. acquired a new stake in Freshworks in the 1st quarter valued at $201,000. Renaissance Capital LLC lifted its holdings in Freshworks by 3.0% during the first quarter. Renaissance Capital LLC now owns 105,697 shares of the company’s stock valued at $1,925,000 after purchasing an additional 3,071 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Freshworks by 6.9% in the fourth quarter. Vanguard Group Inc. now owns 19,816,514 shares of the company’s stock valued at $465,490,000 after purchasing an additional 1,285,713 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Freshworks by 157.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 591,847 shares of the company’s stock worth $13,902,000 after purchasing an additional 361,715 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Freshworks by 2.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,673,633 shares of the company’s stock worth $62,804,000 after purchasing an additional 58,551 shares during the last quarter. Hedge funds and other 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.