Freshworks (NASDAQ:FRSH) PT Lowered to $18.00

Freshworks (NASDAQ:FRSH) had its price objective lowered by research analysts at Morgan Stanley from $22.00 to $18.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price indicates a potential upside of 23.97% from the company’s current price.

A number of other brokerages have also issued reports on FRSH. Jefferies Financial Group upgraded shares of Freshworks from a “hold” rating to a “buy” rating and raised their price objective for the company from $20.00 to $30.00 in a report on Friday, January 5th. Cantor Fitzgerald lowered their target price on Freshworks from $25.00 to $19.00 and set an “overweight” rating for the company in a research report on Thursday. Oppenheimer lowered Freshworks from an “outperform” rating to a “market perform” rating in a research report on Thursday. Wolfe Research raised Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 price target for the company in a research note on Tuesday, February 20th. Finally, Robert W. Baird lowered Freshworks from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $28.00 to $16.00 in a research note on Thursday. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.18.

Freshworks Trading Down 20.4 %

NASDAQ FRSH traded down $3.73 during trading on Thursday, hitting $14.52. 16,614,049 shares of the company’s stock were exchanged, compared to its average volume of 2,690,247. The company has a market cap of $4.33 billion, a PE ratio of -30.79 and a beta of 0.87. Freshworks has a fifty-two week low of $12.22 and a fifty-two week high of $24.98. The stock’s 50 day moving average price is $18.53 and its two-hundred day moving average price is $20.04.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. Freshworks had a negative net margin of 23.04% and a negative return on equity of 12.55%. The business had revenue of $160.11 million during the quarter, compared to analysts’ expectations of $158.11 million. Analysts forecast that Freshworks will post -0.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Jennifer H. Taylor sold 7,035 shares of the stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $18.08, for a total transaction of $127,192.80. Following the transaction, the director now directly owns 19,991 shares of the company’s stock, valued at $361,437.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Freshworks news, Director Roxanne S. Austin sold 6,303 shares of the firm’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 transaction, the director now directly owns 88,431 shares of the company’s stock, valued at $1,904,803.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $18.08, for a total transaction of $127,192.80. Following the transaction, the director now directly owns 19,991 shares in the company, valued at $361,437.28. 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 ninety days. 19.15% of the stock is owned by corporate insiders.

Institutional Trading of Freshworks

Large investors have recently added to or reduced their stakes in the stock. Neo Ivy Capital Management purchased a new stake in Freshworks during the third quarter worth about $81,000. Quest Partners LLC purchased a new stake in Freshworks during the fourth quarter worth about $166,000. Steph & Co. purchased a new stake in Freshworks during the first quarter worth about $201,000. Jasper Ridge Partners L.P. purchased a new position in shares of Freshworks in the third quarter worth about $217,000. Finally, Northside Capital Management LLC purchased a new position in shares of Freshworks in the fourth quarter worth about $226,000. Hedge funds and other institutional investors 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.