Freshworks (NASDAQ:FRSH) Given New $21.00 Price Target at JMP Securities

Freshworks (NASDAQ:FRSH) had its price target reduced by JMP Securities from $29.00 to $21.00 in a report published on Thursday, Benzinga reports. They currently have a market outperform rating on the stock.

Several other equities research analysts have also recently weighed in on the stock. Oppenheimer cut shares of Freshworks from an outperform rating to a market perform rating in a research report on Thursday. Robert W. Baird downgraded Freshworks from an outperform rating to a neutral rating and decreased their price target for the stock from $28.00 to $16.00 in a report on Thursday. Morgan Stanley dropped their price objective on Freshworks from $24.00 to $22.00 and set an equal weight rating on the stock in a research note on Wednesday, April 17th. Piper Sandler decreased their target price on Freshworks from $28.00 to $22.00 and set an overweight rating for the company in a research note on Thursday. Finally, Cantor Fitzgerald dropped their price target on Freshworks from $25.00 to $19.00 and set an overweight rating on the stock in a research note on Thursday. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Freshworks has a consensus rating of Moderate Buy and a consensus price target of $22.59.

Freshworks Price Performance

NASDAQ FRSH traded down $0.64 on Thursday, reaching $14.03. The company had a trading volume of 6,974,884 shares, compared to its average volume of 2,820,791. The firm has a market cap of $4.18 billion, a price-to-earnings ratio of -35.07 and a beta of 0.88. Freshworks has a fifty-two week low of $12.22 and a fifty-two week high of $24.98. The business has a 50 day moving average of $18.29 and a two-hundred day moving average of $19.97.

Freshworks (NASDAQ:FRSH) last issued 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 return on equity of 10.70% and a negative net margin of 18.93%. The company had revenue of $160.11 million during the quarter, compared to the consensus estimate of $158.11 million. As a group, research analysts predict that Freshworks will post -0.37 earnings per share for the current fiscal year.

Insider Activity at Freshworks

In related news, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $18.08, for a total transaction of $127,192.80. Following the sale, the director now directly owns 19,991 shares in the company, valued at $361,437.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Jennifer H. Taylor sold 7,035 shares of the 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 completion of the transaction, the director now owns 19,991 shares in the company, valued at $361,437.28. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Rathnagirish Mathrubootham sold 430,149 shares of Freshworks stock in a transaction dated Monday, February 26th. The stock was 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. Insiders have sold 460,792 shares of company stock valued at $9,408,403 over the last ninety days. Corporate insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Institutional investors and hedge funds have recently bought and sold shares of the company. Neo Ivy Capital Management bought a new stake in shares of Freshworks in the third quarter valued at $81,000. Quest Partners LLC bought a new stake in Freshworks in the 4th quarter valued at about $166,000. Steph & Co. purchased a new stake in Freshworks during the first quarter valued at about $201,000. Jasper Ridge Partners L.P. bought a new position in Freshworks during 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. 75.58% of the stock is owned by institutional investors.

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.