Freshworks (NASDAQ:FRSH) Price Target Cut to $19.00

Freshworks (NASDAQ:FRSH) had its target price cut by analysts at Cantor Fitzgerald from $25.00 to $19.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 35.42% from the company’s current price.

Other research analysts also recently issued reports about the company. Jefferies Financial Group raised Freshworks from a “hold” rating to a “buy” rating and upped their price target for the stock from $20.00 to $30.00 in a research note on Friday, January 5th. Oppenheimer lowered Freshworks from an “outperform” rating to a “market perform” rating in a research report on Thursday. Wolfe Research raised shares of Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 price target for the company in a research report on Tuesday, February 20th. Piper Sandler decreased their price target on shares of Freshworks from $28.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Freshworks in a research note on Thursday. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $22.59.

Freshworks Price Performance

Shares of NASDAQ:FRSH traded down $0.64 during mid-day trading on Thursday, hitting $14.03. The company had a trading volume of 6,974,887 shares, compared to its average volume of 3,264,107. Freshworks has a one year low of $12.22 and a one year high of $24.98. The firm has a fifty day moving average price of $18.29 and a 200 day moving average price of $19.97. The company has a market capitalization of $4.18 billion, a PE ratio of -35.07 and a beta of 0.88.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. The business had revenue of $160.11 million during the quarter, compared to analysts’ expectations of $158.11 million. Research analysts expect that Freshworks will post -0.37 earnings per share for the current fiscal year.

Insider Activity at Freshworks

In other Freshworks news, Director Barry L. Padgett sold 4,690 shares of the business’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $20.22, for a total value of $94,831.80. Following the transaction, the director now owns 17,387 shares of the company’s stock, valued at $351,565.14. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, 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 completion of the sale, the director now owns 19,991 shares in the company, valued at $361,437.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Barry L. Padgett sold 4,690 shares of the business’s stock in a transaction dated 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 transaction, the director now owns 17,387 shares in the company, valued at $351,565.14. The disclosure for this sale can be found here. Over the last three months, insiders sold 460,792 shares of company stock valued at $9,408,403. 19.15% of the stock is owned by insiders.

Institutional Investors Weigh In On Freshworks

Several large investors have recently modified their holdings of the stock. Neo Ivy Capital Management bought a new position in Freshworks during the third quarter valued at $81,000. Quest Partners LLC purchased a new position in shares of Freshworks during the 4th quarter valued at $166,000. Steph & Co. bought a new position in shares of Freshworks during the 1st quarter worth $201,000. Jasper Ridge Partners L.P. bought a new position in shares of Freshworks during the 3rd quarter worth $217,000. Finally, Northside Capital Management LLC bought a new stake in Freshworks in the 4th quarter valued at 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.