Freshworks (NASDAQ:FRSH) Lowered to Hold at StockNews.com

StockNews.com cut shares of Freshworks (NASDAQ:FRSH) from a buy rating to a hold rating in a research note released on Saturday.

A number of other research firms have also recently weighed in on FRSH. Robert W. Baird cut shares of 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 report on Thursday, May 2nd. JMP Securities cut their price objective on shares of Freshworks from $29.00 to $21.00 and set a market outperform rating on the stock in a report on Thursday, May 2nd. Piper Sandler cut their price objective on shares of Freshworks from $28.00 to $22.00 and set an overweight rating on the stock in a report on Thursday, May 2nd. Canaccord Genuity Group cut their target price on shares of Freshworks from $27.00 to $20.00 and set a buy rating on the stock in a report on Friday, May 3rd. Finally, Barclays cut their target price on shares of Freshworks from $20.00 to $15.00 and set an equal weight rating on the stock in a report on Friday, May 3rd. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Freshworks has an average rating of Moderate Buy and an average price target of $22.00.

Freshworks Stock Up 2.7 %

Shares of Freshworks stock opened at $12.51 on Friday. Freshworks has a 52-week low of $11.90 and a 52-week high of $24.98. The company has a 50 day moving average of $14.48 and a 200 day moving average of $18.64. The company has a market capitalization of $3.74 billion, a P/E ratio of -31.27 and a beta of 0.74.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Wednesday, May 1st. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. The company had revenue of $165.14 million for the quarter, compared to analysts’ expectations of $163.53 million. As a group, research analysts anticipate that Freshworks will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Jennifer H. Taylor sold 7,028 shares of the business’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $13.74, for a total value of $96,564.72. Following the transaction, the director now directly owns 19,991 shares of the company’s stock, valued at approximately $274,676.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of the business’s 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 sale, the director now directly owns 19,991 shares in the company, valued at approximately $361,437.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jennifer H. Taylor sold 7,028 shares of the business’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $13.74, for a total transaction of $96,564.72. Following the sale, the director now owns 19,991 shares in the company, valued at $274,676.34. The disclosure for this sale can be found here. In the last three months, insiders have sold 31,880 shares of company stock valued at $456,665. 19.15% of the stock is owned by company insiders.

Institutional Investors Weigh In On Freshworks

Institutional investors have recently made changes to their positions in the stock. Advisors Asset Management Inc. boosted its position in shares of Freshworks by 34.2% during the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock worth $54,000 after purchasing an additional 757 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in shares of Freshworks during the 3rd quarter worth $81,000. EntryPoint Capital LLC purchased a new stake in shares of Freshworks in the 1st quarter worth about $82,000. Quest Partners LLC purchased a new stake in shares of Freshworks in the 4th quarter worth about $166,000. Finally, Northside Capital Management LLC purchased a new stake in shares of Freshworks in the 4th quarter worth about $226,000. 75.58% of the stock is currently 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.