Brokerages Set Freshworks Inc. (NASDAQ:FRSH) PT at $22.00

Shares of Freshworks Inc. (NASDAQ:FRSH) have been assigned an average rating of “Moderate Buy” from the seventeen brokerages that are covering the stock, Marketbeat.com reports. Seven analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $22.00.

Several brokerages recently issued reports on FRSH. Morgan Stanley cut their price objective on shares of Freshworks from $22.00 to $18.00 and set an “equal weight” rating on the stock in a report on Thursday, May 2nd. Oppenheimer cut Freshworks from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 2nd. Needham & Company LLC cut their target price on Freshworks from $30.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, May 20th. JMP Securities reduced their target price on shares of Freshworks from $29.00 to $21.00 and set a “market outperform” rating for the company in a report on Thursday, May 2nd. Finally, Canaccord Genuity Group lowered their price target 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.

Insider Buying and Selling

In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $12.73, for a total transaction of $89,555.55. Following the sale, the director now owns 19,991 shares in the company, valued at approximately $254,485.43. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $12.73, for a total transaction of $89,555.55. Following the completion of the sale, the director now directly owns 19,991 shares in the company, valued at approximately $254,485.43. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Barry L. Padgett sold 5,546 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $12.77, for a total transaction of $70,822.42. Following the completion of the sale, the director now directly owns 26,957 shares in the company, valued at $344,240.89. The disclosure for this sale can be found here. Insiders sold 36,646 shares of company stock worth $513,291 in the last 90 days. Insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Moody National Bank Trust Division acquired a new position in Freshworks in the second quarter valued at approximately $144,000. California State Teachers Retirement System increased its holdings in shares of Freshworks by 0.5% during the 1st quarter. California State Teachers Retirement System now owns 161,706 shares of the company’s stock valued at $2,945,000 after purchasing an additional 831 shares in the last quarter. Bayesian Capital Management LP lifted its stake in shares of Freshworks by 83.1% in the 1st quarter. Bayesian Capital Management LP now owns 72,507 shares of the company’s stock valued at $1,320,000 after purchasing an additional 32,900 shares during the period. Quadrature Capital Ltd boosted its holdings in Freshworks by 403.3% during the first quarter. Quadrature Capital Ltd now owns 67,473 shares of the company’s stock worth $1,227,000 after buying an additional 54,068 shares in the last quarter. Finally, Capital International Investors acquired a new stake in Freshworks during the first quarter valued at $59,311,000. 75.58% of the stock is owned by institutional investors and hedge funds.

Freshworks Trading Down 2.3 %

FRSH opened at $12.74 on Monday. The company has a market capitalization of $3.81 billion, a price-to-earnings ratio of -31.85 and a beta of 0.74. Freshworks has a 12-month low of $11.90 and a 12-month high of $24.98. The business’s fifty day simple moving average is $13.65 and its 200-day simple moving average is $18.14.

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. The company had revenue of $165.14 million during the quarter, compared to analyst estimates of $163.53 million. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. On average, equities research analysts predict that Freshworks will post -0.34 EPS for the current year.

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.