Freshworks (NASDAQ:FRSH) Price Target Cut to $13.00

Freshworks (NASDAQ:FRSH) had its price objective cut by equities researchers at Piper Sandler from $17.00 to $13.00 in a research note issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s target price indicates a potential upside of 13.34% from the company’s current price.

Several other research analysts have also commented on the company. Scotiabank lowered their price target on Freshworks from $18.00 to $16.00 and set a “sector perform” rating for the company in a research report on Wednesday, July 31st. Barclays lowered their target price on Freshworks from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Wednesday, July 31st. JPMorgan Chase & Co. lowered their price objective on shares of Freshworks from $19.00 to $17.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Needham & Company LLC restated a “buy” rating and issued a $20.00 price objective on shares of Freshworks in a report on Wednesday, July 31st. Finally, Cantor Fitzgerald reduced their target price on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.38.

Freshworks Stock Up 2.8 %

Shares of Freshworks stock opened at $11.47 on Thursday. The firm has a market cap of $3.43 billion, a PE ratio of -28.68 and a beta of 0.73. Freshworks has a 52 week low of $10.81 and a 52 week high of $24.98. The business’s fifty day simple moving average is $11.39 and its 200-day simple moving average is $13.42.

Freshworks (NASDAQ:FRSH) last posted its earnings results on Tuesday, July 30th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. The company had revenue of $174.13 million for the quarter, compared to analysts’ expectations of $169.05 million. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.08%. Freshworks’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.12) earnings per share. As a group, equities analysts expect that Freshworks will post -0.38 earnings per share for the current year.

Insider Buying and Selling at Freshworks

In other news, Director Jennifer H. Taylor sold 4,690 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $11.23, for a total value of $52,668.70. Following the completion of the sale, the director now owns 35,853 shares in the company, valued at approximately $402,629.19. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $11.60, for a total transaction of $97,927.20. Following the transaction, the director now directly owns 22,530 shares of the company’s stock, valued at $261,348. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jennifer H. Taylor sold 4,690 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $11.23, for a total transaction of $52,668.70. Following the completion of the sale, the director now owns 35,853 shares of the company’s stock, valued at $402,629.19. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 47,245 shares of company stock valued at $533,811. 19.15% of the stock is owned by company insiders.

Institutional Trading of Freshworks

A number of institutional investors have recently bought and sold shares of FRSH. Capital International Investors acquired a new stake in Freshworks during the 1st quarter valued at $59,311,000. Clearbridge Investments LLC increased its position in Freshworks by 107.4% during the 1st quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock worth $73,764,000 after purchasing an additional 2,097,280 shares in the last quarter. Vanguard Group Inc. raised its stake in Freshworks by 6.8% in the 1st quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock valued at $385,525,000 after purchasing an additional 1,354,530 shares during the last quarter. Stanley Laman Group Ltd. purchased a new position in Freshworks in the 2nd quarter valued at about $9,133,000. Finally, Lake Street Advisors Group LLC acquired a new stake in shares of Freshworks during the 2nd quarter worth about $8,717,000. 75.58% of the stock is currently owned by hedge funds and other 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.