Freshworks (NASDAQ:FRSH) Sets New 1-Year Low Following Analyst Downgrade

Shares of Freshworks Inc. (NASDAQ:FRSH) reached a new 52-week low during mid-day trading on Thursday after Piper Sandler lowered their price target on the stock from $17.00 to $13.00. Piper Sandler currently has an overweight rating on the stock. Freshworks traded as low as $10.81 and last traded at $10.90, with a volume of 370032 shares. The stock had previously closed at $11.21.

Other equities analysts have also recently issued research reports about the company. Barclays decreased their price objective on Freshworks from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Wednesday, July 31st. Canaccord Genuity Group lowered their price target on Freshworks from $20.00 to $17.00 and set a “buy” rating on the stock in a research report on Wednesday, July 10th. Jefferies Financial Group dropped their price objective on Freshworks from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. StockNews.com cut shares of Freshworks from a “buy” rating to a “hold” rating in a research note on Saturday, June 22nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Freshworks in a research report on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $18.38.

Insider Transactions at Freshworks

In related news, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $11.17, for a total value of $52,331.45. Following the completion of the sale, the director now directly owns 35,853 shares in the company, valued at $400,478.01. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Freshworks news, Director Zachary Nelson sold 8,442 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $11.60, for a total value of $97,927.20. Following the completion of the sale, the director now owns 22,530 shares of the company’s stock, valued at $261,348. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $11.17, for a total transaction of $52,331.45. Following the transaction, the director now directly owns 35,853 shares in the company, valued at $400,478.01. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 42,555 shares of company stock worth $481,940 over the last quarter. Company insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

Several institutional investors have recently made changes to their positions in FRSH. CWM LLC grew its stake in Freshworks by 554.5% during the second quarter. CWM LLC now owns 3,397 shares of the company’s stock worth $43,000 after buying an additional 2,878 shares in the last quarter. 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 acquiring an additional 757 shares in the last quarter. Quarry LP increased its stake in Freshworks by 157.6% in the second quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after acquiring an additional 2,645 shares during the last quarter. International Assets Investment Management LLC acquired a new position in Freshworks during the second quarter valued at approximately $58,000. Finally, EntryPoint Capital LLC bought a new stake in Freshworks during the first quarter worth $82,000. 75.58% of the stock is currently owned by institutional investors.

Freshworks Stock Performance

The stock has a fifty day simple moving average of $11.39 and a two-hundred day simple moving average of $13.46. The stock has a market cap of $3.33 billion, a price-to-earnings ratio of -27.90 and a beta of 0.73.

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