Freshworks (NASDAQ:FRSH) Price Target Lowered to $21.00 at JMP Securities

Freshworks (NASDAQ:FRSH) had its price target dropped by analysts at JMP Securities from $29.00 to $21.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “market outperform” rating on the stock. JMP Securities’ target price indicates a potential upside of 53.51% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Cantor Fitzgerald decreased their price target on shares of Freshworks from $25.00 to $19.00 and set an “overweight” rating for the company in a research note on Thursday. Wolfe Research raised Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 target price for the company in a research report on Tuesday, February 20th. Robert W. Baird lowered Freshworks from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $28.00 to $16.00 in a research report on Thursday. Jefferies Financial Group upgraded Freshworks from a “hold” rating to a “buy” rating and increased their price objective for the stock from $20.00 to $30.00 in a report on Friday, January 5th. Finally, Piper Sandler dropped their target price on shares of Freshworks from $28.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.41.

Freshworks Stock Down 25.0 %

Shares of Freshworks stock traded down $4.57 on Thursday, hitting $13.68. The stock had a trading volume of 14,183,326 shares, compared to its average volume of 2,662,088. The stock has a market cap of $4.08 billion, a price-to-earnings ratio of -29.06 and a beta of 0.87. The stock’s 50-day simple moving average is $18.53 and its two-hundred day simple moving average is $20.04. Freshworks has a one year low of $12.22 and a one year high of $24.98.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.04. Freshworks had a negative return on equity of 12.55% and a negative net margin of 23.04%. The business had revenue of $160.11 million during the quarter, compared to analyst estimates of $158.11 million. As a group, equities analysts predict that Freshworks will post -0.37 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Rathnagirish Mathrubootham sold 430,149 shares of Freshworks stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $20.44, for a total value of $8,792,245.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Jennifer H. Taylor sold 7,035 shares of the company’s stock in a transaction on Wednesday, April 10th. The stock was 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 document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Rathnagirish Mathrubootham sold 430,149 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $20.44, for a total value of $8,792,245.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 460,792 shares of company stock worth $9,408,403. 19.15% of the stock is owned by corporate insiders.

Institutional Trading of Freshworks

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Freshworks by 14.6% in the third quarter. Vanguard Group Inc. now owns 18,530,801 shares of the company’s stock worth $369,134,000 after acquiring an additional 2,363,550 shares during the period. Norges Bank purchased a new stake in shares of Freshworks in the 4th quarter worth $44,919,000. Lord Abbett & CO. LLC bought a new position in Freshworks in the 3rd quarter worth $34,644,000. Ninety One UK Ltd purchased a new position in Freshworks during the fourth quarter valued at $36,303,000. Finally, Acadian Asset Management LLC grew its holdings in Freshworks by 511.2% during the third quarter. Acadian Asset Management LLC now owns 1,312,016 shares of the company’s stock valued at $26,118,000 after purchasing an additional 1,097,369 shares during the period. 75.58% of the stock is currently owned by 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.