Freshworks (NASDAQ:FRSH) Stock Rating Lowered by Robert W. Baird

Robert W. Baird cut shares of Freshworks (NASDAQ:FRSH) from an outperform rating to a neutral rating in a report published on Thursday morning, Marketbeat Ratings reports. Robert W. Baird currently has $16.00 price objective on the stock, down from their prior price objective of $28.00.

A number of other research firms have also commented on FRSH. Cantor Fitzgerald reaffirmed an overweight rating and set a $25.00 price target on shares of Freshworks in a research report on Wednesday, February 7th. JMP Securities boosted their price target on shares of Freshworks from $25.00 to $29.00 and gave the company a market outperform rating in a research report on Wednesday, February 7th. 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. Morgan Stanley decreased their price objective on Freshworks from $24.00 to $22.00 and set an equal weight rating for the company in a report on Wednesday, April 17th. Finally, Jefferies Financial Group upgraded shares of Freshworks from a hold rating to a buy rating and increased their price target for the stock from $20.00 to $30.00 in a research note on Friday, January 5th. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $22.59.

Freshworks Stock Down 4.4 %

Freshworks stock opened at $14.03 on Thursday. The company has a market capitalization of $4.18 billion, a PE ratio of -35.07 and a beta of 0.88. The firm has a fifty day simple moving average of $18.29 and a two-hundred day simple moving average of $19.99. Freshworks has a twelve month low of $12.22 and a twelve month high of $24.98.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.04. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. The firm had revenue of $160.11 million during the quarter, compared to the consensus estimate of $158.11 million. As a group, equities analysts expect that Freshworks will post -0.37 earnings per share 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 on Monday, February 26th. The stock was sold at an average price of $20.44, for a total value of $8,792,245.56. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $21.71, for a total value of $152,729.85. Following the completion of the sale, the director now owns 19,490 shares of the company’s stock, valued at approximately $423,127.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Rathnagirish Mathrubootham sold 430,149 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was 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. Insiders sold 460,792 shares of company stock valued at $9,408,403 over the last 90 days. Corporate insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

A number of institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC raised its holdings in shares of Freshworks by 226.6% in the third quarter. SG Americas Securities LLC now owns 35,651 shares of the company’s stock worth $710,000 after buying an additional 24,735 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Freshworks by 13.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,734 shares of the company’s stock valued at $572,000 after purchasing an additional 3,385 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in shares of Freshworks in the third quarter worth about $327,000. Jennison Associates LLC acquired a new stake in shares of Freshworks during the third quarter worth about $582,000. Finally, Teacher Retirement System of Texas increased its holdings in Freshworks by 135.9% in the 3rd quarter. Teacher Retirement System of Texas now owns 25,211 shares of the company’s stock worth $502,000 after buying an additional 14,526 shares during the period. 75.58% of the stock is currently owned by institutional investors and hedge funds.

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.