Freshworks (NASDAQ:FRSH) Price Target Cut to $22.00 by Analysts at Piper Sandler

Freshworks (NASDAQ:FRSH) had its price target lowered by Piper Sandler from $28.00 to $22.00 in a report released on Thursday, Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other brokerages also recently issued reports on FRSH. Robert W. Baird downgraded shares of Freshworks from an outperform rating to a neutral rating and cut their price target for the stock from $28.00 to $16.00 in a report on Thursday. Oppenheimer downgraded shares of Freshworks from an outperform rating to a market perform rating in a report on Thursday. Cantor Fitzgerald restated an overweight rating and set a $25.00 price target on shares of Freshworks in a report on Wednesday, February 7th. Wolfe Research raised shares of Freshworks from a peer perform rating to an outperform rating and set a $27.00 price objective for the company in a research report on Tuesday, February 20th. Finally, Morgan Stanley lowered their price objective on shares of Freshworks from $24.00 to $22.00 and set an equal weight rating for the company in a research report on Wednesday, April 17th. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Freshworks presently has an average rating of Moderate Buy and a consensus price target of $22.59.

Freshworks Trading Down 4.4 %

FRSH stock opened at $14.03 on Thursday. The firm has a 50-day moving average of $18.29 and a two-hundred day moving average of $19.99. Freshworks has a 12 month low of $12.22 and a 12 month high of $24.98.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. The business had revenue of $160.11 million during the quarter, compared to the consensus estimate of $158.11 million. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. Sell-side analysts forecast that Freshworks will post -0.37 earnings per share for the current fiscal year.

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Roxanne S. Austin sold 6,303 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $21.54, for a total value of $135,766.62. Following the completion of the transaction, the director now owns 88,431 shares of the company’s stock, valued at approximately $1,904,803.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Freshworks news, Director Roxanne S. Austin sold 6,303 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $21.54, for a total value of $135,766.62. Following the completion of the transaction, the director now owns 88,431 shares of the company’s stock, valued at approximately $1,904,803.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction on Wednesday, April 10th. The shares were 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 disclosure for this sale can be found here. Insiders sold 460,792 shares of company stock valued at $9,408,403 in the last 90 days. Company insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Freshworks by 14.6% in the 3rd quarter. Vanguard Group Inc. now owns 18,530,801 shares of the company’s stock valued at $369,134,000 after purchasing an additional 2,363,550 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in shares of Freshworks in the 3rd quarter valued at $2,445,000. Ninety One North America Inc. acquired a new stake in shares of Freshworks in the 4th quarter valued at $15,405,000. Neo Ivy Capital Management acquired a new stake in Freshworks during the 3rd quarter worth $81,000. Finally, Calamos Advisors LLC raised its stake in Freshworks by 39.7% during the 4th quarter. Calamos Advisors LLC now owns 36,804 shares of the company’s stock worth $865,000 after acquiring an additional 10,465 shares in the last quarter. 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.