UBS Group Lowers Freshworks (NASDAQ:FRSH) Price Target to $19.00

Freshworks (NASDAQ:FRSH) had its price target reduced by UBS Group from $22.00 to $19.00 in a report published on Friday,Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also issued reports on FRSH. Wells Fargo & Company boosted their price target on Freshworks from $11.00 to $12.00 and gave the company an “underweight” rating in a research note on Wednesday, April 30th. Piper Sandler reiterated an “overweight” rating and issued a $22.00 target price (up from $20.00) on shares of Freshworks in a report on Wednesday, April 30th. Morgan Stanley upped their price objective on shares of Freshworks from $14.00 to $18.00 and gave the stock an “equal weight” rating in a report on Thursday. StockNews.com raised shares of Freshworks from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. Finally, Oppenheimer decreased their price objective on Freshworks from $24.00 to $19.00 and set an “outperform” rating for the company in a report on Wednesday, April 9th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.21.

Freshworks Trading Up 1.5 %

Shares of FRSH opened at $14.70 on Friday. The company has a market capitalization of $4.43 billion, a PE ratio of -45.94 and a beta of 0.98. The stock’s 50-day moving average price is $14.35 and its two-hundred day moving average price is $15.45. Freshworks has a 12 month low of $10.81 and a 12 month high of $19.77.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.05. Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. The firm had revenue of $196.27 million for the quarter, compared to the consensus estimate of $191.90 million. During the same quarter in the previous year, the company earned $0.10 EPS. The company’s revenue for the quarter was up 18.9% on a year-over-year basis. Equities research analysts predict that Freshworks will post -0.19 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Mika Yamamoto sold 3,574 shares of the company’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $14.20, for a total value of $50,750.80. Following the transaction, the insider now owns 611,604 shares of the company’s stock, valued at approximately $8,684,776.80. This represents a 0.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Johanna Flower sold 1,450 shares of the business’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $18.01, for a total value of $26,114.50. Following the transaction, the director now directly owns 41,491 shares of the company’s stock, valued at $747,252.91. The trade was a 3.38 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,876 shares of company stock valued at $291,262. Corporate insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

Several institutional investors and hedge funds have recently made changes to their positions in FRSH. Verdence Capital Advisors LLC purchased a new stake in Freshworks in the first quarter worth approximately $204,000. Victory Capital Management Inc. increased its holdings in shares of Freshworks by 3,675.3% in the first quarter. Victory Capital Management Inc. now owns 803,423 shares of the company’s stock worth $11,336,000 after buying an additional 782,142 shares during the period. BluePointe Capital Management LLC boosted its holdings in Freshworks by 12.5% during the 1st quarter. BluePointe Capital Management LLC now owns 12,495 shares of the company’s stock valued at $176,000 after acquiring an additional 1,393 shares during the period. Dakota Wealth Management purchased a new position in Freshworks in the 1st quarter worth approximately $267,000. Finally, CWM LLC lifted its position in Freshworks by 1,328.4% in the first quarter. CWM LLC now owns 20,841 shares of the company’s stock valued at $294,000 after purchasing an additional 19,382 shares during the last quarter. Hedge funds and other institutional investors own 75.58% of the company’s stock.

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.