Freshworks (NASDAQ:FRSH) Rating Lowered to “Buy” at Wall Street Zen

Wall Street Zen lowered shares of Freshworks (NASDAQ:FRSH) from a strong-buy rating to a buy rating in a report issued on Saturday morning.

Other research analysts have also issued reports about the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price target on shares of Freshworks in a report on Monday, March 17th. Cantor Fitzgerald raised shares of Freshworks to an “overweight” rating and set a $20.00 target price on the stock in a report on Tuesday, June 3rd. UBS Group decreased their target price on Freshworks from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Friday, May 2nd. Jefferies Financial Group lowered their target price on Freshworks from $22.00 to $20.00 and set a “hold” rating for the company in a report on Monday, March 31st. Finally, Piper Sandler reiterated an “overweight” rating and set a $22.00 price target (up from $20.00) on shares of Freshworks in a research report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.07.

Freshworks Stock Down 1.3%

Shares of NASDAQ FRSH opened at $14.74 on Friday. The stock’s 50 day moving average price is $14.60 and its two-hundred day moving average price is $15.64. Freshworks has a 52-week low of $10.81 and a 52-week high of $19.77. The stock has a market capitalization of $4.35 billion, a P/E ratio of -61.41 and a beta of 0.97.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.05. The business had revenue of $196.27 million during the quarter, compared to the consensus estimate of $191.90 million. Freshworks had a negative return on equity of 4.41% and a negative net margin of 9.76%. The business’s quarterly revenue was up 18.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.10 EPS. On average, analysts anticipate that Freshworks will post -0.19 EPS for the current year.

Insider Activity

In related news, Director Jennifer H. Taylor sold 4,690 shares of the firm’s stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $15.92, for a total transaction of $74,664.80. Following the transaction, the director now owns 37,895 shares in the company, valued at $603,288.40. This trade represents a 11.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mika Yamamoto sold 3,574 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $14.20, for a total value of $50,750.80. Following the sale, the insider now directly owns 611,604 shares in the company, valued at approximately $8,684,776.80. The trade was a 0.58% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 169,121 shares of company stock valued at $2,665,716. Company insiders own 11.17% of the company’s stock.

Hedge Funds Weigh In On Freshworks

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FRSH. Rhumbline Advisers lifted its holdings in shares of Freshworks by 2.6% in the fourth quarter. Rhumbline Advisers now owns 275,831 shares of the company’s stock valued at $4,460,000 after buying an additional 7,089 shares during the period. New York State Common Retirement Fund raised its position in Freshworks by 365.6% in the fourth quarter. New York State Common Retirement Fund now owns 278,409 shares of the company’s stock worth $4,502,000 after acquiring an additional 218,617 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in Freshworks in the 4th quarter valued at about $2,043,000. Versor Investments LP boosted its position in shares of Freshworks by 3.0% during the 4th quarter. Versor Investments LP now owns 34,400 shares of the company’s stock valued at $556,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Freshworks by 3.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,609,957 shares of the company’s stock valued at $26,033,000 after purchasing an additional 53,185 shares in the last quarter. 75.58% of the stock is 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.