Freshworks (NASDAQ:FRSH) PT Lowered to $22.00 at Morgan Stanley

Freshworks (NASDAQ:FRSH) had its target price cut by Morgan Stanley from $24.00 to $22.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have an equal weight rating on the stock.

A number of other analysts also recently weighed in on FRSH. Wolfe Research raised shares of Freshworks from a peer perform rating to an outperform rating and set a $27.00 price target for the company in a report on Tuesday, February 20th. Piper Sandler boosted their price target on Freshworks from $24.00 to $28.00 and gave the company an overweight rating in a research note on Tuesday, January 2nd. Jefferies Financial Group raised Freshworks from a hold rating to a buy rating and upped their price target for the company from $20.00 to $30.00 in a report on Friday, January 5th. JMP Securities boosted their price objective on Freshworks from $25.00 to $29.00 and gave the company a market outperform rating in a research report on Wednesday, February 7th. Finally, Needham & Company LLC raised their target price on Freshworks from $25.00 to $30.00 and gave the stock a buy rating in a research report on Thursday, December 28th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $25.00.

Freshworks Stock Performance

Freshworks stock opened at $17.59 on Wednesday. Freshworks has a 52 week low of $12.22 and a 52 week high of $24.98. The firm has a market capitalization of $5.24 billion, a PE ratio of -37.43 and a beta of 0.90. The business’s 50-day simple moving average is $18.94 and its 200-day simple moving average is $20.05.

Freshworks (NASDAQ:FRSH) last released its earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share (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 firm had revenue of $160.11 million for the quarter, compared to analyst estimates of $158.11 million. Research analysts forecast that Freshworks will post -0.37 earnings per share for the current year.

Insider Buying and Selling at Freshworks

In other news, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $361,437.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Roxanne S. Austin sold 6,303 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $21.54, for a total transaction of $135,766.62. Following the transaction, the director now owns 88,431 shares in the company, valued at approximately $1,904,803.74. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $361,437.28. The disclosure for this sale can be found here. Insiders have sold a total of 460,792 shares of company stock worth $9,408,403 over the last ninety days. Corporate insiders own 26.66% of the company’s stock.

Institutional Trading of Freshworks

Several hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC lifted its holdings in Freshworks by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock worth $250,000 after buying an additional 1,160 shares in the last quarter. Steph & Co. bought a new stake in shares of Freshworks during the first quarter worth $201,000. Renaissance Capital LLC lifted its stake in shares of Freshworks by 3.0% during the first quarter. Renaissance Capital LLC now owns 105,697 shares of the company’s stock valued at $1,925,000 after acquiring an additional 3,071 shares during the period. Vanguard Group Inc. boosted its holdings in Freshworks by 6.9% in the fourth quarter. Vanguard Group Inc. now owns 19,816,514 shares of the company’s stock valued at $465,490,000 after acquiring an additional 1,285,713 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Freshworks by 157.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 591,847 shares of the company’s stock worth $13,902,000 after purchasing an additional 361,715 shares during the period. 75.58% of the stock is owned by institutional investors.

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.