Piper Sandler Trims Freshworks (NASDAQ:FRSH) Target Price to $13.00

Freshworks (NASDAQ:FRSH) had its price target reduced by Piper Sandler from $17.00 to $13.00 in a report published on Thursday, Benzinga reports. They currently have an overweight rating on the stock.

FRSH has been the topic of several other research reports. JPMorgan Chase & Co. cut their target price on Freshworks from $19.00 to $17.00 and set an overweight rating on the stock in a research report on Wednesday, July 31st. Canaccord Genuity Group dropped their price objective on shares of Freshworks from $20.00 to $17.00 and set a buy rating on the stock in a report on Wednesday, July 10th. StockNews.com lowered Freshworks from a buy rating to a hold rating in a research report on Saturday, June 22nd. Jefferies Financial Group cut their price target on Freshworks from $25.00 to $20.00 and set a buy rating on the stock in a report on Wednesday, July 31st. Finally, Cantor Fitzgerald decreased their price objective on Freshworks from $19.00 to $18.00 and set an overweight rating for the company in a report on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $18.38.

Freshworks Stock Up 2.8 %

Shares of NASDAQ:FRSH opened at $11.47 on Thursday. Freshworks has a 12-month low of $10.81 and a 12-month high of $24.98. The firm has a market cap of $3.43 billion, a P/E ratio of -28.68 and a beta of 0.73. The business has a fifty day simple moving average of $11.39 and a 200 day simple moving average of $13.35.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.02. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.08%. The firm had revenue of $174.13 million during the quarter, compared to analyst estimates of $169.05 million. During the same quarter last year, the business earned ($0.12) EPS. The company’s revenue was up 20.0% compared to the same quarter last year. As a group, equities research analysts expect that Freshworks will post -0.38 EPS for the current year.

Insider Buying and Selling

In other news, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $11.60, for a total transaction of $97,927.20. Following the completion of the sale, the director now owns 22,530 shares in the company, valued at $261,348. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $11.60, for a total transaction of $97,927.20. Following the sale, the director now directly owns 22,530 shares in the company, valued at approximately $261,348. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Roxanne S. Austin sold 6,303 shares of Freshworks stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $11.22, for a total transaction of $70,719.66. Following the completion of the transaction, the director now owns 223,106 shares of the company’s stock, valued at $2,503,249.32. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 47,245 shares of company stock valued at $533,811. 19.15% of the stock is owned by insiders.

Hedge Funds Weigh In On Freshworks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FRSH. FACT Capital LP grew its holdings in shares of Freshworks by 9.3% during the fourth quarter. FACT Capital LP now owns 764,373 shares of the company’s stock worth $17,955,000 after purchasing an additional 64,957 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Freshworks by 6.9% during the 4th quarter. Vanguard Group Inc. now owns 19,816,514 shares of the company’s stock valued at $465,490,000 after buying an additional 1,285,713 shares in the last quarter. Renaissance Capital LLC lifted its holdings in shares of Freshworks by 3.0% during the 1st quarter. Renaissance Capital LLC now owns 105,697 shares of the company’s stock worth $1,925,000 after acquiring an additional 3,071 shares during the last quarter. Steph & Co. bought a new position in Freshworks in the first quarter valued at $201,000. Finally, Allspring Global Investments Holdings LLC raised its position in Freshworks by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock valued at $250,000 after purchasing an additional 1,160 shares in the last quarter. 75.58% of the stock is currently owned by hedge funds and other 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.