Freshworks (NASDAQ:FRSH) Price Target Cut to $20.00 by Analysts at Needham & Company LLC

Freshworks (NASDAQ:FRSH) had its price objective reduced by Needham & Company LLC from $30.00 to $20.00 in a research report released on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also issued reports on FRSH. JMP Securities lowered their target price on shares of Freshworks from $29.00 to $21.00 and set a market outperform rating for the company in a report on Thursday, May 2nd. Wolfe Research upgraded shares of Freshworks from a peer perform rating to an outperform rating and set a $27.00 target price for the company in a report on Tuesday, February 20th. Cantor Fitzgerald lowered their target price on shares of Freshworks from $25.00 to $19.00 and set an overweight rating for the company in a report on Thursday, May 2nd. Canaccord Genuity Group lowered their target price on shares of Freshworks from $27.00 to $20.00 and set a buy rating for the company in a report on Friday, May 3rd. Finally, Morgan Stanley decreased their price objective on shares of Freshworks from $22.00 to $18.00 and set an equal weight rating for the company in a report on Thursday, May 2nd. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Freshworks presently has an average rating of Moderate Buy and a consensus target price of $22.00.

Freshworks Stock Performance

Freshworks stock opened at $13.29 on Monday. The stock’s 50 day simple moving average is $16.76 and its two-hundred day simple moving average is $19.54. The stock has a market cap of $3.97 billion, a price-to-earnings ratio of -33.22 and a beta of 0.88. Freshworks has a fifty-two week low of $13.01 and a fifty-two week high of $24.98.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.02. The business had revenue of $165.14 million for the quarter, compared to analysts’ expectations of $163.53 million. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. On average, analysts predict that Freshworks will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Freshworks

In other news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $20.44, for a total transaction of $8,792,245.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $20.44, for a total transaction of $8,792,245.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Johanna Flower sold 4,800 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $19.05, for a total transaction of $91,440.00. Following the sale, the director now directly owns 23,451 shares of the company’s stock, valued at approximately $446,741.55. The disclosure for this sale can be found here. In the last ninety days, insiders sold 455,262 shares of company stock worth $9,227,461. Insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Advisors Asset Management Inc. boosted its holdings in Freshworks by 34.2% in the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock worth $54,000 after buying an additional 757 shares during the period. Neo Ivy Capital Management bought a new position in Freshworks in the 3rd quarter worth $81,000. EntryPoint Capital LLC bought a new position in Freshworks in the 1st quarter worth $82,000. Quest Partners LLC bought a new position in Freshworks in the 4th quarter worth $166,000. Finally, Northside Capital Management LLC bought a new position in Freshworks in the 4th quarter worth $226,000. 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.