Piper Sandler Cuts Freshworks (NASDAQ:FRSH) Price Target to $17.00

Freshworks (NASDAQ:FRSH) had its target price reduced by Piper Sandler from $22.00 to $17.00 in a research note released on Friday, Benzinga reports. They currently have an overweight rating on the stock.

Several other equities research analysts have also recently issued reports on FRSH. Barclays lowered their price objective on Freshworks from $20.00 to $15.00 and set an equal weight rating on the stock in a report on Friday, May 3rd. Canaccord Genuity Group lowered their price objective on Freshworks from $20.00 to $17.00 and set a buy rating on the stock in a report on Wednesday, July 10th. Robert W. Baird cut Freshworks from an outperform rating to a neutral rating and lowered their target price for the stock from $28.00 to $16.00 in a report on Thursday, May 2nd. Cantor Fitzgerald lowered their target price on Freshworks from $25.00 to $19.00 and set an overweight rating on the stock in a report on Thursday, May 2nd. Finally, JMP Securities lowered their target price on Freshworks from $29.00 to $21.00 and set a market outperform rating on the stock in a report on Thursday, May 2nd. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Freshworks presently has a consensus rating of Moderate Buy and an average price target of $21.53.

Freshworks Trading Up 1.1 %

FRSH stock opened at $12.90 on Friday. Freshworks has a 12-month low of $11.90 and a 12-month high of $24.98. The stock has a market cap of $3.85 billion, a price-to-earnings ratio of -32.25 and a beta of 0.74. The business’s 50-day moving average is $13.02 and its 200 day moving average is $17.54.

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

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Jennifer H. Taylor sold 7,028 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $13.74, for a total value of $96,564.72. Following the sale, the director now owns 19,991 shares of the company’s stock, valued at $274,676.34. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Freshworks news, Director Jennifer H. Taylor sold 7,028 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $13.74, for a total value of $96,564.72. Following the sale, the director now owns 19,991 shares of the company’s stock, valued at $274,676.34. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $12.28, for a total value of $57,531.80. Following the completion of the sale, the director now directly owns 35,853 shares in the company, valued at approximately $440,274.84. The disclosure for this sale can be found here. Insiders have sold a total of 34,296 shares of company stock valued at $443,630 over the last quarter. 19.15% of the stock is owned by company insiders.

Institutional Trading of Freshworks

Large investors have recently modified their holdings of the stock. CWM LLC increased its position in shares of Freshworks by 554.5% during the second quarter. CWM LLC now owns 3,397 shares of the company’s stock worth $43,000 after acquiring an additional 2,878 shares during the period. Advisors Asset Management Inc. increased its position in shares of Freshworks by 34.2% during the first quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock worth $54,000 after acquiring an additional 757 shares during the period. Neo Ivy Capital Management purchased a new stake in shares of Freshworks during the third quarter worth $81,000. EntryPoint Capital LLC purchased a new stake in shares of Freshworks during the first quarter worth $82,000. Finally, Moody National Bank Trust Division purchased a new stake in shares of Freshworks during the second quarter worth $144,000. 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.