Scotiabank Cuts Freshworks (NASDAQ:FRSH) Price Target to $16.00

Freshworks (NASDAQ:FRSH) had its price target lowered by Scotiabank from $18.00 to $16.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a sector perform rating on the stock.

A number of other research analysts also recently issued reports on the company. Cantor Fitzgerald cut their price objective on Freshworks from $19.00 to $18.00 and set an overweight rating for the company in a research note on Wednesday. Robert W. Baird downgraded shares of Freshworks from an outperform rating to a neutral rating and decreased their price objective for the company from $28.00 to $16.00 in a research report on Thursday, May 2nd. Canaccord Genuity Group dropped their target price on shares of Freshworks from $20.00 to $17.00 and set a buy rating for the company in a report on Wednesday, July 10th. JPMorgan Chase & Co. decreased their price target on Freshworks from $19.00 to $17.00 and set an overweight rating on the stock in a report on Wednesday. Finally, Jefferies Financial Group cut their target price on Freshworks from $25.00 to $20.00 and set a buy rating for the company in a research report on Wednesday. Eight research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $19.75.

Freshworks Trading Down 2.5 %

FRSH opened at $11.67 on Wednesday. The company’s 50 day moving average is $12.82 and its 200 day moving average is $16.67. The company has a market cap of $3.49 billion, a price-to-earnings ratio of -29.17 and a beta of 0.74. Freshworks has a 12-month low of $11.24 and a 12-month high of $24.98.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.02. Freshworks had a negative return on equity of 9.18% and a negative net margin of 15.72%. The firm had revenue of $165.14 million during the quarter, compared to analyst estimates of $163.53 million. As a group, analysts predict that Freshworks will post -0.34 EPS for the current fiscal year.

Insider Transactions at Freshworks

In other Freshworks news, Director Barry L. Padgett sold 5,546 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $12.77, for a total value of $70,822.42. Following the transaction, the director now owns 26,957 shares of the company’s stock, valued at approximately $344,240.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Jennifer H. Taylor sold 4,685 shares of the firm’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 transaction of $57,531.80. Following the transaction, the director now directly owns 35,853 shares of the company’s stock, valued at $440,274.84. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Barry L. Padgett sold 5,546 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $12.77, for a total value of $70,822.42. Following the completion of the sale, the director now owns 26,957 shares of the company’s stock, valued at approximately $344,240.89. The disclosure for this sale can be found here. Over the last three months, insiders have sold 42,738 shares of company stock worth $541,557. 19.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Freshworks

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Board of Trustees of The Leland Stanford Junior University increased its stake in shares of Freshworks by 1.9% during the fourth quarter. Board of Trustees of The Leland Stanford Junior University now owns 35,019 shares of the company’s stock valued at $823,000 after buying an additional 638 shares during the period. Advisors Asset Management Inc. raised its holdings in shares of Freshworks by 34.2% in the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock valued at $54,000 after purchasing an additional 757 shares in the last quarter. California State Teachers Retirement System boosted its stake in shares of Freshworks by 0.5% during the first quarter. California State Teachers Retirement System now owns 161,706 shares of the company’s stock valued at $2,945,000 after purchasing an additional 831 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings 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 buying an additional 1,160 shares during the period. Finally, Arizona State Retirement System raised its stake in Freshworks by 3.6% in the fourth quarter. Arizona State Retirement System now owns 42,120 shares of the company’s stock worth $989,000 after buying an additional 1,453 shares in the last quarter. 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.