Freshworks (NASDAQ:FRSH) Given New $19.00 Price Target at Canaccord Genuity Group

Freshworks (NASDAQ:FRSH) had its target price cut by Canaccord Genuity Group from $23.00 to $19.00 in a research note published on Thursday,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also recently weighed in on FRSH. Robert W. Baird dropped their price target on Freshworks from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, September 15th. Piper Sandler increased their price objective on shares of Freshworks from $22.00 to $25.00 and gave the company an “overweight” rating in a research note on Wednesday, July 30th. Needham & Company LLC restated a “buy” rating and set a $25.00 target price on shares of Freshworks in a report on Friday, September 12th. Morgan Stanley reduced their price target on shares of Freshworks from $18.00 to $16.00 and set an “equal weight” rating on the stock in a report on Friday, September 12th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Freshworks in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Freshworks currently has a consensus rating of “Moderate Buy” and an average target price of $19.38.

Freshworks Trading Up 3.1%

Freshworks stock traded up $0.34 during mid-day trading on Thursday, reaching $11.19. The company had a trading volume of 5,138,141 shares, compared to its average volume of 3,583,906. The stock’s 50-day simple moving average is $11.91 and its 200-day simple moving average is $13.53. Freshworks has a 1 year low of $10.51 and a 1 year high of $19.77.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings results on Thursday, September 11th. The company reported $0.18 earnings per share for the quarter. Freshworks had a negative return on equity of 0.37% and a negative net margin of 3.65%.The business had revenue of $204.68 million for the quarter. On average, research analysts anticipate that Freshworks will post -0.19 EPS for the current fiscal year.

Insider Activity

In other Freshworks news, insider Mika Yamamoto sold 4,289 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $13.18, for a total value of $56,529.02. Following the sale, the insider directly owned 533,993 shares of the company’s stock, valued at approximately $7,038,027.74. This trade represents a 0.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Philippa Lawrence sold 2,590 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $12.53, for a total transaction of $32,452.70. Following the transaction, the chief accounting officer owned 415,949 shares in the company, valued at approximately $5,211,840.97. The trade was a 0.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 27,828 shares of company stock worth $358,968 in the last three months. 11.17% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in FRSH. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in Freshworks during the second quarter valued at about $25,000. Meeder Asset Management Inc. acquired a new position in shares of Freshworks in the 3rd quarter valued at about $27,000. Rothschild Investment LLC grew its holdings in shares of Freshworks by 560.0% during the 3rd quarter. Rothschild Investment LLC now owns 2,277 shares of the company’s stock worth $27,000 after purchasing an additional 1,932 shares during the period. SBI Securities Co. Ltd. lifted its position in Freshworks by 136.2% during the third quarter. SBI Securities Co. Ltd. now owns 2,745 shares of the company’s stock valued at $32,000 after buying an additional 1,583 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in Freshworks by 427.6% during the second quarter. EverSource Wealth Advisors LLC now owns 4,479 shares of the company’s stock worth $67,000 after buying an additional 3,630 shares during the period. 75.58% of the stock is owned by hedge funds and other 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.