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

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

FRSH has been the subject of a number of other reports. StockNews.com downgraded shares of Freshworks from a buy rating to a hold rating in a report on Saturday, June 22nd. Canaccord Genuity Group lowered 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 objective on shares of Freshworks from $19.00 to $17.00 and set an overweight rating for the company in a research note on Wednesday, July 31st. Barclays decreased their price objective on shares of Freshworks from $15.00 to $14.00 and set an equal weight rating for the company in a research note on Wednesday, July 31st. Finally, Cantor Fitzgerald decreased their price objective on shares of Freshworks from $19.00 to $18.00 and set an overweight rating for the company in a research note on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $18.38.

Freshworks Price Performance

NASDAQ:FRSH opened at $11.47 on Thursday. The firm has a 50 day simple moving average of $11.39 and a 200-day simple moving average of $13.38. The firm has a market cap of $3.43 billion, a PE ratio of -28.68 and a beta of 0.73. Freshworks has a 1-year low of $10.81 and a 1-year high of $24.98.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $174.13 million during the quarter, compared to analyst estimates of $169.05 million. During the same quarter in the previous year, the business posted ($0.12) earnings per share. The company’s revenue was up 20.0% on a year-over-year basis. As a group, sell-side analysts expect that Freshworks will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at Freshworks

In related news, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $11.60, for a total value of $97,927.20. Following the sale, the director now directly owns 22,530 shares of the company’s stock, valued at $261,348. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Jennifer H. Taylor sold 4,690 shares of the company’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $11.06, for a total value of $51,871.40. Following the sale, the director now directly owns 36,689 shares of the company’s stock, valued at $405,780.34. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction 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 directly owns 22,530 shares in the company, valued at $261,348. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,245 shares of company stock valued at $533,811. Corporate insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

A number of institutional investors and hedge funds have recently modified their holdings of FRSH. FACT Capital LP raised 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 during the period. Vanguard Group Inc. raised its holdings in shares of Freshworks by 6.9% during the fourth quarter. Vanguard Group Inc. now owns 19,816,514 shares of the company’s stock worth $465,490,000 after purchasing an additional 1,285,713 shares during the period. Renaissance Capital LLC raised its holdings in shares of Freshworks by 3.0% during the first quarter. Renaissance Capital LLC now owns 105,697 shares of the company’s stock worth $1,925,000 after purchasing an additional 3,071 shares during the period. Steph & Co. acquired a new stake in shares of Freshworks during the first quarter worth $201,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Freshworks by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock worth $250,000 after purchasing an additional 1,160 shares during the period. 75.58% of the stock is owned by institutional investors and hedge funds.

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.