Freshworks (NASDAQ:FRSH) PT Lowered to $19.00 at Cantor Fitzgerald

Freshworks (NASDAQ:FRSH) had its target price lowered by analysts at Cantor Fitzgerald from $25.00 to $19.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 38.38% from the company’s previous close.

Other analysts also recently issued reports about the stock. Wolfe Research raised shares of Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 target price for the company in a research report on Tuesday, February 20th. Needham & Company LLC reiterated a “buy” rating and issued a $30.00 price target on shares of Freshworks in a research report on Thursday. Piper Sandler reduced their price target on shares of Freshworks from $28.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday. Oppenheimer lowered Freshworks from an “outperform” rating to a “market perform” rating in a research report on Thursday. Finally, Robert W. Baird lowered Freshworks from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $28.00 to $16.00 in a research report on Thursday. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $23.88.

Freshworks Price Performance

Shares of NASDAQ FRSH traded down $4.52 during mid-day trading on Thursday, hitting $13.73. The company had a trading volume of 12,514,308 shares, compared to its average volume of 2,642,123. The stock has a market cap of $4.09 billion, a price-to-earnings ratio of -29.06 and a beta of 0.87. The firm’s 50 day simple moving average is $18.53 and its two-hundred day simple moving average is $20.04. Freshworks has a 12 month low of $12.22 and a 12 month high of $24.98.

Freshworks (NASDAQ:FRSH) last released its earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. The firm had revenue of $160.11 million during the quarter, compared to the consensus estimate of $158.11 million. Freshworks had a negative return on equity of 12.55% and a negative net margin of 23.04%. Equities analysts forecast that Freshworks will post -0.37 earnings per share for the current year.

Insiders Place Their Bets

In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $21.71, for a total transaction of $152,729.85. Following the sale, the director now directly owns 19,490 shares in the company, valued at approximately $423,127.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $21.71, for a total value of $152,729.85. Following the sale, the director now directly owns 19,490 shares in the company, valued at $423,127.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Rathnagirish Mathrubootham sold 430,149 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $20.44, for a total transaction of $8,792,245.56. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 460,792 shares of company stock worth $9,408,403. Corporate insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Freshworks by 14.6% in the 3rd quarter. Vanguard Group Inc. now owns 18,530,801 shares of the company’s stock valued at $369,134,000 after purchasing an additional 2,363,550 shares during the last quarter. Qube Research & Technologies Ltd acquired a new position in Freshworks during the third quarter worth approximately $2,445,000. Ninety One North America Inc. bought a new stake in Freshworks in the fourth quarter valued at approximately $15,405,000. Neo Ivy Capital Management acquired a new stake in shares of Freshworks in the third quarter valued at approximately $81,000. Finally, Calamos Advisors LLC boosted its stake in shares of Freshworks by 39.7% during the 4th quarter. Calamos Advisors LLC now owns 36,804 shares of the company’s stock worth $865,000 after acquiring an additional 10,465 shares during the period. Institutional investors and hedge funds own 75.58% of the company’s stock.

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.