Freshworks (NASDAQ:FRSH) Price Target Lowered to $18.00 at Morgan Stanley

Freshworks (NASDAQ:FRSH) had its target price reduced by Morgan Stanley from $22.00 to $18.00 in a research note issued to investors on Thursday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

FRSH has been the subject of a number of other reports. Wolfe Research raised shares of Freshworks from a peer perform rating to an outperform rating and set a $27.00 price objective for the company in a research report on Tuesday, February 20th. JMP Securities dropped their price target on shares of Freshworks from $29.00 to $21.00 and set a market outperform rating for the company in a research note on Thursday. Oppenheimer lowered shares of Freshworks from an outperform rating to a market perform rating in a report on Thursday. Jefferies Financial Group upgraded shares of Freshworks from a hold rating to a buy rating and upped their target price for the company from $20.00 to $30.00 in a research note on Friday, January 5th. Finally, Piper Sandler decreased their price target on Freshworks from $28.00 to $22.00 and set an overweight rating for the company in a research note on Thursday. Eight investment 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 company has a consensus rating of Moderate Buy and an average target price of $22.59.

Freshworks Trading Down 4.4 %

Shares of Freshworks stock traded down $0.64 during trading hours on Thursday, reaching $14.03. The stock had a trading volume of 6,974,887 shares, compared to its average volume of 3,264,107. The firm has a market capitalization of $4.18 billion, a price-to-earnings ratio of -35.07 and a beta of 0.88. Freshworks has a 1 year low of $12.22 and a 1 year high of $24.98. The firm has a 50 day simple moving average of $18.29 and a two-hundred day simple moving average of $19.97.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.04. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. The firm had revenue of $160.11 million for the quarter, compared to analyst estimates of $158.11 million. Sell-side analysts forecast that Freshworks will post -0.37 EPS for the current year.

Insider Transactions at Freshworks

In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of the company’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $18.08, for a total value of $127,192.80. Following the completion of the transaction, the director now owns 19,991 shares in the company, valued at approximately $361,437.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of the business’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $18.08, for a total transaction of $127,192.80. Following the completion of the transaction, the director now owns 19,991 shares in the company, valued at approximately $361,437.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Roxanne S. Austin sold 6,303 shares of Freshworks stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $21.54, for a total transaction of $135,766.62. Following the sale, the director now owns 88,431 shares in the company, valued at $1,904,803.74. The disclosure for this sale can be found here. Over the last quarter, insiders sold 460,792 shares of company stock worth $9,408,403. Insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

A number of institutional investors have recently added to or reduced their stakes in FRSH. Neo Ivy Capital Management bought a new stake in shares of Freshworks in the 3rd quarter worth $81,000. Quest Partners LLC acquired a new position in Freshworks during the fourth quarter worth about $166,000. Steph & Co. bought a new stake in Freshworks in the first quarter worth about $201,000. Jasper Ridge Partners L.P. acquired a new stake in Freshworks in the 3rd quarter valued at about $217,000. Finally, Northside Capital Management LLC acquired a new position in shares of Freshworks in the 4th quarter worth approximately $226,000. 75.58% of the stock is currently 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.