Freshworks (NASDAQ:FRSH) Stock Rating Lowered by Robert W. Baird

Freshworks (NASDAQ:FRSH) was downgraded by equities research analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating in a report issued on Thursday, MarketBeat Ratings reports. They currently have a $16.00 target price on the stock, down from their previous target price of $28.00. Robert W. Baird’s target price suggests a potential upside of 14.04% from the company’s current price.

FRSH has been the topic of a number of other research reports. Wolfe Research raised shares of Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 target price on the stock in a research report on Tuesday, February 20th. JMP Securities boosted their price objective on shares of Freshworks from $25.00 to $29.00 and gave the stock a “market outperform” rating in a research note on Wednesday, February 7th. Jefferies Financial Group raised Freshworks from a “hold” rating to a “buy” rating and increased their target price for the company from $20.00 to $30.00 in a research report on Friday, January 5th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $25.00 price target on shares of Freshworks in a report on Wednesday, February 7th. Finally, Morgan Stanley decreased their price objective on Freshworks from $24.00 to $22.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 17th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Freshworks currently has an average rating of “Moderate Buy” and a consensus price target of $22.59.

Freshworks Stock Performance

Shares of NASDAQ:FRSH traded down $0.64 during trading on Thursday, reaching $14.03. 6,974,887 shares of the company were exchanged, compared to its average volume of 3,264,107. The business’s fifty day simple moving average is $18.29 and its 200-day simple moving average is $19.97. Freshworks has a 12-month low of $12.22 and a 12-month high of $24.98.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.04. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. The business had revenue of $160.11 million during the quarter, compared to analyst estimates of $158.11 million. As a group, equities analysts predict that Freshworks will post -0.37 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Rathnagirish Mathrubootham sold 430,149 shares of Freshworks stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $20.44, for a total value of $8,792,245.56. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Freshworks news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $20.44, for a total value of $8,792,245.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jennifer H. Taylor sold 7,035 shares of the 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 completion of the sale, the director now directly owns 19,490 shares of the company’s stock, valued at approximately $423,127.90. 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. Company insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of FRSH. Vanguard Group Inc. boosted its holdings 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. Norges Bank purchased a new position in Freshworks in the fourth quarter worth approximately $44,919,000. Lord Abbett & CO. LLC acquired a new stake in Freshworks during the third quarter worth $34,644,000. Ninety One UK Ltd purchased a new stake in Freshworks in the fourth quarter valued at $36,303,000. Finally, Acadian Asset Management LLC lifted its stake in shares of Freshworks by 511.2% in the 3rd quarter. Acadian Asset Management LLC now owns 1,312,016 shares of the company’s stock valued at $26,118,000 after purchasing an additional 1,097,369 shares during the last quarter. 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.