Freshworks (NASDAQ:FRSH) PT Lowered to $17.00 at Canaccord Genuity Group

Freshworks (NASDAQ:FRSH) had its price target lowered by Canaccord Genuity Group from $20.00 to $17.00 in a research note issued to investors on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts have also recently commented on FRSH. Oppenheimer cut Freshworks from an outperform rating to a market perform rating in a research note on Thursday, May 2nd. JMP Securities dropped their price objective on Freshworks from $29.00 to $21.00 and set a market outperform rating for the company in a report on Thursday, May 2nd. Morgan Stanley reduced their target price on shares of Freshworks from $22.00 to $18.00 and set an equal weight rating on the stock in a research note on Thursday, May 2nd. Piper Sandler cut their price objective on shares of Freshworks from $28.00 to $22.00 and set an overweight rating on the stock in a report on Thursday, May 2nd. Finally, Robert W. Baird lowered shares of Freshworks from an outperform rating to a neutral rating and lowered their target price for the stock from $28.00 to $16.00 in a report on Thursday, May 2nd. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $21.53.

Freshworks Stock Up 1.1 %

Shares of NASDAQ FRSH opened at $12.90 on Wednesday. Freshworks has a 12-month low of $11.90 and a 12-month high of $24.98. The firm’s 50-day simple moving average is $13.02 and its 200 day simple moving average is $17.63. The company has a market cap of $3.85 billion, a price-to-earnings ratio of -32.25 and a beta of 0.74.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Wednesday, May 1st. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The company had revenue of $165.14 million for the quarter, compared to analyst estimates of $163.53 million. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. On average, equities analysts expect that Freshworks will post -0.34 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Barry L. Padgett sold 5,546 shares of Freshworks stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $12.77, for a total transaction of $70,822.42. Following the transaction, the director now owns 26,957 shares in the company, valued at approximately $344,240.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Freshworks news, Director Jennifer H. Taylor sold 7,028 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $13.74, for a total transaction of $96,564.72. Following the completion of the transaction, the director now owns 19,991 shares in the company, valued at approximately $274,676.34. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Barry L. Padgett sold 5,546 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $12.77, for a total value of $70,822.42. Following the completion of the sale, the director now owns 26,957 shares in the company, valued at $344,240.89. The disclosure for this sale can be found here. Insiders sold 34,296 shares of company stock worth $443,630 over the last ninety days. 19.15% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Freshworks

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Freshworks by 6.8% during the 1st quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock worth $385,525,000 after acquiring an additional 1,354,530 shares during the last quarter. Clearbridge Investments LLC boosted its holdings in Freshworks by 107.4% during the first quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock worth $73,764,000 after purchasing an additional 2,097,280 shares during the last quarter. Capital International Investors bought a new position in Freshworks in the first quarter valued at $59,311,000. Franklin Resources Inc. increased its stake in Freshworks by 6.5% in the 4th quarter. Franklin Resources Inc. now owns 3,175,334 shares of the company’s stock valued at $74,589,000 after buying an additional 193,708 shares during the last quarter. Finally, Norges Bank bought a new stake in Freshworks during the 4th quarter worth about $44,919,000. 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.