Freshworks (NASDAQ:FRSH) Price Target Cut to $17.00 by Analysts at JPMorgan Chase & Co.

Freshworks (NASDAQ:FRSH) had its target price reduced by JPMorgan Chase & Co. from $19.00 to $17.00 in a report issued on Wednesday, Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages have also weighed in on FRSH. Needham & Company LLC reissued a buy rating and issued a $20.00 target price on shares of Freshworks in a research report on Wednesday. JMP Securities cut their price target on Freshworks from $29.00 to $21.00 and set a market outperform rating for the company in a research note on Thursday, May 2nd. StockNews.com downgraded Freshworks from a buy rating to a hold rating in a research note on Saturday, June 22nd. Piper Sandler cut their price target on Freshworks from $22.00 to $17.00 and set an overweight rating for the company in a research note on Friday, July 12th. Finally, Jefferies Financial Group cut their price target on Freshworks from $25.00 to $20.00 and set a buy rating for the company in a research note on Wednesday. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $19.40.

Freshworks Price Performance

FRSH opened at $11.67 on Wednesday. Freshworks has a 1 year low of $11.24 and a 1 year high of $24.98. The stock has a 50-day moving average price of $12.79 and a 200-day moving average price of $16.59. The firm has a market cap of $3.49 billion, a PE ratio of -29.17 and a beta of 0.74.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Tuesday, July 30th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. 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 firm earned ($0.12) EPS. Freshworks’s revenue was up 20.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Freshworks will post -0.34 EPS for the current year.

Insiders Place Their Bets

In other news, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $11.60, for a total transaction of $97,927.20. Following the sale, the director now directly owns 22,530 shares of the company’s stock, valued at approximately $261,348. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Jennifer H. Taylor sold 7,035 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $12.73, for a total transaction of $89,555.55. Following the sale, the director now owns 19,991 shares in the company, valued at approximately $254,485.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Zachary Nelson sold 8,442 shares of the 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 owns 22,530 shares in the company, valued at approximately $261,348. The disclosure for this sale can be found here. Insiders sold 42,738 shares of company stock worth $541,557 in the last three months. 19.15% of the stock is owned by company insiders.

Institutional Trading of Freshworks

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Arizona State Retirement System increased its stake in Freshworks by 3.6% in the fourth quarter. Arizona State Retirement System now owns 42,120 shares of the company’s stock worth $989,000 after purchasing an additional 1,453 shares during the period. International Assets Investment Management LLC purchased a new stake in Freshworks in the fourth quarter worth $483,000. Moody Aldrich Partners LLC purchased a new stake in Freshworks in the fourth quarter worth $4,482,000. Sapient Capital LLC purchased a new stake in Freshworks in the fourth quarter worth $306,000. Finally, Federated Hermes Inc. increased its stake in Freshworks by 16.0% in the fourth quarter. Federated Hermes Inc. now owns 545,922 shares of the company’s stock worth $12,824,000 after purchasing an additional 75,307 shares during the period. Hedge funds and other institutional investors 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.