Freshworks (NASDAQ:FRSH) had its price target lowered by equities researchers at Needham & Company LLC from $58.00 to $40.00 in a report issued on Friday, The Fly reports. Needham & Company LLC’s price target suggests a potential upside of 78.09% from the company’s current price.
A number of other research analysts have also recently commented on FRSH. Robert W. Baird lowered their price target on Freshworks from $50.00 to $40.00 in a report on Friday. Jefferies Financial Group reduced their price objective on Freshworks from $50.00 to $25.00 and set a “hold” rating on the stock in a research note on Thursday, January 6th. JMP Securities reduced their price objective on Freshworks from $53.00 to $41.00 in a research note on Friday. Barclays reduced their price objective on Freshworks from $45.00 to $27.00 in a research note on Wednesday, January 12th. Finally, Piper Sandler reduced their price objective on Freshworks from $38.00 to $36.00 and set an “overweight” rating on the stock in a research note on Friday.
NASDAQ FRSH opened at $22.46 on Friday. The business has a 50 day simple moving average of $24.40. Freshworks has a 12 month low of $18.52 and a 12 month high of $53.36.
Freshworks (NASDAQ:FRSH) last posted its quarterly earnings results on Thursday, February 10th. The company reported ($0.06) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.06). The business had revenue of $105.48 million during the quarter, compared to analysts’ expectations of $100.34 million. Freshworks’s revenue was up 44.5% on a year-over-year basis. As a group, analysts anticipate that Freshworks will post -1.51 earnings per share for the current year.
In other news, Director Zachary Nelson sold 14,063 shares of the business’s stock in a transaction that occurred on Wednesday, December 22nd. The stock was sold at an average price of $27.50, for a total transaction of $386,732.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 13.10% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. Cubist Systematic Strategies LLC purchased a new stake in shares of Freshworks in the 3rd quarter worth $27,000. Newbridge Financial Services Group Inc. purchased a new stake in shares of Freshworks in the 4th quarter worth $218,000. Bank of America Corp DE lifted its holdings in shares of Freshworks by 1,658.0% in the 4th quarter. Bank of America Corp DE now owns 9,493 shares of the company’s stock worth $249,000 after buying an additional 8,953 shares during the period. Atom Investors LP purchased a new stake in shares of Freshworks in the 3rd quarter worth $268,000. Finally, CIBC Asset Management Inc purchased a new stake in shares of Freshworks in the 4th quarter worth $300,000. 15.98% of the stock is currently owned by institutional investors.
Freshworks Company Profile
Freshworks Inc develops software solutions for businesses worldwide. It offers Freshdesk, a solution that empower the support team to work together and resolve customer issues; Freshworks CRM, a solution that keep sales team in the know about prospects and close deals; Freshworks 360, a sales, support, marketing, and success platform; and Freshservice, a solution to streamline information technology service and manage internal requests from the employees.