Shares of Freshworks Inc. (NASDAQ:FRSH – Get Free Report) gapped down prior to trading on Thursday after Morgan Stanley lowered their price target on the stock from $22.00 to $18.00. The stock had previously closed at $18.25, but opened at $13.40. Morgan Stanley currently has an equal weight rating on the stock. Freshworks shares last traded at $13.60, with a volume of 6,525,174 shares trading hands.
Several other equities research analysts have also recently commented on the company. Oppenheimer cut Freshworks from an “outperform” rating to a “market perform” rating in a research note on Thursday. Piper Sandler cut 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. Jefferies Financial Group upgraded Freshworks from a “hold” rating to a “buy” rating and upped their price target for the stock from $20.00 to $30.00 in a research note on Friday, January 5th. 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. Finally, Needham & Company LLC restated a “buy” rating and set a $30.00 price target on shares of Freshworks 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 MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.18.
Insider Buying and Selling at Freshworks
In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of the company’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $18.08, for a total value of $127,192.80. Following the sale, the director now owns 19,991 shares of the company’s stock, valued at $361,437.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $20.44, for a total transaction of $8,792,245.56. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jennifer H. Taylor sold 7,035 shares of the stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $18.08, for a total value of $127,192.80. Following the sale, the director now directly owns 19,991 shares in the company, valued at approximately $361,437.28. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 460,792 shares of company stock valued at $9,408,403. Insiders own 19.15% of the company’s stock.
Institutional Trading of Freshworks
A number of large investors have recently made changes to their positions in the stock. Board of Trustees of The Leland Stanford Junior University boosted its stake in shares of Freshworks by 1.9% during the fourth quarter. Board of Trustees of The Leland Stanford Junior University now owns 35,019 shares of the company’s stock valued at $823,000 after acquiring an additional 638 shares during the last quarter. Arizona State Retirement System boosted its stake in shares of Freshworks by 2.6% during the third quarter. Arizona State Retirement System now owns 40,667 shares of the company’s stock valued at $810,000 after acquiring an additional 1,020 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Freshworks by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock valued at $250,000 after acquiring an additional 1,160 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Freshworks by 12.1% during the third quarter. Victory Capital Management Inc. now owns 16,215 shares of the company’s stock valued at $323,000 after acquiring an additional 1,750 shares during the last quarter. Finally, Diversified Trust Co boosted its stake in shares of Freshworks by 5.6% during the third quarter. Diversified Trust Co now owns 45,771 shares of the company’s stock valued at $912,000 after acquiring an additional 2,440 shares during the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.
Freshworks Stock Down 19.6 %
The business has a 50 day moving average of $18.42 and a 200 day moving average of $20.00. The firm has a market cap of $4.37 billion, a price-to-earnings ratio of -31.21 and a beta of 0.87.
Freshworks (NASDAQ:FRSH – Get Free Report) last issued its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. Freshworks had a negative return on equity of 12.55% and a negative net margin of 23.04%. The firm had revenue of $160.11 million for the quarter, compared to analyst estimates of $158.11 million. Research analysts predict that Freshworks Inc. will post -0.37 earnings per share for the current year.
About Freshworks
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.