Shares of Freshworks Inc. (NASDAQ:FRSH – Get Free Report) were down 5% during mid-day trading on Wednesday after Barclays lowered their price target on the stock from $15.00 to $14.00. Barclays currently has an equal weight rating on the stock. Freshworks traded as low as $12.51 and last traded at $12.61. Approximately 2,367,627 shares changed hands during trading, a decline of 10% from the average daily volume of 2,627,097 shares. The stock had previously closed at $13.28.
Several other brokerages also recently weighed in on FRSH. Oppenheimer downgraded shares of Freshworks from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 2nd. Robert W. Baird downgraded shares of Freshworks from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $28.00 to $16.00 in a research report on Thursday, May 2nd. Cantor Fitzgerald reduced their price target on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Wednesday. Morgan Stanley reduced their price target on shares of Freshworks from $22.00 to $18.00 and set an “equal weight” rating for the company in a research report on Thursday, May 2nd. Finally, Canaccord Genuity Group reduced their price target on shares of Freshworks from $20.00 to $17.00 and set a “buy” rating for the company in a research report on Wednesday, July 10th. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $20.06.
Insider Activity
In other news, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $12.28, for a total transaction of $57,531.80. Following the completion of the sale, the director now owns 35,853 shares of the company’s stock, valued at approximately $440,274.84. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Freshworks news, Director Zachary Nelson sold 8,442 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $12.75, for a total value of $107,635.50. Following the sale, the director now owns 16,535 shares in the company, valued at approximately $210,821.25. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $12.28, for a total transaction of $57,531.80. Following the completion of the sale, the director now owns 35,853 shares in the company, valued at approximately $440,274.84. The disclosure for this sale can be found here. Insiders sold a total of 34,296 shares of company stock valued at $443,630 in the last 90 days. Company 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 FRSH. CWM LLC increased its holdings in shares of Freshworks by 554.5% in the 2nd quarter. CWM LLC now owns 3,397 shares of the company’s stock worth $43,000 after buying an additional 2,878 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in shares of Freshworks by 34.2% in the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock worth $54,000 after buying an additional 757 shares during the last quarter. International Assets Investment Management LLC bought a new position in Freshworks during the 2nd quarter valued at about $58,000. EntryPoint Capital LLC bought a new position in Freshworks during the 1st quarter valued at about $82,000. Finally, Hantz Financial Services Inc. bought a new position in Freshworks during the 2nd quarter valued at about $136,000. 75.58% of the stock is currently owned by institutional investors.
Freshworks Stock Performance
The company has a market capitalization of $3.74 billion, a P/E ratio of -31.25 and a beta of 0.74. The firm’s fifty day moving average is $12.87 and its 200 day moving average is $16.73.
Freshworks (NASDAQ:FRSH – Get Free Report) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.02. The company had revenue of $165.14 million for the quarter, compared to the consensus estimate of $163.53 million. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. On average, analysts forecast that Freshworks Inc. will post -0.34 EPS 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.