Brokerages Set Freshworks Inc. (NASDAQ:FRSH) Price Target at $21.53

Freshworks Inc. (NASDAQ:FRSH) has been given a consensus rating of “Moderate Buy” by the sixteen research firms that are presently covering the stock, Marketbeat reports. Seven analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $19.75.

Several equities research analysts have recently issued reports on the stock. Morgan Stanley lowered 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. Scotiabank decreased their price target on shares of Freshworks from $18.00 to $16.00 and set a “sector perform” rating on the stock in a research note on Wednesday. Oppenheimer lowered shares of Freshworks from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 2nd. Robert W. Baird lowered shares of Freshworks from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $28.00 to $16.00 in a research note on Thursday, May 2nd. Finally, Jefferies Financial Group decreased their price target on shares of Freshworks from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Wednesday.

Freshworks Stock Down 4.2 %

FRSH stock opened at $11.97 on Friday. The company’s 50-day simple moving average is $12.84 and its 200-day simple moving average is $16.70. Freshworks has a 52-week low of $11.87 and a 52-week high of $24.98. The firm has a market cap of $3.58 billion, a P/E ratio of -29.92 and a beta of 0.74.

Freshworks (NASDAQ:FRSH) last posted its earnings results on Wednesday, May 1st. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.02. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.18%. The business had revenue of $165.14 million for the quarter, compared to analyst estimates of $163.53 million. On average, analysts anticipate that Freshworks will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Freshworks 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 value of $57,531.80. Following the completion of the transaction, the director now owns 35,853 shares in the company, valued at $440,274.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Jennifer H. Taylor sold 4,685 shares of Freshworks 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 directly owns 35,853 shares of the company’s stock, valued at approximately $440,274.84. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jennifer H. Taylor sold 7,028 shares of Freshworks stock in a transaction on Friday, May 10th. The stock was sold at an average price of $13.74, for a total transaction of $96,564.72. Following the sale, the director now directly owns 19,991 shares of the company’s stock, valued at $274,676.34. The disclosure for this sale can be found here. Insiders sold a total of 34,296 shares of company stock worth $443,630 over the last 90 days. Corporate insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

Several institutional investors have recently modified their holdings of the company. CWM LLC boosted its stake in Freshworks by 554.5% in the second quarter. CWM LLC now owns 3,397 shares of the company’s stock valued at $43,000 after acquiring an additional 2,878 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in shares of Freshworks by 34.2% during the first 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 period. International Assets Investment Management LLC acquired a new stake in shares of Freshworks during the second quarter worth about $58,000. EntryPoint Capital LLC acquired a new stake in shares of Freshworks during the first quarter worth about $82,000. Finally, Hantz Financial Services Inc. acquired a new stake in shares of Freshworks during the second quarter worth about $136,000. 75.58% of the stock is owned by hedge funds and other institutional investors.

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.