Jefferies Financial Group Cuts Freshworks (NASDAQ:FRSH) Price Target to $20.00

Freshworks (NASDAQ:FRSH) had its target price reduced by Jefferies Financial Group from $25.00 to $20.00 in a report published on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts also recently weighed in on the company. Cantor Fitzgerald dropped their price objective on Freshworks from $25.00 to $19.00 and set an overweight rating for the company in a research note on Thursday, May 2nd. Robert W. Baird cut shares of Freshworks from an outperform rating to a neutral rating and lowered their price objective for the company from $28.00 to $16.00 in a research note on Thursday, May 2nd. StockNews.com cut shares of Freshworks from a buy rating to a hold rating in a research report on Saturday, June 22nd. Needham & Company LLC reiterated a buy rating and issued a $20.00 price target on shares of Freshworks in a research report on Wednesday. Finally, Piper Sandler cut their price objective on Freshworks from $22.00 to $17.00 and set an overweight rating for the company in a research report on Friday, July 12th. Eight analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $19.75.

Freshworks Stock Performance

Freshworks stock opened at $11.67 on Wednesday. The business has a fifty day moving average of $12.82 and a two-hundred day moving average of $16.67. The company has a market cap of $3.49 billion, a P/E ratio of -29.17 and a beta of 0.74. Freshworks has a one year low of $11.24 and a one year high of $24.98.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Wednesday, May 1st. The company reported ($0.07) earnings per share 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 company had revenue of $165.14 million for the quarter, compared to analyst estimates of $163.53 million. Sell-side analysts predict that Freshworks will post -0.34 EPS for the current year.

Insider Buying and Selling

In other news, Director Barry L. Padgett sold 5,546 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $12.77, for a total value of $70,822.42. Following the completion of the sale, the director now owns 26,957 shares of the company’s stock, valued at $344,240.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Zachary Nelson sold 8,442 shares of the stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $12.75, for a total value of $107,635.50. Following the completion of the transaction, the director now owns 16,535 shares of the company’s stock, valued at $210,821.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Barry L. Padgett sold 5,546 shares of Freshworks stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $12.77, for a total value of $70,822.42. Following the sale, the director now owns 26,957 shares in the company, valued at $344,240.89. The disclosure for this sale can be found here. In the last three months, insiders sold 42,738 shares of company stock valued at $541,557. Company insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. CWM LLC increased its holdings 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 buying an additional 2,878 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Freshworks by 34.2% during the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock valued at $54,000 after purchasing an additional 757 shares during the period. International Assets Investment Management LLC bought a new position in Freshworks in the 2nd quarter worth approximately $58,000. EntryPoint Capital LLC bought a new stake in shares of Freshworks during the first quarter valued at about $82,000. Finally, Hantz Financial Services Inc. acquired a new stake in shares of Freshworks in the 2nd quarter worth approximately $136,000. Institutional investors own 75.58% of the company’s stock.

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.