Freshworks (NASDAQ:FRSH) Price Target Lowered to $13.00 at Piper Sandler

Freshworks (NASDAQ:FRSH) had its price target lowered by Piper Sandler from $17.00 to $13.00 in a research note published on Thursday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other brokerages also recently issued reports on FRSH. Canaccord Genuity Group cut their price objective on Freshworks from $20.00 to $17.00 and set a buy rating for the company in a research report on Wednesday, July 10th. Barclays decreased their price objective on shares of Freshworks from $15.00 to $14.00 and set an equal weight rating on the stock in a report on Wednesday, July 31st. Jefferies Financial Group dropped their target price on shares of Freshworks from $25.00 to $20.00 and set a buy rating for the company in a research note on Wednesday, July 31st. Scotiabank dropped their price objective on shares of Freshworks from $18.00 to $16.00 and set a sector perform rating for the company in a research report on Wednesday, July 31st. Finally, Cantor Fitzgerald dropped their price target on shares of Freshworks from $19.00 to $18.00 and set an overweight rating for the company in a research note on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $18.38.

Freshworks Stock Up 2.8 %

NASDAQ:FRSH opened at $11.47 on Thursday. Freshworks has a 12-month low of $10.81 and a 12-month high of $24.98. The firm has a market capitalization of $3.43 billion, a PE ratio of -28.68 and a beta of 0.73. The firm has a 50-day moving average price of $11.39 and a 200 day moving average price of $13.35.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Tuesday, July 30th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.02. The firm had revenue of $174.13 million during the quarter, compared to analyst estimates of $169.05 million. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. The business’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.12) earnings per share. On average, research analysts expect that Freshworks will post -0.38 EPS for the current year.

Insider Buying and Selling

In other news, Director Zachary Nelson sold 8,442 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $11.04, for a total value of $93,199.68. Following the sale, the director now directly owns 23,497 shares in the company, valued at $259,406.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Zachary Nelson sold 8,442 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $11.04, for a total value of $93,199.68. Following the sale, the director now owns 23,497 shares of the company’s stock, valued at $259,406.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Roxanne S. Austin sold 6,303 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $11.22, for a total transaction of $70,719.66. Following the completion of the transaction, the director now directly owns 223,106 shares of the company’s stock, valued at approximately $2,503,249.32. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 47,245 shares of company stock valued at $533,811. Company insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

A number of large investors have recently added to or reduced their stakes in the company. CWM LLC lifted its position in Freshworks by 554.5% during the second quarter. CWM LLC now owns 3,397 shares of the company’s stock worth $43,000 after acquiring an additional 2,878 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Freshworks by 34.2% during 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 in the last quarter. Quarry LP boosted its stake in Freshworks by 157.6% in the second quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after buying an additional 2,645 shares in the last quarter. International Assets Investment Management LLC bought a new position in Freshworks in the second quarter valued at about $58,000. Finally, EntryPoint Capital LLC acquired a new position in Freshworks during the first quarter worth about $82,000. Institutional investors and hedge funds 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.