Morgan Stanley Cuts Freshworks (NASDAQ:FRSH) Price Target to $18.00

Freshworks (NASDAQ:FRSH) had its price target decreased by Morgan Stanley from $22.00 to $18.00 in a research note released on Thursday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Several other equities analysts have also recently commented on the stock. Piper Sandler reduced their price objective on shares of Freshworks from $28.00 to $22.00 and set an overweight rating for the company in a research note on Thursday. JMP Securities decreased their price target on shares of Freshworks from $29.00 to $21.00 and set a market outperform rating on the stock in a report on Thursday. Wolfe Research raised shares of Freshworks from a peer perform rating to an outperform rating and set a $27.00 price target on the stock in a report on Tuesday, February 20th. Oppenheimer lowered shares of Freshworks from an outperform rating to a market perform rating in a report on Thursday. Finally, Jefferies Financial Group raised shares of Freshworks from a hold rating to a buy rating and increased their price target for the stock from $20.00 to $30.00 in a report on Friday, January 5th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $22.59.

Freshworks Trading Down 4.4 %

Shares of FRSH traded down $0.64 during trading hours on Thursday, reaching $14.03. 6,974,887 shares of the stock traded hands, compared to its average volume of 3,264,107. The stock has a fifty day simple moving average of $18.29 and a 200 day simple moving average of $19.98. Freshworks has a 52 week low of $12.22 and a 52 week high of $24.98. The company has a market cap of $4.18 billion, a price-to-earnings ratio of -35.07 and a beta of 0.88.

Freshworks (NASDAQ:FRSH) last posted its earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.04. The firm had revenue of $160.11 million during the quarter, compared to the consensus estimate of $158.11 million. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. Analysts predict that Freshworks will post -0.37 earnings per share for the current fiscal year.

Insider Activity at Freshworks

In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $21.71, for a total transaction of $152,729.85. Following the completion of the sale, the director now owns 19,490 shares of the company’s stock, valued at approximately $423,127.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Roxanne S. Austin sold 6,303 shares of Freshworks stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $21.54, for a total transaction of $135,766.62. Following the completion of the transaction, the director now directly owns 88,431 shares of the company’s stock, valued at approximately $1,904,803.74. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $21.71, for a total transaction of $152,729.85. Following the sale, the director now owns 19,490 shares of the company’s stock, valued at $423,127.90. The disclosure for this sale can be found here. In 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

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Freshworks by 14.6% during the 3rd quarter. Vanguard Group Inc. now owns 18,530,801 shares of the company’s stock valued at $369,134,000 after purchasing an additional 2,363,550 shares in the last quarter. Qube Research & Technologies Ltd bought a new stake in Freshworks during the 3rd quarter valued at about $2,445,000. Ninety One North America Inc. bought a new stake in shares of Freshworks in the fourth quarter worth approximately $15,405,000. Neo Ivy Capital Management bought a new position in Freshworks during the third quarter valued at approximately $81,000. Finally, Calamos Advisors LLC grew its position in Freshworks by 39.7% in the 4th quarter. Calamos Advisors LLC now owns 36,804 shares of the company’s stock worth $865,000 after purchasing an additional 10,465 shares during the period. 75.58% of the stock is currently owned by 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.