Piper Sandler Trims Freshworks (NASDAQ:FRSH) Target Price to $22.00

Freshworks (NASDAQ:FRSH) had its target price decreased by Piper Sandler from $28.00 to $22.00 in a report published on Thursday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Several other analysts have also weighed in on the stock. Wolfe Research raised shares of Freshworks from a peer perform rating to an outperform rating and set a $27.00 price objective for the company in a report on Tuesday, February 20th. Jefferies Financial Group raised shares of Freshworks from a hold rating to a buy rating and raised their price objective for the stock from $20.00 to $30.00 in a report on Friday, January 5th. Robert W. Baird lowered shares of Freshworks from an outperform rating to a neutral rating and dropped their price objective for the stock from $28.00 to $16.00 in a report on Thursday. Cantor Fitzgerald reissued an overweight rating and issued a $25.00 price target on shares of Freshworks in a report on Wednesday, February 7th. Finally, Morgan Stanley lowered their price target on shares of Freshworks from $24.00 to $22.00 and set an equal weight rating for the company in a report on Wednesday, April 17th. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Freshworks currently has an average rating of Moderate Buy and a consensus price target of $22.59.

Freshworks Stock Down 4.4 %

FRSH traded down $0.64 during midday trading on Thursday, reaching $14.03. 6,974,887 shares of the company’s stock were exchanged, compared to its average volume of 3,264,107. The firm has a market capitalization of $4.18 billion, a price-to-earnings ratio of -35.07 and a beta of 0.88. Freshworks has a one year low of $12.22 and a one year high of $24.98. The business has a 50-day simple moving average of $18.29 and a two-hundred day simple moving average of $19.98.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. The firm had revenue of $160.11 million during the quarter, compared to analysts’ expectations of $158.11 million. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. As a group, research analysts anticipate that Freshworks will post -0.37 EPS for the current fiscal year.

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Barry L. Padgett sold 4,690 shares of Freshworks stock in a transaction on Friday, March 1st. The shares were sold at an average price of $20.22, for a total value of $94,831.80. Following the sale, the director now directly owns 17,387 shares in the company, valued at approximately $351,565.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Barry L. Padgett sold 4,690 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $20.22, for a total transaction of $94,831.80. Following the transaction, the director now directly owns 17,387 shares in the company, valued at approximately $351,565.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Roxanne S. Austin sold 6,303 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $21.54, for a total transaction of $135,766.62. Following the transaction, the director now owns 88,431 shares in the company, valued at $1,904,803.74. The disclosure for this sale can be found here. In the last three months, insiders have sold 460,792 shares of company stock worth $9,408,403. Insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Neo Ivy Capital Management acquired a new position in shares of Freshworks during the 3rd quarter worth about $81,000. Quest Partners LLC acquired a new position in Freshworks in the 4th quarter valued at about $166,000. Northside Capital Management LLC acquired a new position in Freshworks in the 4th quarter valued at about $226,000. Xponance Inc. acquired a new position in Freshworks in the 4th quarter valued at about $231,000. Finally, Jasper Ridge Partners L.P. acquired a new position in Freshworks in the 3rd quarter valued at about $217,000. 75.58% of the stock is currently owned by institutional investors and hedge funds.

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.