Freshworks (NASDAQ:FRSH) Earns Sector Perform Rating from Analysts at Scotiabank

Equities research analysts at Scotiabank began coverage on shares of Freshworks (NASDAQ:FRSHGet Rating) in a research report issued on Wednesday, The Fly reports. The brokerage set a “sector perform” rating on the stock.

Other analysts also recently issued reports about the stock. Jefferies Financial Group dropped their price objective on shares of Freshworks from $18.00 to $17.00 in a report on Monday, May 23rd. Needham & Company LLC dropped their price objective on shares of Freshworks from $40.00 to $25.00 in a report on Wednesday, May 4th. Oppenheimer dropped their price objective on shares of Freshworks from $36.00 to $26.00 in a report on Wednesday, May 4th. Robert W. Baird dropped their price objective on shares of Freshworks from $50.00 to $40.00 in a report on Friday, February 11th. Finally, Morgan Stanley dropped their price objective on shares of Freshworks from $43.00 to $25.00 and set an “equal weight” rating on the stock in a report on Friday, March 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Freshworks currently has a consensus rating of “Hold” and an average price target of $27.33.

Freshworks stock traded up $0.57 during mid-day trading on Wednesday, reaching $15.65. 2,409,820 shares of the company traded hands, compared to its average volume of 2,717,672. Freshworks has a fifty-two week low of $12.91 and a fifty-two week high of $53.36. The firm’s fifty day moving average is $16.78 and its two-hundred day moving average is $20.98.

Freshworks (NASDAQ:FRSHGet Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.01. The company had revenue of $114.64 million for the quarter, compared to analyst estimates of $108.24 million. The company’s revenue for the quarter was up 42.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.02) EPS. On average, sell-side analysts predict that Freshworks will post -0.72 EPS for the current fiscal year.

In other Freshworks news, Director Jennifer H. Taylor sold 4,685 shares of the stock in a transaction on Monday, April 11th. The shares were sold at an average price of $17.44, for a total transaction of $81,706.40. Following the transaction, the director now directly owns 809 shares of the company’s stock, valued at $14,108.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Zachary Nelson sold 21,098 shares of the stock in a transaction on Thursday, June 2nd. The shares were sold at an average price of $16.21, for a total transaction of $341,998.58. Following the transaction, the director now directly owns 1,043 shares in the company, valued at $16,907.03. The disclosure for this sale can be found here. Insiders have sold 70,917 shares of company stock worth $1,140,652 over the last three months. 29.12% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Cubist Systematic Strategies LLC acquired a new stake in shares of Freshworks in the third quarter valued at about $27,000. FourThought Financial LLC acquired a new stake in shares of Freshworks in the first quarter valued at about $47,000. Quantbot Technologies LP acquired a new stake in shares of Freshworks in the first quarter valued at about $59,000. US Bancorp DE raised its position in shares of Freshworks by 1,141.4% in the first quarter. US Bancorp DE now owns 8,044 shares of the company’s stock valued at $144,000 after buying an additional 7,396 shares during the last quarter. Finally, Pearl River Capital LLC acquired a new stake in shares of Freshworks in the first quarter valued at about $204,000. 24.86% of the stock is currently owned by institutional investors and hedge funds.

About Freshworks (Get Rating)

Freshworks Inc, a software development company, provides modern software-as-a-service products worldwide. The company offers Freshdesk Support Desk that enables businesses to delight their customers at every service engagement touchpoint across traditional channels, including email, as well as modern channels, such as messaging and social media; Freshdesk Messaging, which provides agents with a modern conversational user interface to engage with customers across web, mobile, and social messaging applications; Freshdesk Contact Center that helps agent with cloud-based telephony system to connect with customers; Freshdesk Omnichannel Suite, an integrated suite to engage and track customers across digital and traditional channels; and Freshdesk Customer Success that helps customer success managers at B2B subscription companies.

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