Piper Sandler Lowers Freshworks (NASDAQ:FRSH) Price Target to $17.00

Freshworks (NASDAQ:FRSHGet Rating) had its target price cut by Piper Sandler from $20.00 to $17.00 in a research report issued on Wednesday, The Fly reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price objective suggests a potential upside of 10.39% from the company’s previous close.

Other equities analysts have also issued reports about the company. Barclays dropped their price target on Freshworks from $18.00 to $15.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 26th. Needham & Company LLC dropped their price target on Freshworks from $40.00 to $25.00 in a research note on Wednesday, May 4th. Scotiabank started coverage on Freshworks in a research note on Wednesday, June 8th. They set a “sector perform” rating and a $16.00 price target for the company. Morgan Stanley dropped their price target on Freshworks from $23.00 to $17.00 and set an “equal weight” rating for the company in a research note on Thursday, July 14th. Finally, Canaccord Genuity Group dropped their price target on Freshworks from $25.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday, May 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Freshworks has a consensus rating of “Hold” and an average price target of $18.23.

Freshworks Trading Up 1.9 %

NASDAQ:FRSH opened at $15.40 on Wednesday. Freshworks has a 12-month low of $10.51 and a 12-month high of $53.36. The stock has a 50-day moving average price of $13.49 and a 200 day moving average price of $16.78. The stock has a market capitalization of $4.38 billion and a P/E ratio of -0.61.

Freshworks (NASDAQ:FRSHGet Rating) last released its earnings results on Tuesday, May 3rd. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.01. Freshworks had a negative return on equity of 24.02% and a negative net margin of 68.69%. The firm had revenue of $114.64 million during the quarter, compared to analysts’ expectations of $108.24 million. During the same quarter last year, the business posted ($0.02) earnings per share. The firm’s revenue was up 42.3% on a year-over-year basis. On average, research analysts predict that Freshworks will post -0.72 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Barry L. Padgett sold 225,000 shares of the firm’s stock in a transaction that occurred on Friday, June 17th. The stock was sold at an average price of $11.38, for a total value of $2,560,500.00. Following the completion of the sale, the director now directly owns 1,078 shares of the company’s stock, valued at approximately $12,267.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Jennifer H. Taylor sold 4,690 shares of the stock in a transaction that occurred on Friday, June 10th. The stock was sold at an average price of $12.31, for a total value of $57,733.90. Following the sale, the director now directly owns 809 shares in the company, valued at $9,958.79. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Barry L. Padgett sold 225,000 shares of the stock in a transaction that occurred on Friday, June 17th. The stock was sold at an average price of $11.38, for a total value of $2,560,500.00. Following the completion of the sale, the director now owns 1,078 shares in the company, valued at $12,267.64. The disclosure for this sale can be found here. Insiders sold 293,938 shares of company stock valued at $3,624,058 in the last ninety days. Insiders own 29.12% of the company’s stock.

Institutional Investors Weigh In On Freshworks

Several hedge funds and other institutional investors have recently modified their holdings of FRSH. FourThought Financial LLC purchased a new stake in shares of Freshworks in the first quarter worth approximately $47,000. Quantbot Technologies LP purchased a new stake in shares of Freshworks in the first quarter worth approximately $59,000. US Bancorp DE raised its holdings 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 worth $144,000 after buying an additional 7,396 shares during the period. Pearl River Capital LLC purchased a new stake in shares of Freshworks in the first quarter worth approximately $204,000. Finally, Newbridge Financial Services Group Inc. increased its holdings in Freshworks by 57.6% during the 1st quarter. Newbridge Financial Services Group Inc. now owns 13,075 shares of the company’s stock worth $234,000 after purchasing an additional 4,780 shares during the period. 24.86% of the stock is currently owned by hedge funds and other institutional investors.

About Freshworks

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Freshworks Inc, a software development company, provides modern software-as-a-service products worldwide. Freshworks Inc was formerly known as Freshdesk Inc and changed its name to Freshworks Inc in June 2017. The company was incorporated in 2010 and is headquartered in San Mateo, California.

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