Freshworks (NASDAQ:FRSH) Price Target Lowered to $22.00 at Morgan Stanley

Freshworks (NASDAQ:FRSH) had its price objective reduced by Morgan Stanley from $24.00 to $22.00 in a report issued on Wednesday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other research firms also recently issued reports on FRSH. Cantor Fitzgerald reaffirmed an overweight rating and set a $25.00 price objective on shares of Freshworks in a report on Wednesday, February 7th. JMP Securities lifted their price objective on shares of Freshworks from $25.00 to $29.00 and gave the stock a market outperform rating in a report on Wednesday, February 7th. Piper Sandler lifted their target price on Freshworks from $24.00 to $28.00 and gave the stock an overweight rating in a research note on Tuesday, January 2nd. Jefferies Financial Group raised shares of Freshworks from a hold rating to a buy rating and boosted their price target for the stock from $20.00 to $30.00 in a report on Friday, January 5th. Finally, Wolfe Research raised shares of Freshworks from a peer perform rating to an outperform rating and set a $27.00 price objective on the stock in a report on Tuesday, February 20th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Freshworks currently has a consensus rating of Moderate Buy and a consensus target price of $25.00.

Freshworks Trading Up 2.3 %

NASDAQ FRSH opened at $17.69 on Wednesday. The company has a fifty day simple moving average of $19.09 and a 200 day simple moving average of $20.08. Freshworks has a 12-month low of $12.22 and a 12-month high of $24.98. The company has a market cap of $5.27 billion, a P/E ratio of -37.64 and a beta of 0.90.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.04. Freshworks had a negative net margin of 23.04% and a negative return on equity of 12.55%. The business had revenue of $160.11 million during the quarter, compared to the consensus estimate of $158.11 million. Sell-side analysts predict that Freshworks will post -0.37 EPS for the current year.

Insider Transactions at Freshworks

In related news, Director Barry L. Padgett sold 4,690 shares of the company’s stock in a transaction that occurred 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 transaction, the director now directly owns 17,387 shares in the company, valued at $351,565.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Barry L. Padgett sold 4,690 shares of the company’s stock in a transaction that occurred 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 transaction, the director now directly owns 17,387 shares in the company, valued at $351,565.14. The transaction 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 company’s stock in a transaction that occurred on Friday, February 9th. The stock was 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 owns 88,431 shares in the company, valued at $1,904,803.74. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 460,792 shares of company stock valued at $9,408,403. 26.66% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Board of Trustees of The Leland Stanford Junior University grew its position in Freshworks by 1.9% during the fourth quarter. Board of Trustees of The Leland Stanford Junior University now owns 35,019 shares of the company’s stock valued at $823,000 after acquiring an additional 638 shares during the last quarter. Arizona State Retirement System grew its position in Freshworks by 2.6% during the third quarter. Arizona State Retirement System now owns 40,667 shares of the company’s stock valued at $810,000 after acquiring an additional 1,020 shares during the last quarter. Teacher Retirement System of Texas grew its position in Freshworks by 7.9% during the fourth quarter. Teacher Retirement System of Texas now owns 14,805 shares of the company’s stock valued at $218,000 after acquiring an additional 1,079 shares during the last quarter. Advisors Asset Management Inc. grew its position in Freshworks by 373.8% during the third quarter. Advisors Asset Management Inc. now owns 1,663 shares of the company’s stock valued at $33,000 after acquiring an additional 1,312 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC grew its position in Freshworks by 29.8% during the third quarter. Counterpoint Mutual Funds LLC now owns 6,833 shares of the company’s stock valued at $136,000 after acquiring an additional 1,567 shares during the last quarter. 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.