Freshworks (NASDAQ:FRSH) Price Target Cut to $20.00

Freshworks (NASDAQ:FRSH) had its price target decreased by analysts at Canaccord Genuity Group from $27.00 to $20.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 42.55% from the stock’s previous close.

FRSH has been the topic of a number of other reports. Jefferies Financial Group raised shares of Freshworks from a “hold” rating to a “buy” rating and boosted their price objective for the company from $20.00 to $30.00 in a research report on Friday, January 5th. Cantor Fitzgerald lowered their price target on shares of Freshworks from $25.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday. JMP Securities cut their price objective on Freshworks from $29.00 to $21.00 and set a “market outperform” rating for the company in a report on Thursday. Oppenheimer cut Freshworks from an “outperform” rating to a “market perform” rating in a research report on Thursday. Finally, Piper Sandler dropped their target price on Freshworks from $28.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Freshworks currently has an average rating of “Moderate Buy” and a consensus target price of $22.59.

Freshworks Stock Performance

Shares of NASDAQ FRSH opened at $14.03 on Friday. The stock’s fifty day simple moving average is $18.29 and its 200 day simple moving average is $19.98. Freshworks has a 52-week low of $12.22 and a 52-week high of $24.98.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.04. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. The business had revenue of $160.11 million for the quarter, compared to analyst estimates of $158.11 million. Analysts predict that Freshworks will post -0.37 EPS for the current year.

Insider Activity

In other news, Director Barry L. Padgett sold 4,690 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $20.22, for a total transaction of $94,831.80. Following the transaction, the director now owns 17,387 shares in the company, valued at $351,565.14. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Barry L. Padgett sold 4,690 shares of the firm’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 transaction of $94,831.80. Following the transaction, the director now directly owns 17,387 shares of the company’s stock, valued at $351,565.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $18.08, for a total value of $127,192.80. Following the transaction, the director now owns 19,991 shares in the company, valued at approximately $361,437.28. The disclosure for this sale can be found here. Insiders have sold a total of 460,792 shares of company stock worth $9,408,403 over the last three months. Corporate insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Neo Ivy Capital Management bought a new position in shares of Freshworks in the 3rd quarter valued at $81,000. Quest Partners LLC acquired a new stake in Freshworks in the fourth quarter valued at about $166,000. Northside Capital Management LLC bought a new position in Freshworks in the fourth quarter valued at about $226,000. Xponance Inc. acquired a new position in Freshworks during the fourth quarter worth about $231,000. Finally, Jasper Ridge Partners L.P. bought a new position in shares of Freshworks in the third quarter worth about $217,000. 75.58% of the stock is 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.