Cantor Fitzgerald Cuts Freshworks (NASDAQ:FRSH) Price Target to $19.00

Freshworks (NASDAQ:FRSH) had its price target trimmed by Cantor Fitzgerald from $25.00 to $19.00 in a report published on Thursday, Benzinga reports. The firm currently has an overweight rating on the stock.

FRSH has been the topic of several other research reports. Needham & Company LLC restated a buy rating and set a $30.00 target price on shares of Freshworks in a research note on Thursday. Jefferies Financial Group upgraded shares of Freshworks from a hold rating to a buy rating and raised their target price for the stock from $20.00 to $30.00 in a report on Friday, January 5th. Robert W. Baird downgraded Freshworks from an outperform rating to a neutral rating and dropped their price target for the stock from $28.00 to $16.00 in a research note on Thursday. Piper Sandler lowered their target price on Freshworks from $28.00 to $22.00 and set an overweight rating on the stock in a report on Thursday. Finally, JMP Securities increased their price objective on shares of Freshworks from $25.00 to $29.00 and gave the stock a market outperform rating in a research note on Wednesday, February 7th. Eight equities 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 presently has an average rating of Moderate Buy and a consensus price target of $22.59.

Freshworks Stock Down 4.4 %

Shares of FRSH opened at $14.03 on Thursday. The firm’s 50-day moving average price is $18.29 and its 200-day moving average price is $19.99. Freshworks has a 1-year low of $12.22 and a 1-year high of $24.98.

Freshworks (NASDAQ:FRSH) last released its 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 18.93% and a negative return on equity of 10.66%. The firm had revenue of $160.11 million during the quarter, compared to analyst estimates of $158.11 million. Sell-side analysts anticipate that Freshworks will post -0.37 earnings per share for the current year.

Insider Activity

In related news, Director Roxanne S. Austin sold 6,303 shares of the firm’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $21.54, for a total value of $135,766.62. Following the transaction, the director now owns 88,431 shares of the company’s stock, valued at approximately $1,904,803.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Roxanne S. Austin sold 6,303 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $21.54, for a total value of $135,766.62. Following the transaction, the director now owns 88,431 shares of the company’s stock, valued at $1,904,803.74. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Rathnagirish Mathrubootham sold 430,149 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $20.44, for a total value of $8,792,245.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 460,792 shares of company stock valued at $9,408,403. 19.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FRSH. SG Americas Securities LLC lifted its position in shares of Freshworks by 226.6% in the 3rd quarter. SG Americas Securities LLC now owns 35,651 shares of the company’s stock worth $710,000 after purchasing an additional 24,735 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Freshworks by 13.4% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,734 shares of the company’s stock valued at $572,000 after acquiring an additional 3,385 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in Freshworks during the third quarter valued at about $327,000. Jennison Associates LLC purchased a new position in Freshworks in the third quarter valued at about $582,000. Finally, Teacher Retirement System of Texas lifted its position in shares of Freshworks by 135.9% during the third quarter. Teacher Retirement System of Texas now owns 25,211 shares of the company’s stock valued at $502,000 after buying an additional 14,526 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.