Freshworks (NASDAQ:FRSH – Get a Rating) had its price target lowered by equity analysts at Jefferies Financial Group from $15.00 to $14.00 in a research note released Monday to investors, reports The Fly. The brokerage currently has a “holding” rating on the stock. Jefferies Financial Group’s target price would indicate a potential upside of 1.60% from the stock’s previous close.
Several other research companies have also published reports on the FRSH. JMP Securities lowered its target price on Freshworks shares from $29.00 to $23.00 and set a “market outperformance” rating on the stock in a Wednesday, Aug. 3 research note. Morgan Stanley lowered its price target on Freshworks from $17.00 to $16.00 and set an “equal weight” rating for the company in a Wednesday, October 19 research report. Barclays cut its price target on Freshworks shares from $18.00 to $15.00 and set an “equal weight” rating for the company in a Tuesday, July 26 research report. Wolfe Research raised its price target on Freshworks shares from $14.00 to $15.50 and gave the company an “outperform” rating in a Thursday, Aug. 4, report. Finally, Piper Sandler cut her price target on Freshworks shares from $20.00 to $17.00 and set an “overweight” rating for the company in a Wednesday, Aug. 3 report. One equity research analyst gave the stock a sell rating, four gave the company a hold rating and five gave the company a buy rating. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $17.86.
Freshworks Stock Performance
NASDAQ: FRSH opened at $13.78 on Monday. Freshworks has a one-year low of $10.51 and a one-year high of $53.36. The company has a market capitalization of $3.95 billion and a price-earnings ratio of -0.54. The company’s fifty-day moving average is $13.78 and its two-hundred-day moving average is $14.44.
Freshworks (NASDAQ:FRSH – Get Rating) last released its quarterly results on Tuesday, August 2. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.04). Freshworks had a negative net margin of 68.69% and a negative return on equity of 24.66%. The company posted revenue of $121.43 million in the quarter, compared to $117.88 million expected by analysts. As a group, equity research analysts expect Freshworks to post -0.77 earnings per share for the current fiscal year.
Insider Trading at Freshworks
In other news, CMO Stacey Epstein sold 16,300 shares of the company in a trade that took place on Tuesday, September 13. The shares were sold at an average price of $14.57, for a total value of $237,491.00. Following the transaction, the chief marketing officer now directly owns 108,215 shares of the company, valued at approximately $1,576,692.55. The sale was disclosed in a document filed with the SEC, accessible via this hyperlink. In other news, CMO Stacey Epstein sold 16,300 shares of the company in a trade that took place on Tuesday, September 13. The shares were sold at an average price of $14.57, for a total value of $237,491.00. Following the transaction, the chief marketing officer now directly owns 108,215 shares of the company, valued at approximately $1,576,692.55. The sale was disclosed in a document filed with the SEC, accessible via this hyperlink. Additionally, director Jennifer H. Taylor sold 4,685 shares of the company in a trade that took place on Wednesday, August 10. The stock was sold at an average price of $16.33, for a total transaction of $76,506.05. Following completion of the transaction, the administrator now owns 15,940 shares of the company, valued at $260,300.20. The disclosure of this sale can be found here. In the past three months, insiders have bought 1,626,690 shares of the company worth $23,932,894 and sold 30,355 shares worth $444,006. Insiders of the company hold 29.12% of the shares of the company.
Hedge funds weigh on Freshworks
Several large investors have recently changed their positions in FRSH. FourThought Financial LLC acquired a new stake in Freshworks during Q1 for approximately $47,000. Quantbot Technologies LP acquired a new stake in Freshworks during Q1 worth approximately $59,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Freshworks during the 2nd quarter for a value of approximately $136,000. Parsons Capital Management Inc. RI acquired a new stake in Freshworks during Q3 valued at approximately $143,000. Finally, US Bancorp DE increased its stake in Freshworks by 1,141.4% in the 1st quarter. US Bancorp DE now owns 8,044 shares of the company worth $144,000 after buying an additional 7,396 shares last quarter. 31.25% of the shares are currently held by institutional investors and hedge funds.
About Freshworks
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Freshworks Inc, a software development company, provides modern software products as a service 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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