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

Freshworks (NASDAQ:FRSH) had its price target cut by Morgan Stanley from $24.00 to $22.00 in a research report released on Wednesday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Other analysts also recently issued research reports about the stock. Piper Sandler boosted their price objective on shares of Freshworks from $24.00 to $28.00 and gave the company an overweight rating in a report on Tuesday, January 2nd. Jefferies Financial Group upgraded Freshworks from a hold rating to a buy rating and boosted their price target for the company from $20.00 to $30.00 in a research note on Friday, January 5th. Needham & Company LLC raised their price objective on Freshworks from $25.00 to $30.00 and gave the stock a buy rating in a research note on Thursday, December 28th. JMP Securities upped their target price on Freshworks from $25.00 to $29.00 and gave the company a market outperform rating in a research report on Wednesday, February 7th. Finally, Cantor Fitzgerald reissued an overweight rating and set a $25.00 target price on shares of Freshworks in a report on Wednesday, February 7th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Freshworks presently has a consensus rating of Moderate Buy and an average price target of $25.00.

Freshworks Trading Down 0.3 %

NASDAQ:FRSH opened at $17.59 on Wednesday. The stock has a 50 day simple moving average of $18.94 and a 200 day simple moving average of $20.05. The stock has a market cap of $5.24 billion, a P/E ratio of -37.43 and a beta of 0.90. Freshworks has a 1-year low of $12.22 and a 1-year high of $24.98.

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

Insider Activity

In related news, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $21.71, for a total transaction of $152,729.85. Following the sale, the director now directly owns 19,490 shares in the company, valued at approximately $423,127.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Barry L. Padgett sold 4,690 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $20.22, for a total transaction of $94,831.80. Following the completion of the transaction, the director now directly owns 17,387 shares in the company, valued at $351,565.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jennifer H. Taylor sold 7,035 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $21.71, for a total value of $152,729.85. Following the completion of the sale, the director now owns 19,490 shares in the company, valued at $423,127.90. The disclosure for this sale can be found here. Insiders sold 460,792 shares of company stock valued at $9,408,403 over the last quarter. 26.66% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Freshworks by 14.6% in the third quarter. Vanguard Group Inc. now owns 18,530,801 shares of the company’s stock valued at $369,134,000 after buying an additional 2,363,550 shares during the period. Qube Research & Technologies Ltd acquired a new stake in Freshworks during the third quarter worth approximately $2,445,000. Ninety One North America Inc. bought a new stake in Freshworks in the fourth quarter worth approximately $15,405,000. Neo Ivy Capital Management acquired a new position in Freshworks in the third quarter valued at approximately $81,000. Finally, Lord Abbett & CO. LLC acquired a new position in Freshworks in the third quarter valued at approximately $34,644,000. Institutional investors and hedge funds own 75.58% of the company’s stock.

About Freshworks

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.