Freshworks (NASDAQ:FRSH) Downgraded to Neutral at Robert W. Baird

Freshworks (NASDAQ:FRSH) was downgraded by Robert W. Baird from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Thursday, Briefing.com reports. They currently have a $16.00 target price on the stock, down from their previous target price of $28.00. Robert W. Baird’s price target suggests a potential downside of 12.33% from the stock’s current price.

Several other analysts have also recently weighed in on the stock. Jefferies Financial Group upgraded shares of Freshworks from a “hold” rating to a “buy” rating and lifted their price target for the company from $20.00 to $30.00 in a report on Friday, January 5th. JMP Securities boosted their price target on shares of Freshworks from $25.00 to $29.00 and gave the company a “market outperform” rating in a research report on Wednesday, February 7th. Morgan Stanley lowered their price objective on shares of Freshworks from $24.00 to $22.00 and set an “equal weight” rating for the company in a report on Wednesday, April 17th. Cantor Fitzgerald reiterated an “overweight” rating and set a $25.00 target price on shares of Freshworks in a report on Wednesday, February 7th. Finally, Wolfe Research upgraded Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 target price for the company in a research note on Tuesday, February 20th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $24.59.

Freshworks Stock Up 2.2 %

Shares of Freshworks stock opened at $18.25 on Thursday. The company’s fifty day simple moving average is $18.53 and its two-hundred day simple moving average is $20.04. Freshworks has a 12-month low of $12.22 and a 12-month high of $24.98. The firm has a market cap of $5.44 billion, a PE ratio of -38.83 and a beta of 0.87.

Freshworks (NASDAQ:FRSH) last posted its earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.04. The company 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 expect that Freshworks will post -0.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $18.08, for a total transaction of $127,192.80. Following the completion of the sale, the director now owns 19,991 shares of the company’s stock, valued at $361,437.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Roxanne S. Austin sold 6,303 shares of the stock in a transaction 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 transaction, the director now directly 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 through this link. Also, Director Jennifer H. Taylor sold 7,035 shares of Freshworks 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 completion of the sale, the director now directly owns 19,991 shares of the company’s stock, valued at approximately $361,437.28. 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. Insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of FRSH. Vanguard Group Inc. grew its position in shares of Freshworks by 14.6% during the 3rd quarter. Vanguard Group Inc. now owns 18,530,801 shares of the company’s stock valued at $369,134,000 after acquiring an additional 2,363,550 shares during the period. Qube Research & Technologies Ltd bought a new position in shares of Freshworks in the third quarter worth about $2,445,000. Ninety One North America Inc. purchased a new position in shares of Freshworks during the 4th quarter valued at about $15,405,000. Neo Ivy Capital Management bought a new position in shares of Freshworks during the 3rd quarter valued at approximately $81,000. Finally, Calamos Advisors LLC increased its holdings in Freshworks by 39.7% in the 4th quarter. Calamos Advisors LLC now owns 36,804 shares of the company’s stock worth $865,000 after acquiring an additional 10,465 shares in the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

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.