Canaccord Genuity Group Trims Freshworks (NASDAQ:FRSH) Target Price to $17.00

Freshworks (NASDAQ:FRSH) had its price target cut by analysts at Canaccord Genuity Group from $20.00 to $17.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 38.55% from the company’s previous close.

Several other equities analysts have also commented on the company. Needham & Company LLC dropped their target price on Freshworks from $30.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, May 20th. StockNews.com lowered Freshworks from a “buy” rating to a “hold” rating in a report on Saturday, June 22nd. Robert W. Baird lowered Freshworks from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $28.00 to $16.00 in a report on Thursday, May 2nd. Morgan Stanley dropped their price objective on Freshworks from $22.00 to $18.00 and set an “equal weight” rating on the stock in a report on Thursday, May 2nd. Finally, Barclays lowered their price target on Freshworks from $20.00 to $15.00 and set an “equal weight” rating on the stock in a report on Friday, May 3rd. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $21.82.

Freshworks Stock Down 0.4 %

NASDAQ:FRSH traded down $0.05 during trading hours on Wednesday, reaching $12.27. 945,493 shares of the stock were exchanged, compared to its average volume of 2,656,589. The business has a 50-day moving average of $13.20 and a two-hundred day moving average of $17.78. Freshworks has a twelve month low of $11.90 and a twelve month high of $24.98. The company has a market capitalization of $3.67 billion, a price-to-earnings ratio of -30.67 and a beta of 0.74.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings results on Wednesday, May 1st. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. The company had revenue of $165.14 million for the quarter, compared to analysts’ expectations of $163.53 million. On average, research analysts forecast that Freshworks will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $12.75, for a total transaction of $107,635.50. Following the completion of the transaction, the director now directly owns 16,535 shares in the company, valued at approximately $210,821.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Freshworks news, Director Barry L. Padgett sold 5,546 shares of Freshworks stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $12.77, for a total value of $70,822.42. Following the completion of the sale, the director now directly owns 26,957 shares of the company’s stock, valued at approximately $344,240.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $12.75, for a total transaction of $107,635.50. Following the completion of the sale, the director now directly owns 16,535 shares of the company’s stock, valued at $210,821.25. The disclosure for this sale can be found here. Insiders sold 29,611 shares of company stock worth $386,098 in the last ninety days. Insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

Several hedge funds and other institutional investors have recently bought and sold shares of the company. CWM LLC grew its stake in shares of Freshworks by 554.5% during the 2nd quarter. CWM LLC now owns 3,397 shares of the company’s stock valued at $43,000 after buying an additional 2,878 shares during the period. Advisors Asset Management Inc. increased its holdings in shares of Freshworks by 34.2% during the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock worth $54,000 after buying an additional 757 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in shares of Freshworks during the 3rd quarter worth $81,000. EntryPoint Capital LLC acquired a new stake in shares of Freshworks during the 1st quarter worth $82,000. Finally, Moody National Bank Trust Division acquired a new stake in shares of Freshworks during the 2nd quarter worth $144,000. 75.58% of the stock is owned by hedge funds and other 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.