Freshworks (NASDAQ:FRSH) PT Lowered to $17.00 at Canaccord Genuity Group

Freshworks (NASDAQ:FRSH) had its price objective decreased by Canaccord Genuity Group from $20.00 to $17.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other research analysts have also recently commented on the company. Barclays cut their price target on Freshworks from $20.00 to $15.00 and set an equal weight rating on the stock in a research note on Friday, May 3rd. Oppenheimer cut Freshworks from an outperform rating to a market perform rating in a research note on Thursday, May 2nd. Needham & Company LLC decreased their price target on shares of Freshworks from $30.00 to $20.00 and set a buy rating for the company in a research report on Monday, May 20th. StockNews.com cut shares of Freshworks from a buy rating to a hold rating in a report on Saturday, June 22nd. Finally, Morgan Stanley decreased their price objective on shares of Freshworks from $22.00 to $18.00 and set an equal weight rating for the company in a report on Thursday, May 2nd. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $21.53.

Freshworks Stock Up 1.1 %

Shares of NASDAQ:FRSH opened at $12.90 on Wednesday. The company has a market capitalization of $3.85 billion, a price-to-earnings ratio of -32.25 and a beta of 0.74. The company has a 50 day moving average of $13.02 and a two-hundred day moving average of $17.63. Freshworks has a 52-week low of $11.90 and a 52-week high of $24.98.

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

Insider Activity at Freshworks

In other Freshworks news, Director Zachary Nelson sold 8,442 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $12.75, for a total value of $107,635.50. Following the sale, the director now directly owns 16,535 shares of the company’s stock, valued at $210,821.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Freshworks news, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $12.28, for a total transaction of $57,531.80. Following the completion of the transaction, the director now directly owns 35,853 shares of the company’s stock, valued at approximately $440,274.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were 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 owns 16,535 shares in the company, valued at approximately $210,821.25. The disclosure for this sale can be found here. Insiders sold 34,296 shares of company stock worth $443,630 in the last 90 days. 19.15% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Freshworks

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Board of Trustees of The Leland Stanford Junior University grew its stake in shares of Freshworks by 1.9% in the fourth quarter. Board of Trustees of The Leland Stanford Junior University now owns 35,019 shares of the company’s stock worth $823,000 after purchasing an additional 638 shares in the last quarter. Advisors Asset Management Inc. grew its position in Freshworks by 34.2% in the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock valued at $54,000 after buying an additional 757 shares in the last quarter. California State Teachers Retirement System increased its stake in Freshworks by 0.5% during the 1st quarter. California State Teachers Retirement System now owns 161,706 shares of the company’s stock valued at $2,945,000 after buying an additional 831 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Freshworks by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock worth $250,000 after buying an additional 1,160 shares in the last quarter. Finally, Arizona State Retirement System lifted its stake in shares of Freshworks by 3.6% in the 4th quarter. Arizona State Retirement System now owns 42,120 shares of the company’s stock worth $989,000 after acquiring an additional 1,453 shares during the period. 75.58% of the stock is owned by 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.