Freshworks (NASDAQ:FRSH) Given New $16.00 Price Target at Scotiabank

Freshworks (NASDAQ:FRSH) had its target price trimmed by Scotiabank from $18.00 to $16.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has a sector perform rating on the stock.

Several other analysts have also commented on the stock. Needham & Company LLC reissued a buy rating and set a $20.00 price target on shares of Freshworks in a research report on Wednesday. JPMorgan Chase & Co. decreased their target price on shares of Freshworks from $19.00 to $17.00 and set an overweight rating for the company in a research report on Wednesday. Oppenheimer lowered shares of Freshworks from an outperform rating to a market perform rating in a report on Thursday, May 2nd. JMP Securities decreased their price objective on Freshworks from $29.00 to $21.00 and set a market outperform rating for the company in a report on Thursday, May 2nd. Finally, Cantor Fitzgerald dropped their target price on Freshworks from $19.00 to $18.00 and set an overweight rating on the stock in a research note on Wednesday. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $19.40.

Freshworks Stock Down 2.5 %

Shares of FRSH stock opened at $11.67 on Wednesday. The firm has a market cap of $3.49 billion, a price-to-earnings ratio of -29.17 and a beta of 0.74. Freshworks has a 52-week low of $11.24 and a 52-week high of $24.98. The company’s 50 day moving average is $12.79 and its 200 day moving average is $16.59.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. The business had revenue of $174.13 million for the quarter, compared to the consensus estimate of $169.05 million. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. The business’s revenue was up 20.0% compared to the same quarter last year. During the same period last year, the business posted ($0.12) EPS. Analysts anticipate that Freshworks will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other Freshworks news, Director Jennifer H. Taylor sold 7,028 shares of Freshworks stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $13.74, for a total transaction of $96,564.72. Following the completion of the sale, the director now directly owns 19,991 shares in the company, valued at approximately $274,676.34. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Jennifer H. Taylor sold 7,035 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $12.73, for a total value of $89,555.55. Following the completion of the transaction, the director now directly owns 19,991 shares in the company, valued at approximately $254,485.43. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jennifer H. Taylor sold 7,028 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $13.74, for a total transaction of $96,564.72. Following the sale, the director now directly owns 19,991 shares in the company, valued at $274,676.34. The disclosure for this sale can be found here. In the last quarter, insiders have sold 42,738 shares of company stock worth $541,557. 19.15% of the stock is owned by company insiders.

Institutional Trading of Freshworks

Institutional investors have recently modified their holdings of the stock. Board of Trustees of The Leland Stanford Junior University raised its holdings in shares of Freshworks by 1.9% during the fourth quarter. Board of Trustees of The Leland Stanford Junior University now owns 35,019 shares of the company’s stock valued at $823,000 after acquiring an additional 638 shares during the last quarter. Advisors Asset Management Inc. raised its stake 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 purchasing an additional 757 shares during the last quarter. California State Teachers Retirement System lifted its holdings in Freshworks by 0.5% in the 1st quarter. California State Teachers Retirement System now owns 161,706 shares of the company’s stock valued at $2,945,000 after purchasing an additional 831 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in 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 purchasing an additional 1,160 shares during the last quarter. Finally, Arizona State Retirement System grew its holdings in shares of Freshworks by 3.6% during the fourth quarter. Arizona State Retirement System now owns 42,120 shares of the company’s stock worth $989,000 after buying an additional 1,453 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

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.