Piper Sandler Trims Freshworks (NASDAQ:FRSH) Target Price to $22.00

Freshworks (NASDAQ:FRSH) had its target price lowered by Piper Sandler from $28.00 to $22.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other research firms also recently commented on FRSH. Oppenheimer downgraded Freshworks from an outperform rating to a market perform rating in a report on Thursday. JMP Securities upped their price target on Freshworks from $25.00 to $29.00 and gave the stock a market outperform rating in a report on Wednesday, February 7th. Robert W. Baird lowered shares of Freshworks from an outperform rating to a neutral rating and dropped their price objective for the company from $28.00 to $16.00 in a research note on Thursday. Jefferies Financial Group raised shares of Freshworks from a hold rating to a buy rating and boosted their target price for the stock from $20.00 to $30.00 in a research report on Friday, January 5th. Finally, Wolfe Research raised shares of Freshworks from a peer perform rating to an outperform rating and set a $27.00 price target for the company in a report on Tuesday, February 20th. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $22.59.

Freshworks Stock Performance

NASDAQ FRSH traded down $0.64 during trading hours on Thursday, hitting $14.03. 6,974,887 shares of the company’s stock were exchanged, compared to its average volume of 3,264,107. The business’s 50 day moving average is $18.29 and its 200-day moving average is $19.98. Freshworks has a 12-month low of $12.22 and a 12-month high of $24.98. The firm has a market capitalization of $4.18 billion, a P/E ratio of -35.07 and a beta of 0.88.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. The company had revenue of $160.11 million for the quarter, compared to the consensus estimate of $158.11 million. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. As a group, equities research analysts anticipate that Freshworks will post -0.37 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction dated 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 transaction, the director now directly owns 19,991 shares in the company, valued at $361,437.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Freshworks news, Director Roxanne S. Austin sold 6,303 shares of the firm’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $21.54, for a total value of $135,766.62. Following the transaction, the director now owns 88,431 shares of the company’s stock, valued at $1,904,803.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $18.08, for a total transaction of $127,192.80. Following the completion of the transaction, the director now directly owns 19,991 shares in the company, valued at approximately $361,437.28. The disclosure for this sale can be found here. Over the last three months, insiders sold 460,792 shares of company stock worth $9,408,403. Corporate insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FRSH. Neo Ivy Capital Management acquired a new position in shares of Freshworks during the third quarter valued at approximately $81,000. Quest Partners LLC acquired a new position in shares of Freshworks during the fourth quarter valued at approximately $166,000. Steph & Co. acquired a new position in shares of Freshworks during the first quarter valued at approximately $201,000. Jasper Ridge Partners L.P. acquired a new position in shares of Freshworks during the third quarter valued at approximately $217,000. Finally, Northside Capital Management LLC acquired a new position in shares of Freshworks during the fourth quarter valued at approximately $226,000. 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.