Piper Sandler Has Lowered Expectations for Freshworks (NASDAQ:FRSH) Stock Price

Freshworks (NASDAQ:FRSH) had its price target dropped by Piper Sandler from $24.00 to $20.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price objective suggests a potential upside of 46.63% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Oppenheimer dropped their target price on Freshworks from $24.00 to $19.00 and set an “outperform” rating for the company in a report on Wednesday, April 9th. Cantor Fitzgerald boosted their price objective on shares of Freshworks from $18.00 to $22.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Scotiabank raised their target price on shares of Freshworks from $17.00 to $19.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 12th. Morgan Stanley cut their price target on shares of Freshworks from $21.00 to $14.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 16th. Finally, Canaccord Genuity Group raised their price objective on shares of Freshworks from $19.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $19.64.

Freshworks Stock Up 6.7 %

Freshworks stock opened at $13.64 on Wednesday. Freshworks has a 52-week low of $10.81 and a 52-week high of $19.77. The firm’s fifty day moving average is $14.72 and its 200 day moving average is $15.27. The company has a market cap of $4.11 billion, a price-to-earnings ratio of -42.63 and a beta of 0.98.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. On average, equities research analysts anticipate that Freshworks will post -0.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Mika Yamamoto sold 2,859 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $18.29, for a total transaction of $52,291.11. Following the transaction, the insider now owns 397,390 shares in the company, valued at approximately $7,268,263.10. This trade represents a 0.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $16.72, for a total value of $140,999.76. Following the completion of the sale, the director now owns 24,187 shares of the company’s stock, valued at $404,406.64. The trade was a 25.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,177 shares of company stock worth $498,042 in the last ninety days. 19.15% of the stock is owned by company insiders.

Hedge Funds Weigh In On Freshworks

Several institutional investors have recently bought and sold shares of FRSH. Smith Group Asset Management LLC bought a new position in shares of Freshworks in the 4th quarter worth $589,000. Barclays PLC raised its stake in shares of Freshworks by 33.4% during the 3rd quarter. Barclays PLC now owns 337,621 shares of the company’s stock worth $3,875,000 after acquiring an additional 84,568 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Freshworks in the fourth quarter valued at approximately $20,666,000. Lisanti Capital Growth LLC purchased a new position in Freshworks in the fourth quarter worth $2,290,000. Finally, Ceera Investments LLC increased its position in shares of Freshworks by 1,261.7% during the fourth quarter. Ceera Investments LLC now owns 455,420 shares of the company’s stock worth $7,364,000 after purchasing an additional 421,975 shares in the last quarter. 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.