JMP Securities Trims Freshworks (NASDAQ:FRSH) Target Price to $21.00

Freshworks (NASDAQ:FRSH) had its target price reduced by JMP Securities from $29.00 to $21.00 in a report released on Thursday, Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

A number of other brokerages have also commented on FRSH. Piper Sandler lowered their price target on Freshworks from $28.00 to $22.00 and set an overweight rating on the stock in a report on Thursday. Wolfe Research raised shares of Freshworks from a peer perform rating to an outperform rating and set a $27.00 target price on the stock in a research note on Tuesday, February 20th. Oppenheimer downgraded shares of Freshworks from an outperform rating to a market perform rating in a research report on Thursday. Jefferies Financial Group upgraded shares of Freshworks from a hold rating to a buy rating and increased their price objective for the company from $20.00 to $30.00 in a report on Friday, January 5th. Finally, Robert W. Baird lowered shares of Freshworks from an outperform rating to a neutral rating and lowered their price objective for the company from $28.00 to $16.00 in a research note on Thursday. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $22.59.

Freshworks Trading Down 4.4 %

NASDAQ FRSH opened at $14.03 on Thursday. The company has a 50-day moving average price of $18.29 and a two-hundred day moving average price of $19.99. Freshworks has a 52 week low of $12.22 and a 52 week high of $24.98. The stock has a market cap of $4.18 billion, a price-to-earnings ratio of -35.07 and a beta of 0.88.

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

Insiders Place Their Bets

In other news, Director Jennifer H. Taylor sold 7,035 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $18.08, for a total transaction of $127,192.80. Following the sale, the director now owns 19,991 shares in the company, valued at $361,437.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $18.08, for a total transaction of $127,192.80. Following the transaction, the director now owns 19,991 shares in the company, valued at $361,437.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Roxanne S. Austin sold 6,303 shares of the company’s stock in a transaction on 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 directly owns 88,431 shares in the company, valued at $1,904,803.74. The disclosure for this sale can be found here. Insiders sold a total of 460,792 shares of company stock worth $9,408,403 over the last ninety days. 19.15% of the stock is currently owned by company insiders.

Institutional Trading of Freshworks

Institutional investors have recently made changes to their positions in the stock. Neo Ivy Capital Management acquired a new position in Freshworks in the 3rd quarter valued at approximately $81,000. Quest Partners LLC acquired a new position in shares of Freshworks in the fourth quarter worth $166,000. Northside Capital Management LLC purchased a new stake in shares of Freshworks during the fourth quarter worth $226,000. Xponance Inc. purchased a new stake in shares of Freshworks during the fourth quarter worth $231,000. Finally, Jasper Ridge Partners L.P. acquired a new stake in Freshworks during the third quarter valued at $217,000. 75.58% of the stock is currently owned by institutional investors and hedge funds.

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.