Cantor Fitzgerald Cuts Freshworks (NASDAQ:FRSH) Price Target to $19.00

Freshworks (NASDAQ:FRSH) had its price objective reduced by Cantor Fitzgerald from $25.00 to $19.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have an overweight rating on the stock.

Other analysts also recently issued reports about the company. Robert W. Baird downgraded Freshworks from an outperform rating to a neutral rating and cut their target price for the company from $28.00 to $16.00 in a research note on Thursday. Morgan Stanley lowered their target price on Freshworks from $24.00 to $22.00 and set an equal weight rating on the stock in a report on Wednesday, April 17th. Oppenheimer lowered shares of Freshworks from an outperform rating to a market perform rating in a research report on Thursday. Wolfe Research raised shares of Freshworks from a peer perform rating to an outperform rating and set a $27.00 price objective on the stock in a report on Tuesday, February 20th. Finally, Needham & Company LLC reissued a buy rating and set a $30.00 price objective on shares of Freshworks in a research report on Thursday. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Freshworks currently has a consensus rating of Moderate Buy and a consensus price target of $22.59.

Freshworks Stock Performance

FRSH traded down $0.64 during midday trading on Thursday, hitting $14.03. The stock had a trading volume of 6,974,887 shares, compared to its average volume of 3,264,107. The company has a market cap of $4.18 billion, a P/E ratio of -35.07 and a beta of 0.88. Freshworks has a 1 year low of $12.22 and a 1 year high of $24.98. The business has a fifty day moving average of $18.29 and a 200 day moving average of $19.98.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.04. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. The company had revenue of $160.11 million during the quarter, compared to analyst estimates of $158.11 million. On average, equities research analysts anticipate that Freshworks will post -0.37 earnings per share for the current year.

Insider Activity at Freshworks

In other news, Director Roxanne S. Austin sold 6,303 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $21.54, for a total value of $135,766.62. Following the completion of the sale, the director now directly owns 88,431 shares in the company, valued at $1,904,803.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Freshworks news, CEO Rathnagirish Mathrubootham sold 430,149 shares of Freshworks stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $20.44, for a total transaction of $8,792,245.56. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Roxanne S. Austin sold 6,303 shares of the stock in a transaction on Friday, February 9th. The stock was 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 460,792 shares of company stock worth $9,408,403. 19.15% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Freshworks

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Freshworks by 14.6% during the third quarter. Vanguard Group Inc. now owns 18,530,801 shares of the company’s stock worth $369,134,000 after purchasing an additional 2,363,550 shares during the last quarter. Qube Research & Technologies Ltd purchased a new position in shares of Freshworks in the 3rd quarter valued at $2,445,000. Ninety One North America Inc. purchased a new position in shares of Freshworks in the 4th quarter valued at $15,405,000. Neo Ivy Capital Management acquired a new stake in Freshworks during the 3rd quarter worth $81,000. Finally, Calamos Advisors LLC lifted its position in Freshworks by 39.7% in the fourth quarter. Calamos Advisors LLC now owns 36,804 shares of the company’s stock valued at $865,000 after acquiring an additional 10,465 shares during the last quarter. 75.58% of the stock is currently 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.