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

Freshworks (NASDAQ:FRSH) had its price objective lowered by equities researchers at Piper Sandler from $25.00 to $20.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s target price would suggest a potential upside of 78.73% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. JMP Securities reaffirmed a “market outperform” rating and issued a $27.00 price objective on shares of Freshworks in a research report on Friday, September 12th. Canaccord Genuity Group lowered their price target on Freshworks from $23.00 to $19.00 and set a “buy” rating for the company in a report on Thursday. Wall Street Zen downgraded shares of Freshworks from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 23rd. Wells Fargo & Company started coverage on shares of Freshworks in a research report on Tuesday, September 30th. They issued an “equal weight” rating and a $13.00 target price on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price target on shares of Freshworks in a research report on Friday, September 12th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Freshworks presently has a consensus rating of “Moderate Buy” and an average price target of $19.38.

Freshworks Price Performance

Shares of NASDAQ FRSH opened at $11.19 on Friday. The company has a market cap of $3.26 billion, a PE ratio of -111.89 and a beta of 0.90. The company has a 50-day simple moving average of $11.91 and a 200-day simple moving average of $13.53. Freshworks has a 12 month low of $10.51 and a 12 month high of $19.77.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Thursday, September 11th. The company reported $0.18 earnings per share (EPS) for the quarter. The firm had revenue of $204.68 million for the quarter. Freshworks had a negative net margin of 3.65% and a negative return on equity of 0.37%. On average, analysts anticipate that Freshworks will post -0.19 EPS for the current year.

Insider Buying and Selling at Freshworks

In related news, Director Jennifer H. Taylor sold 4,690 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $12.53, for a total value of $58,765.70. Following the completion of the sale, the director directly owned 44,218 shares in the company, valued at approximately $554,051.54. This represents a 9.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Philippa Lawrence sold 2,590 shares of the firm’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $12.53, for a total value of $32,452.70. Following the completion of the transaction, the chief accounting officer directly owned 415,949 shares in the company, valued at $5,211,840.97. This trade represents a 0.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 27,828 shares of company stock valued at $358,968. 11.17% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Freshworks

A number of large investors have recently modified their holdings of FRSH. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Freshworks during the 2nd quarter worth approximately $25,000. Meeder Asset Management Inc. purchased a new stake in shares of Freshworks during the third quarter valued at approximately $27,000. Rothschild Investment LLC raised its stake in shares of Freshworks by 560.0% during the third quarter. Rothschild Investment LLC now owns 2,277 shares of the company’s stock valued at $27,000 after purchasing an additional 1,932 shares during the period. SBI Securities Co. Ltd. lifted its position in shares of Freshworks by 136.2% during the third quarter. SBI Securities Co. Ltd. now owns 2,745 shares of the company’s stock worth $32,000 after purchasing an additional 1,583 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Freshworks by 427.6% in the second quarter. EverSource Wealth Advisors LLC now owns 4,479 shares of the company’s stock valued at $67,000 after purchasing an additional 3,630 shares during the period. 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.