Jefferies Financial Group Cuts Freshworks (NASDAQ:FRSH) Price Target to $20.00

Freshworks (NASDAQ:FRSH) had its target price cut by analysts at Jefferies Financial Group from $22.00 to $20.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Jefferies Financial Group’s price target suggests a potential upside of 44.23% from the company’s previous close.

FRSH has been the topic of a number of other reports. Barclays boosted their price objective on Freshworks from $14.00 to $20.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 12th. JMP Securities set a $27.00 target price on Freshworks in a research report on Wednesday, February 12th. UBS Group set a $22.00 price objective on Freshworks in a research note on Thursday, February 6th. Piper Sandler upped their price objective on shares of Freshworks from $20.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Finally, Needham & Company LLC reissued a “buy” rating and set a $25.00 target price on shares of Freshworks in a research report on Monday, March 17th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Freshworks currently has a consensus rating of “Moderate Buy” and an average target price of $21.14.

Freshworks Price Performance

FRSH traded down $0.66 on Monday, hitting $13.87. 196,099 shares of the stock were exchanged, compared to its average volume of 3,231,998. Freshworks has a 12 month low of $10.81 and a 12 month high of $19.77. The firm has a market capitalization of $4.18 billion, a price-to-earnings ratio of -43.33 and a beta of 0.92. The business has a 50-day moving average of $16.92 and a two-hundred day moving average of $15.11.

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

Insiders Place Their Bets

In other Freshworks news, insider Mika Yamamoto sold 2,859 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $15.84, for a total value of $45,286.56. Following the sale, the insider now directly owns 400,249 shares in the company, valued at $6,339,944.16. This represents a 0.71 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $15.49, for a total transaction of $72,570.65. Following the completion of the transaction, the director now directly owns 37,286 shares of the company’s stock, valued at approximately $577,560.14. The trade was a 11.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 62,200 shares of company stock worth $1,073,021 in the last quarter. 19.15% of the stock is owned by company insiders.

Hedge Funds Weigh In On Freshworks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FRSH. Eminence Capital LP bought a new stake in shares of Freshworks during the 4th quarter valued at about $86,002,000. Arrowstreet Capital Limited Partnership bought a new position in shares of Freshworks in the fourth quarter worth approximately $61,530,000. Norges Bank bought a new position in shares of Freshworks in the fourth quarter worth approximately $57,527,000. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Freshworks in the fourth quarter worth $49,946,000. Finally, JPMorgan Chase & Co. raised its holdings in Freshworks by 49.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock valued at $60,503,000 after buying an additional 1,752,995 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.