Freshworks (NASDAQ:FRSH) Downgraded by Wells Fargo & Company to Underweight

Freshworks (NASDAQ:FRSH - Get Free Report) was downgraded by analysts at Wells Fargo & Company from an "equal weight" rating to an "underweight" rating in a research note issued on Tuesday, January 21st, MarketBeat reports. They currently have a $13.00 price target on the stock, down from their prior price target of $16.00. Wells Fargo & Company's target price points to a potential downside of 32.97% from the stock's previous close.

Other analysts have also issued research reports about the company. JPMorgan Chase & Co. upped their price objective on Freshworks from $17.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday, November 7th. Piper Sandler upped their target price on Freshworks from $18.00 to $20.00 and gave the company an "overweight" rating in a research report on Monday, January 6th. Needham & Company LLC reissued a "buy" rating and set a $20.00 price target on shares of Freshworks in a research report on Wednesday, January 15th. Robert W. Baird reduced their price target on Freshworks from $16.00 to $15.00 and set a "neutral" rating on the stock in a research report on Thursday, November 7th. Finally, Oppenheimer raised Freshworks from a "market perform" rating to an "outperform" rating and set a $22.00 price target on the stock in a research report on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.07.

Freshworks Stock Performance

NASDAQ:FRSH traded up $1.41 on Tuesday, reaching $19.40. The company's stock had a trading volume of 3,784,468 shares, compared to its average volume of 3,411,777. Freshworks has a 1-year low of $10.81 and a 1-year high of $23.30. The firm has a market cap of $5.87 billion, a PE ratio of -57.04 and a beta of 0.88. The business's 50-day moving average price is $16.37 and its two-hundred day moving average price is $13.64.

Insider Activity

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $12.19, for a total transaction of $102,798.27. Following the completion of the sale, the director now directly owns 23,497 shares in the company, valued at approximately $286,428.43. This trade represents a 26.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Johanna Flower sold 21,400 shares of the stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $18.00, for a total value of $385,200.00. Following the sale, the director now owns 41,491 shares of the company's stock, valued at approximately $746,838. The trade was a 34.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,723,563 shares of company stock worth $27,106,218. Insiders own 19.15% of the company's stock.

Institutional Trading of Freshworks

Several large investors have recently made changes to their positions in FRSH. Dimensional Fund Advisors LP boosted its stake in Freshworks by 10.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,428,755 shares of the company's stock valued at $30,821,000 after purchasing an additional 239,671 shares during the last quarter. Amalgamated Bank boosted its stake in Freshworks by 29.1% during the 2nd quarter. Amalgamated Bank now owns 7,054 shares of the company's stock valued at $90,000 after purchasing an additional 1,588 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in Freshworks by 41.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 505,400 shares of the company's stock valued at $6,414,000 after purchasing an additional 147,700 shares during the last quarter. Sei Investments Co. boosted its stake in Freshworks by 191.9% during the 2nd quarter. Sei Investments Co. now owns 95,846 shares of the company's stock valued at $1,216,000 after purchasing an additional 63,006 shares during the last quarter. Finally, Xponance Inc. acquired a new position in Freshworks during the 2nd quarter valued at about $164,000. 75.58% of the stock is currently owned by institutional investors and hedge funds.

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.