Freshworks (NASDAQ:FRSH) Given New $14.00 Price Target at Morgan Stanley

Freshworks (NASDAQ:FRSH - Free Report) had its price target reduced by Morgan Stanley from $21.00 to $14.00 in a research report report published on Wednesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Other analysts have also issued reports about the company. Canaccord Genuity Group increased their target price on Freshworks from $19.00 to $23.00 and gave the stock a "buy" rating in a report on Wednesday, February 12th. Piper Sandler raised their target price on shares of Freshworks from $20.00 to $24.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. Robert W. Baird set a $18.00 price target on shares of Freshworks in a report on Wednesday, February 12th. StockNews.com raised shares of Freshworks from a "hold" rating to a "buy" rating in a research note on Thursday, February 13th. Finally, Cantor Fitzgerald upped their target price on Freshworks from $18.00 to $22.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $20.43.

Freshworks Stock Performance

NASDAQ:FRSH traded up $0.06 during mid-day trading on Wednesday, reaching $12.60. 1,919,431 shares of the company's stock were exchanged, compared to its average volume of 3,317,081. Freshworks has a one year low of $10.81 and a one year high of $19.77. The business's fifty day simple moving average is $15.09 and its two-hundred day simple moving average is $15.25. The firm has a market capitalization of $3.80 billion, a PE ratio of -39.38 and a beta of 0.98.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its earnings results on Tuesday, February 11th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. As a group, equities research analysts forecast that Freshworks will post -0.19 EPS for the current year.

Insider Transactions at Freshworks

In other news, Director Zachary Nelson sold 8,442 shares of the firm's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $18.30, for a total transaction of $154,488.60. Following the completion of the transaction, the director now owns 24,187 shares of the company's stock, valued at approximately $442,622.10. This trade represents a 25.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Johanna Flower sold 1,450 shares of the stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $18.01, for a total value of $26,114.50. Following the completion of the sale, the director now owns 41,491 shares of the company's stock, valued at $747,252.91. The trade was a 3.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,577 shares of company stock worth $883,242. Insiders own 19.15% of the company's stock.

Institutional Trading of Freshworks

Institutional investors have recently added to or reduced their stakes in the stock. Eminence Capital LP acquired a new position in shares of Freshworks in the 4th quarter worth approximately $86,002,000. Arrowstreet Capital Limited Partnership bought a new position in Freshworks during the fourth quarter worth $61,530,000. Norges Bank acquired a new position in Freshworks in the fourth quarter valued at $57,527,000. Fuller & Thaler Asset Management Inc. bought a new stake in Freshworks during the fourth quarter valued at $49,946,000. Finally, JPMorgan Chase & Co. grew 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 worth $60,503,000 after acquiring an additional 1,752,995 shares during the period. 75.58% of the stock is currently owned by 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.