Wells Fargo & Company Has Lowered Expectations for Freshworks (NASDAQ:FRSH) Stock Price

Freshworks (NASDAQ:FRSH - Get Free Report) had its target price reduced by Wells Fargo & Company from $13.00 to $11.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an "underweight" rating on the stock. Wells Fargo & Company's target price indicates a potential downside of 21.82% from the company's current price.

FRSH has been the topic of a number of other research reports. Morgan Stanley decreased their price objective on Freshworks from $21.00 to $14.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. Oppenheimer decreased their price target on shares of Freshworks from $24.00 to $19.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 9th. Needham & Company LLC reissued a "buy" rating and issued a $25.00 price objective on shares of Freshworks in a research report on Monday, March 17th. Canaccord Genuity Group raised their target price on shares of Freshworks from $19.00 to $23.00 and gave the stock a "buy" rating in a research report on Wednesday, February 12th. Finally, Jefferies Financial Group reduced their price target on Freshworks from $22.00 to $20.00 and set a "hold" rating on the stock in a research note on Monday, March 31st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, Freshworks currently has an average rating of "Moderate Buy" and a consensus target price of $19.64.

Freshworks Stock Performance

NASDAQ FRSH traded up $0.43 during trading hours on Tuesday, reaching $14.07. The company's stock had a trading volume of 3,120,803 shares, compared to its average volume of 3,337,230. The company's 50-day moving average is $14.65 and its two-hundred day moving average is $15.29. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $19.77. The stock has a market cap of $4.24 billion, a PE ratio of -43.97 and a beta of 0.98.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate 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 analysts expect that Freshworks will post -0.19 earnings per share for the current fiscal year.

Insider Transactions at Freshworks

In related news, Director Zachary Nelson sold 8,442 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $18.30, for a total value of $154,488.60. Following the completion of the sale, the director now directly owns 24,187 shares in the company, valued at approximately $442,622.10. This represents a 25.87 % 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, insider Mika Yamamoto sold 2,859 shares of the business's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $18.29, for a total value of $52,291.11. Following the transaction, the insider now owns 397,390 shares in the company, valued at approximately $7,268,263.10. This represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,177 shares of company stock worth $498,042. 19.15% of the stock is currently owned by company insiders.

Institutional Trading of Freshworks

A number of hedge funds have recently made changes to their positions in the company. Blue Trust Inc. grew its holdings in Freshworks by 32.2% during the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company's stock valued at $63,000 after purchasing an additional 954 shares in the last quarter. Versor Investments LP boosted its position in Freshworks by 3.0% in the 4th quarter. Versor Investments LP now owns 34,400 shares of the company's stock valued at $556,000 after buying an additional 1,000 shares during the last quarter. Covestor Ltd grew its stake in shares of Freshworks by 30.2% during the fourth quarter. Covestor Ltd now owns 4,686 shares of the company's stock valued at $76,000 after acquiring an additional 1,087 shares in the last quarter. Arizona State Retirement System increased its position in shares of Freshworks by 2.2% during the fourth quarter. Arizona State Retirement System now owns 51,704 shares of the company's stock worth $836,000 after acquiring an additional 1,103 shares during the last quarter. Finally, Xponance Inc. lifted its stake in shares of Freshworks by 10.2% in the fourth quarter. Xponance Inc. now owns 14,847 shares of the company's stock worth $240,000 after acquiring an additional 1,369 shares in the last quarter. Hedge funds and other institutional investors 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.