Cantor Fitzgerald Trims Freshworks (NASDAQ:FRSH) Target Price to $19.00

Freshworks (NASDAQ:FRSH) had its price target cut by Cantor Fitzgerald from $25.00 to $19.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price would indicate a potential upside of 38.38% from the company’s previous close.

Other research analysts also recently issued reports about the company. Jefferies Financial Group raised Freshworks from a “hold” rating to a “buy” rating and lifted their price target for the stock from $20.00 to $30.00 in a research report on Friday, January 5th. Morgan Stanley dropped their target price on shares of Freshworks from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 17th. Wolfe Research upgraded shares of Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 target price for the company in a research note on Tuesday, February 20th. Robert W. Baird lowered shares of Freshworks from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $28.00 to $16.00 in a research report on Thursday. Finally, JMP Securities upped their price objective on shares of Freshworks from $25.00 to $29.00 and gave the company a “market outperform” rating in a research report on Wednesday, February 7th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $23.88.

Freshworks Trading Down 24.8 %

Shares of NASDAQ FRSH traded down $4.52 during midday trading on Thursday, reaching $13.73. The company’s stock had a trading volume of 12,514,308 shares, compared to its average volume of 2,642,123. The company has a market cap of $4.09 billion, a price-to-earnings ratio of -29.06 and a beta of 0.87. The company has a 50 day moving average price of $18.53 and a 200 day moving average price of $20.04. Freshworks has a one year low of $12.22 and a one year high of $24.98.

Freshworks (NASDAQ:FRSH) last released its earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. The company had revenue of $160.11 million during the quarter, compared to the consensus estimate of $158.11 million. Freshworks had a negative net margin of 23.04% and a negative return on equity of 12.55%. Research analysts anticipate that Freshworks will post -0.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $21.71, for a total transaction of $152,729.85. Following the sale, the director now directly owns 19,490 shares in the company, valued at approximately $423,127.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $21.71, for a total transaction of $152,729.85. Following the completion of the sale, the director now owns 19,490 shares of the company’s stock, valued at approximately $423,127.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Johanna Flower sold 4,800 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $19.05, for a total transaction of $91,440.00. Following the transaction, the director now owns 23,451 shares in the company, valued at approximately $446,741.55. The disclosure for this sale can be found here. Insiders sold a total of 460,792 shares of company stock worth $9,408,403 in the last three months. 19.15% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Private Advisor Group LLC bought a new stake in shares of Freshworks during the first quarter valued at about $685,000. Allspring Global Investments Holdings LLC raised its stake in shares of Freshworks by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock worth $250,000 after acquiring an additional 1,160 shares in the last quarter. Steph & Co. bought a new position in Freshworks during the 1st quarter worth approximately $201,000. Renaissance Capital LLC raised its stake in shares of Freshworks by 3.0% during the first quarter. Renaissance Capital LLC now owns 105,697 shares of the company’s stock valued at $1,925,000 after acquiring an additional 3,071 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Freshworks by 6.9% in the fourth quarter. Vanguard Group Inc. now owns 19,816,514 shares of the company’s stock valued at $465,490,000 after acquiring an additional 1,285,713 shares in the last quarter. 75.58% of the stock is owned by institutional investors.

About Freshworks

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.