Freshworks (NASDAQ:FRSH) Shares Gap Down Following Analyst Downgrade

Shares of Freshworks Inc. (NASDAQ:FRSH) gapped down before the market opened on Thursday after Piper Sandler lowered their price target on the stock from $28.00 to $22.00. The stock had previously closed at $18.25, but opened at $13.40. Piper Sandler currently has an overweight rating on the stock. Freshworks shares last traded at $13.60, with a volume of 6,525,174 shares trading hands.

FRSH has been the topic of a number of other reports. Oppenheimer cut shares of Freshworks from an “outperform” rating to a “market perform” rating in a research note on Thursday. Jefferies Financial Group upgraded shares of Freshworks from a “hold” rating to a “buy” rating and upped their price target for the company from $20.00 to $30.00 in a research note on Friday, January 5th. JMP Securities upped their price target on shares of Freshworks from $25.00 to $29.00 and gave the company a “market outperform” rating in a research note on Wednesday, February 7th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $25.00 target price on shares of Freshworks in a research note on Wednesday, February 7th. Finally, Morgan Stanley lowered 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 note on Wednesday, April 17th. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $24.24.

Insider Activity

In other news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $20.44, for a total transaction of $8,792,245.56. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $20.44, for a total transaction of $8,792,245.56. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Barry L. Padgett sold 4,690 shares of the stock in a transaction on Friday, March 1st. The shares were sold at an average price of $20.22, for a total transaction of $94,831.80. Following the transaction, the director now directly owns 17,387 shares in the company, valued at approximately $351,565.14. The disclosure for this sale can be found here. In the last quarter, insiders have sold 460,792 shares of company stock worth $9,408,403. 19.15% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Freshworks

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Freshworks by 14.6% during the 3rd quarter. Vanguard Group Inc. now owns 18,530,801 shares of the company’s stock valued at $369,134,000 after purchasing an additional 2,363,550 shares during the last quarter. Qube Research & Technologies Ltd bought a new stake in Freshworks in the 3rd quarter worth $2,445,000. Ninety One North America Inc. bought a new stake in Freshworks in the 4th quarter worth $15,405,000. Neo Ivy Capital Management bought a new stake in Freshworks in the 3rd quarter worth $81,000. Finally, Calamos Advisors LLC grew its holdings in Freshworks by 39.7% in the 4th quarter. Calamos Advisors LLC now owns 36,804 shares of the company’s stock worth $865,000 after acquiring an additional 10,465 shares during the last quarter. Institutional investors own 75.58% of the company’s stock.

Freshworks Trading Down 26.7 %

The firm has a market cap of $3.99 billion, a P/E ratio of -29.51 and a beta of 0.87. The business’s fifty day simple moving average is $18.53 and its 200-day simple moving average is $20.04.

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

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.