Canaccord Genuity Group Trims Freshworks (NASDAQ:FRSH) Target Price to $20.00

Freshworks (NASDAQ:FRSH) had its price target lowered by Canaccord Genuity Group from $27.00 to $20.00 in a research report released on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

FRSH has been the topic of several other research reports. Robert W. Baird cut shares of Freshworks from an outperform rating to a neutral rating and cut their price objective for the stock from $28.00 to $16.00 in a research report on Thursday. JMP Securities reduced their price objective on Freshworks from $29.00 to $21.00 and set a market outperform rating for the company in a research note on Thursday. Piper Sandler lowered their target price on Freshworks from $28.00 to $22.00 and set an overweight rating on the stock in a research report on Thursday. Barclays cut their target price on Freshworks from $20.00 to $15.00 and set an equal weight rating on the stock in a report on Friday. Finally, Needham & Company LLC reissued a buy rating and set a $30.00 target price on shares of Freshworks in a research report on Thursday. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $22.59.

Freshworks Stock Performance

Shares of FRSH stock traded down $0.64 during mid-day trading on Friday, hitting $14.03. The company’s stock had a trading volume of 6,974,887 shares, compared to its average volume of 3,264,107. The company’s fifty day simple moving average is $18.29 and its 200-day simple moving average is $19.97. Freshworks has a 52 week low of $12.22 and a 52 week high of $24.98.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 10.66% and a negative net margin of 18.93%. As a group, equities research analysts expect that Freshworks will post -0.37 earnings per share for the current year.

Insider Buying and Selling at Freshworks

In other Freshworks news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the business’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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $20.44, for a total transaction of $8,792,245.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $18.08, for a total transaction of $127,192.80. Following the sale, the director now owns 19,991 shares in the company, valued at approximately $361,437.28. The disclosure for this sale can be found here. Insiders have sold a total of 460,792 shares of company stock valued at $9,408,403 over the last three months. 19.15% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Freshworks

A number of hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC boosted its position in Freshworks by 226.6% during the 3rd quarter. SG Americas Securities LLC now owns 35,651 shares of the company’s stock valued at $710,000 after buying an additional 24,735 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Freshworks by 13.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,734 shares of the company’s stock valued at $572,000 after purchasing an additional 3,385 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Freshworks in the 3rd quarter worth approximately $327,000. Jennison Associates LLC bought a new position in shares of Freshworks during the third quarter valued at approximately $582,000. Finally, Teacher Retirement System of Texas lifted its stake in Freshworks by 135.9% in the third quarter. Teacher Retirement System of Texas now owns 25,211 shares of the company’s stock worth $502,000 after acquiring an additional 14,526 shares during the period. 75.58% of the stock is currently 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.