Freshworks (NASDAQ:FRSH) Reaches New 52-Week Low Following Analyst Downgrade

by · The Cerbat Gem

Freshworks Inc. (NASDAQ:FRSH – Get Free Report) hit a new 52-week low on Thursday after Piper Sandler lowered their price target on the stock from $17.00 to $13.00. Piper Sandler currently has an overweight rating on the stock. Freshworks traded as low as $10.81 and last traded at $10.90, with a volume of 370032 shares. The stock had previously closed at $11.21.

Several other equities research analysts also recently weighed in on FRSH. Barclays lowered their price target on Freshworks from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Wednesday, July 31st. StockNews.com downgraded Freshworks from a “buy” rating to a “hold” rating in a report on Saturday, June 22nd. Jefferies Financial Group decreased their target price on Freshworks from $25.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Cantor Fitzgerald decreased their target price on Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 target price on shares of Freshworks in a report on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $18.38.

Get Our Latest Stock Report on Freshworks

Insider Activity at Freshworks

In other news, Director Zachary Nelson sold 8,442 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $11.60, for a total value of $97,927.20. Following the completion of the sale, the director now directly owns 22,530 shares in the company, valued at $261,348. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Zachary Nelson sold 8,442 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $11.60, for a total value of $97,927.20. Following the completion of the sale, the director now directly owns 22,530 shares in the company, valued at $261,348. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Roxanne S. Austin sold 6,303 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $11.22, for a total value of $70,719.66. Following the completion of the sale, the director now owns 223,106 shares of the company’s stock, valued at $2,503,249.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 47,245 shares of company stock worth $533,811. 19.15% of the stock is owned by corporate insiders.

Institutional Trading of Freshworks

Large investors have recently made changes to their positions in the company. Advisors Asset Management Inc. increased its position in shares of Freshworks by 34.2% during the first quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock worth $54,000 after purchasing an additional 757 shares in the last quarter. CWM LLC increased its position in shares of Freshworks by 554.5% during the second quarter. CWM LLC now owns 3,397 shares of the company’s stock worth $43,000 after purchasing an additional 2,878 shares in the last quarter. Quarry LP boosted its stake in Freshworks by 157.6% during the second quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after buying an additional 2,645 shares during the last quarter. EntryPoint Capital LLC acquired a new position in Freshworks during the first quarter worth $82,000. Finally, International Assets Investment Management LLC acquired a new position in Freshworks during the second quarter worth $58,000. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

Freshworks Price Performance

The stock has a 50 day simple moving average of $11.39 and a two-hundred day simple moving average of $13.42. The company has a market cap of $3.43 billion, a price-to-earnings ratio of -28.68 and a beta of 0.73.

Freshworks (NASDAQ:FRSH – Get Free Report) last released its quarterly earnings data on Tuesday, July 30th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. The company had revenue of $174.13 million for the quarter, compared to analyst estimates of $169.05 million. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. The firm’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.12) earnings per share. As a group, research analysts forecast that Freshworks Inc. will post -0.38 EPS for the current year.

About Freshworks

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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.

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