Robert W. Baird Downgrades Freshworks (NASDAQ:FRSH) to Neutral

Freshworks (NASDAQ:FRSH) was downgraded by research analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating in a report released on Thursday, Briefing.com reports. They presently have a $16.00 target price on the stock, down from their previous target price of $28.00. Robert W. Baird’s target price would suggest a potential downside of 12.33% from the company’s current price.

FRSH has been the subject of several other research reports. Wolfe Research upgraded Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 price target for the company in a research note on Tuesday, February 20th. JMP Securities upped their price objective on Freshworks from $25.00 to $29.00 and gave the stock a “market outperform” rating in a research note on Wednesday, February 7th. Jefferies Financial Group raised Freshworks from a “hold” rating to a “buy” rating and lifted their target price for the stock from $20.00 to $30.00 in a report on Friday, January 5th. Morgan Stanley lowered their price objective on Freshworks from $24.00 to $22.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 17th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $25.00 price objective on shares of Freshworks in a research report on Wednesday, February 7th. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $24.59.

Freshworks Trading Up 2.2 %

Shares of NASDAQ FRSH opened at $18.25 on Thursday. Freshworks has a 1-year low of $12.22 and a 1-year high of $24.98. The stock has a market cap of $5.44 billion, a price-to-earnings ratio of -38.83 and a beta of 0.87. The stock’s 50-day moving average is $18.53 and its 200 day moving average is $20.04.

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

Insider Activity at Freshworks

In related news, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $21.71, for a total transaction of $152,729.85. Following the completion of the transaction, the director now directly owns 19,490 shares in the company, valued at $423,127.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Barry L. Padgett sold 4,690 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $20.22, for a total value of $94,831.80. Following the completion of the sale, the director now owns 17,387 shares of the company’s stock, valued at approximately $351,565.14. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jennifer H. Taylor sold 7,035 shares of the stock in a transaction 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 transaction, the director now directly owns 19,490 shares in the company, valued at $423,127.90. 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 in the last ninety days. Company insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FRSH. Vanguard Group Inc. boosted its position in Freshworks by 6.9% during the fourth quarter. Vanguard Group Inc. now owns 19,816,514 shares of the company’s stock worth $465,490,000 after acquiring an additional 1,285,713 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Freshworks by 6.5% during the 4th quarter. Franklin Resources Inc. now owns 3,175,334 shares of the company’s stock worth $74,589,000 after purchasing an additional 193,708 shares during the last quarter. FMR LLC increased its holdings in shares of Freshworks by 76.5% in the third quarter. FMR LLC now owns 2,222,907 shares of the company’s stock valued at $44,280,000 after purchasing an additional 963,426 shares during the last quarter. Clearbridge Investments LLC lifted its position in Freshworks by 8.3% during the fourth quarter. Clearbridge Investments LLC now owns 1,953,453 shares of the company’s stock worth $45,887,000 after buying an additional 149,825 shares in the last quarter. Finally, Norges Bank acquired a new position in Freshworks during the fourth quarter worth $44,919,000. Institutional investors and hedge funds own 75.58% of the company’s stock.

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.