Freshworks (NASDAQ:FRSH) Downgraded by Wells Fargo & Company to Underweight

Freshworks (NASDAQ:FRSH) was downgraded by equities research analysts at Wells Fargo & Company from an “equal weight” rating to an “underweight” rating in a research note issued to investors on Tuesday, Marketbeat reports. They currently have a $13.00 price target on the stock, down from their previous price target of $16.00. Wells Fargo & Company‘s price objective points to a potential downside of 25.46% from the company’s current price.

Other equities analysts have also issued research reports about the stock. Needham & Company LLC restated a “buy” rating and set a $20.00 price target on shares of Freshworks in a research report on Wednesday, January 15th. Piper Sandler upped their target price on shares of Freshworks from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Morgan Stanley lifted their price target on Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. JPMorgan Chase & Co. raised their target price on Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Finally, Oppenheimer upgraded Freshworks from a “market perform” rating to an “outperform” rating and set a $22.00 price target for the company in a research report on Thursday, January 16th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $19.07.

Freshworks Trading Down 0.1 %

Shares of Freshworks stock opened at $17.44 on Tuesday. Freshworks has a twelve month low of $10.81 and a twelve month high of $23.30. The stock has a market capitalization of $5.28 billion, a price-to-earnings ratio of -51.29 and a beta of 0.88. The business’s 50 day simple moving average is $16.20 and its 200-day simple moving average is $13.46.

Insider Transactions at Freshworks

In other news, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $16.08, for a total value of $13,426,800.00. Following the completion of the sale, the chairman now owns 551,137 shares of the company’s stock, valued at $8,862,282.96. This trade represents a 60.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $12.19, for a total value of $102,798.27. Following the transaction, the director now directly owns 23,497 shares in the company, valued at $286,428.43. The trade was a 26.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,702,163 shares of company stock valued at $26,721,018 over the last three months. Company insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Institutional investors and hedge funds have recently bought and sold shares of the business. Blue Trust Inc. boosted its stake in shares of Freshworks by 1,987.3% during the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after buying an additional 2,822 shares during the period. Covestor Ltd boosted its position in Freshworks by 89.9% during the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after purchasing an additional 1,704 shares during the last quarter. Quarry LP grew its stake in Freshworks by 157.6% in the second quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after purchasing an additional 2,645 shares in the last quarter. Nisa Investment Advisors LLC increased its position in Freshworks by 102.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock worth $71,000 after purchasing an additional 2,223 shares during the last quarter. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Freshworks during the 3rd quarter valued at about $57,000. Hedge funds and other institutional investors 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.