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

Wells Fargo & Company downgraded shares of Freshworks (NASDAQ:FRSH) from an equal weight rating to an underweight rating in a research note issued to investors on Tuesday, MarketBeat.com reports. The firm currently has $13.00 price target on the stock, down from their previous price target of $16.00.

Other analysts have also recently issued research reports about the company. JMP Securities increased their price objective on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. JPMorgan Chase & Co. raised their price target on Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Morgan Stanley boosted their price objective on Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 target price on shares of Freshworks in a research note on Wednesday, January 15th. Finally, Robert W. Baird decreased their price target on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $19.07.

Freshworks Stock Up 4.5 %

Shares of NASDAQ:FRSH opened at $18.04 on Tuesday. The business’s 50 day moving average is $16.23 and its 200 day moving average is $13.51. Freshworks has a 12-month low of $10.81 and a 12-month high of $23.30. The stock has a market cap of $5.46 billion, a price-to-earnings ratio of -53.06 and a beta of 0.88.

Insider Buying and Selling

In related news, Director Barry L. Padgett sold 2,345 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $17.30, for a total value of $40,568.50. Following the transaction, the director now owns 26,957 shares in the company, valued at $466,356.10. The trade was a 8.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of Freshworks stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $16.08, for a total transaction of $13,426,800.00. Following the completion of the transaction, the chairman now directly 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 disclosure for this sale can be found here. Insiders have sold a total of 1,702,163 shares of company stock valued at $26,721,018 over the last ninety days. Company insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

A number of hedge funds have recently modified their holdings of FRSH. JPMorgan Chase & Co. boosted its position in shares of Freshworks by 49.8% during the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock worth $60,503,000 after acquiring an additional 1,752,995 shares during the last quarter. State Street Corp grew its stake in shares of Freshworks by 7.1% in the 3rd quarter. State Street Corp now owns 4,729,093 shares of the company’s stock worth $54,290,000 after buying an additional 313,982 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Freshworks by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company’s stock worth $52,750,000 after buying an additional 66,342 shares during the last quarter. Franklin Resources Inc. increased its stake in Freshworks by 18.1% during the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock worth $44,934,000 after acquiring an additional 604,658 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Freshworks by 10.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,428,755 shares of the company’s stock valued at $30,821,000 after buying an additional 239,671 shares during the period. 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.