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

Freshworks (NASDAQ:FRSH) was downgraded by investment 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 presently have a $13.00 price target on the stock, down from their previous price target of $16.00. Wells Fargo & Company‘s price target would suggest a potential downside of 25.46% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. Morgan Stanley lifted their price target on shares of Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research report on Monday, January 13th. Canaccord Genuity Group boosted their target price on shares of Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. lifted their price objective on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Oppenheimer upgraded Freshworks from a “market perform” rating to an “outperform” rating and set a $22.00 target price for the company in a research note on Thursday, January 16th. Finally, JMP Securities lifted their price target on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. One investment 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 MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.07.

Freshworks Stock Performance

FRSH opened at $17.44 on Tuesday. The stock has a 50-day moving average of $16.20 and a 200-day moving average of $13.46. Freshworks has a 52-week low of $10.81 and a 52-week high of $23.30. The company has a market cap of $5.28 billion, a PE ratio of -51.29 and a beta of 0.88.

Insider Activity at Freshworks

In related news, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $15.49, for a total value of $72,570.65. Following the sale, the director now directly owns 37,286 shares of the company’s stock, valued at approximately $577,560.14. The trade was a 11.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the stock in a transaction dated 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 transaction, the chairman now owns 551,137 shares of the company’s stock, valued at approximately $8,862,282.96. The trade was a 60.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,702,163 shares of company stock worth $26,721,018. 19.15% of the stock is currently owned by company insiders.

Institutional Trading of Freshworks

A number of institutional investors have recently made changes to their positions in FRSH. Blue Trust Inc. increased its stake in Freshworks by 1,987.3% in 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 last quarter. Covestor Ltd raised its holdings in Freshworks by 89.9% during the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after acquiring an additional 1,704 shares in the last quarter. Quarry LP raised its holdings 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 acquiring an additional 2,645 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in Freshworks during the third quarter valued at approximately $57,000. Finally, Nisa Investment Advisors LLC grew its stake in Freshworks by 102.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock valued at $71,000 after purchasing an additional 2,223 shares in the last quarter. Institutional investors own 75.58% of the company’s stock.

Freshworks Company Profile

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.