Freshworks price target lowered to $21 from $29 at JMP Securities

JMP Securities analyst Patrick Walravens lowered the firm’s price target on Freshworks to $21 from $29 and keeps an Outperform rating on the shares. Freshworks reported mixed Q1 results and guidance was disappointing, but the company is seeing lower expansion rates and a lower number of net new customer adds among its SMB customers, and JMP continues to like the story for several reasons, including that the company offers a suite of high-quality solutions for IT, customer service, and sales, and made Freddie Copilot general availability in Q1 which is seeing over 30% improvement in productivity metrics, the analyst tells investors in a research note.