JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Freshworks (NASDAQ:FRSH) Stock

Freshworks (NASDAQ:FRSH) had its price objective lifted by equities researchers at JPMorgan Chase & Co. from $17.00 to $20.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 19.62% from the company’s current price.

FRSH has been the topic of several other reports. Scotiabank reduced their price objective on shares of Freshworks from $18.00 to $16.00 and set a “sector perform” rating on the stock in a report on Wednesday, July 31st. Cantor Fitzgerald lowered their price target on Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Canaccord Genuity Group boosted their price objective on Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Thursday. Piper Sandler upped their target price on Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a report on Thursday. Finally, JMP Securities raised their price target on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Thursday. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Freshworks presently has an average rating of “Moderate Buy” and a consensus price target of $18.69.

Freshworks Trading Up 27.7 %

Shares of FRSH stock traded up $3.63 during trading hours on Thursday, reaching $16.72. 8,569,795 shares of the company’s stock were exchanged, compared to its average volume of 2,714,785. Freshworks has a 1 year low of $10.81 and a 1 year high of $24.98. The stock has a market cap of $5.05 billion, a PE ratio of -47.54 and a beta of 0.72. The stock’s fifty day moving average price is $11.45 and its two-hundred day moving average price is $12.60.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Wednesday, November 6th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.01. The firm had revenue of $186.58 million for the quarter, compared to analyst estimates of $181.50 million. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. On average, equities analysts expect that Freshworks will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $12.19, for a total transaction of $102,798.27. Following the completion of the sale, the director now owns 23,497 shares of the company’s stock, valued at approximately $286,428.43. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Zachary Nelson sold 8,433 shares of the stock in a transaction on Monday, November 4th. The stock was 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Roxanne S. Austin sold 6,303 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $11.22, for a total value of $70,719.66. Following the transaction, the director now owns 223,106 shares in the company, valued at approximately $2,503,249.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,456 shares of company stock valued at $530,102. 19.15% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Freshworks

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Freshworks by 6.8% in the 1st quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock worth $385,525,000 after purchasing an additional 1,354,530 shares during the period. Clearbridge Investments LLC grew its stake in Freshworks by 107.4% in the first quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock worth $73,764,000 after purchasing an additional 2,097,280 shares during the period. Capital International Investors bought a new stake in Freshworks in the first quarter worth $59,311,000. Renaissance Technologies LLC boosted its holdings in Freshworks by 7.6% in the second quarter. Renaissance Technologies LLC now owns 3,134,600 shares of the company’s stock worth $39,778,000 after acquiring an additional 221,900 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Freshworks by 10.9% in the second quarter. Dimensional Fund Advisors LP now owns 2,428,755 shares of the company’s stock worth $30,821,000 after acquiring an additional 239,671 shares in the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

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.