Freshworks (NASDAQ:FRSH) Price Target Raised to $24.00

Freshworks (NASDAQ:FRSH) had its price target increased by Piper Sandler from $20.00 to $24.00 in a report published on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other research analysts have also weighed in on FRSH. Barclays increased their target price on Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday. JMP Securities raised their price objective on Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research report on Thursday, November 7th. Needham & Company LLC raised their price objective on Freshworks from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. raised their price objective on Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Finally, Robert W. Baird cut their price objective on Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Freshworks has a consensus rating of “Moderate Buy” and a consensus target price of $21.07.

Freshworks Trading Down 2.2 %

Shares of FRSH opened at $17.05 on Wednesday. The firm has a market capitalization of $5.16 billion, a P/E ratio of -50.15 and a beta of 0.91. The stock’s fifty day simple moving average is $17.00 and its 200 day simple moving average is $14.13. Freshworks has a twelve month low of $10.81 and a twelve month high of $21.61.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative return on equity of 8.57% and a negative net margin of 14.80%. Sell-side analysts predict that Freshworks will post -0.35 earnings per share for the current year.

Insider Activity

In related news, Director Jennifer H. Taylor sold 4,690 shares of Freshworks stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $16.74, for a total value of $78,510.60. Following the completion of the transaction, the director now directly owns 36,689 shares in the company, valued at approximately $614,173.86. This trade represents a 11.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Barry L. Padgett sold 2,345 shares of Freshworks stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total value of $40,568.50. Following the completion of the transaction, the director now owns 26,957 shares of the company’s stock, valued at $466,356.10. This trade represents a 8.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,727,211 shares of company stock worth $27,224,746 over the last ninety days. Corporate insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

A number of hedge funds have recently bought and sold shares of the company. Blue Trust Inc. lifted its holdings in Freshworks by 32.2% in the fourth quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock worth $63,000 after acquiring an additional 954 shares during the last quarter. Versor Investments LP lifted its holdings in Freshworks by 3.0% in the fourth quarter. Versor Investments LP now owns 34,400 shares of the company’s stock worth $556,000 after acquiring an additional 1,000 shares during the last quarter. Covestor Ltd lifted its holdings in Freshworks by 30.2% in the fourth quarter. Covestor Ltd now owns 4,686 shares of the company’s stock worth $76,000 after acquiring an additional 1,087 shares during the last quarter. Arizona State Retirement System lifted its holdings in Freshworks by 2.2% in the fourth quarter. Arizona State Retirement System now owns 51,704 shares of the company’s stock worth $836,000 after acquiring an additional 1,103 shares during the last quarter. Finally, Xponance Inc. lifted its holdings in Freshworks by 10.2% in the fourth quarter. Xponance Inc. now owns 14,847 shares of the company’s stock worth $240,000 after acquiring an additional 1,369 shares during the last quarter. 75.58% of the stock is currently owned by institutional investors and hedge funds.

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.