Freshworks Inc. (NASDAQ:FRSH) Receives Average Recommendation of “Moderate Buy” from Analysts

Freshworks Inc. (NASDAQ:FRSH) has earned an average rating of “Moderate Buy” from the fourteen ratings firms that are presently covering the company, Marketbeat.com reports. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $18.69.

FRSH has been the subject of several research analyst reports. Piper Sandler lowered their target price on Freshworks from $22.00 to $17.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Barclays cut their target price on shares of Freshworks from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 31st. Jefferies Financial Group lowered their price target on shares of Freshworks from $25.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Scotiabank dropped their price target on Freshworks from $18.00 to $16.00 and set a “sector perform” rating for the company in a research note on Wednesday, July 31st. Finally, Canaccord Genuity Group reduced their price objective on Freshworks from $20.00 to $17.00 and set a “buy” rating on the stock in a research report on Wednesday, July 10th.

Freshworks Stock Down 2.1 %

Shares of Freshworks stock opened at $11.33 on Friday. Freshworks has a 12-month low of $10.96 and a 12-month high of $24.98. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of -28.33 and a beta of 0.73. The firm’s 50-day moving average price is $11.94 and its two-hundred day moving average price is $14.17.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.08%. The business had revenue of $174.13 million for the quarter, compared to analysts’ expectations of $169.05 million. During the same period last year, the firm posted ($0.12) earnings per share. The firm’s quarterly revenue was up 20.0% compared to the same quarter last year. On average, sell-side analysts expect that Freshworks will post -0.38 earnings per share for the current year.

Insider Buying and Selling at Freshworks

In other news, Director Jennifer H. Taylor sold 4,685 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $11.17, for a total value of $52,331.45. Following the sale, the director now directly owns 35,853 shares of the company’s stock, valued at approximately $400,478.01. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Freshworks news, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $11.60, for a total value of $97,927.20. Following the completion of the sale, the director now directly owns 22,530 shares in the company, valued at $261,348. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $11.17, for a total value of $52,331.45. Following the completion of the transaction, the director now directly owns 35,853 shares in the company, valued at $400,478.01. The disclosure for this sale can be found here. In the last 90 days, insiders sold 44,344 shares of company stock valued at $517,094. 19.15% of the stock is currently owned by company insiders.

Institutional Trading of Freshworks

Several hedge funds have recently modified their holdings of FRSH. International Assets Investment Management LLC acquired a new stake in Freshworks in the fourth quarter worth $483,000. Victory Capital Management Inc. increased its position in Freshworks by 31.4% in the 4th quarter. Victory Capital Management Inc. now owns 21,308 shares of the company’s stock valued at $501,000 after buying an additional 5,093 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Freshworks by 5.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,304,325 shares of the company’s stock worth $30,639,000 after buying an additional 67,254 shares during the period. Teacher Retirement System of Texas boosted its holdings in Freshworks by 13.9% in the fourth quarter. Teacher Retirement System of Texas now owns 28,714 shares of the company’s stock worth $674,000 after acquiring an additional 3,503 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Freshworks by 16.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,731,120 shares of the company’s stock valued at $40,667,000 after acquiring an additional 245,242 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.