Freshworks (NASDAQ:FRSH) Price Target Raised to $20.00

Freshworks (NASDAQ:FRSH) had its price objective hoisted by JPMorgan Chase & Co. from $17.00 to $20.00 in a research note released on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Other equities research analysts have also recently issued reports about the company. Scotiabank decreased their price objective 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. Robert W. Baird decreased their target price on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday. JMP Securities increased their price target on shares of Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research report on Thursday. Wells Fargo & Company lifted their price objective on shares of Freshworks from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, Piper Sandler upped their target price on shares of Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.69.

Freshworks Stock Performance

Freshworks stock traded down $0.38 during trading hours on Thursday, reaching $16.44. 9,375,092 shares of the company’s stock traded hands, compared to its average volume of 2,787,160. The firm has a market capitalization of $4.97 billion, a price-to-earnings ratio of -49.47 and a beta of 0.72. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $24.98. The firm’s 50 day moving average is $11.55 and its 200-day moving average is $12.63.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.01. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.08%. The business had revenue of $186.58 million for the quarter, compared to analyst estimates of $181.50 million. Analysts predict that Freshworks will post -0.38 EPS for the current year.

Insider Activity at Freshworks

In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $11.23, for a total transaction of $52,668.70. Following the transaction, the director now owns 35,853 shares of the company’s stock, valued at $402,629.19. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $11.23, for a total value of $52,668.70. Following the transaction, the director now directly owns 35,853 shares in the company, valued at $402,629.19. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $11.54, for a total transaction of $97,316.82. Following the completion of the transaction, the director now directly owns 22,530 shares in the company, valued at $259,996.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 40,153 shares of company stock worth $459,383. Insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Several institutional investors and hedge funds have recently made changes to their positions in the company. Blue Trust Inc. boosted 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 purchasing an additional 2,822 shares during the period. Covestor Ltd grew its stake in shares of Freshworks by 89.9% in the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after acquiring an additional 1,704 shares in the last quarter. CWM LLC increased its position in Freshworks by 554.5% during the second quarter. CWM LLC now owns 3,397 shares of the company’s stock worth $43,000 after acquiring an additional 2,878 shares during the period. Advisors Asset Management Inc. raised its stake in Freshworks by 34.2% in the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock worth $54,000 after purchasing an additional 757 shares in the last quarter. Finally, Quarry LP boosted its holdings in Freshworks by 157.6% in the 2nd quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after purchasing an additional 2,645 shares during the period. Institutional investors and hedge funds 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.