Freshworks (NASDAQ:FRSH) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Freshworks (NASDAQ:FRSH) had its price objective upped by Canaccord Genuity Group from $17.00 to $19.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

FRSH has been the topic of several other research reports. Needham & Company LLC restated a “buy” rating and issued a $20.00 target price on shares of Freshworks in a report on Thursday. JPMorgan Chase & Co. decreased their price objective on shares of Freshworks from $19.00 to $17.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Jefferies Financial Group cut their target price on Freshworks from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Barclays lowered their price target on Freshworks from $15.00 to $14.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 31st. Finally, Cantor Fitzgerald dropped their price objective on Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.69.

Freshworks Trading Down 2.3 %

Shares of FRSH traded down $0.38 during midday trading on Thursday, reaching $16.44. The stock had a trading volume of 9,375,092 shares, compared to its average volume of 2,787,160. The company has a market capitalization of $4.97 billion, a price-to-earnings ratio of -49.47 and a beta of 0.72. The company’s 50-day moving average is $11.55 and its 200 day moving average is $12.63. Freshworks has a 12-month low of $10.81 and a 12-month high of $24.98.

Freshworks (NASDAQ:FRSH) last issued its quarterly 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 business had revenue of $186.58 million for the quarter, compared to analysts’ expectations of $181.50 million. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.08%. Research analysts forecast that Freshworks will post -0.38 EPS for the current fiscal year.

Insider Activity

In related news, Director Jennifer H. Taylor sold 4,690 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $11.23, for a total value of $52,668.70. Following the completion of the transaction, the director now directly owns 35,853 shares in the company, valued at $402,629.19. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Jennifer H. Taylor sold 4,690 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $11.23, for a total value of $52,668.70. Following the sale, the director now directly owns 35,853 shares of the company’s stock, valued at approximately $402,629.19. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Zachary Nelson sold 8,433 shares of the firm’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $12.19, for a total transaction of $102,798.27. Following 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,153 shares of company stock worth $459,383. Corporate insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Hedge funds have recently added to or reduced their stakes in the company. Thompson Davis & CO. Inc. bought a new stake in shares of Freshworks in the 3rd quarter worth $170,000. Cornercap Investment Counsel Inc. purchased a new stake in shares of Freshworks during the third quarter valued at $250,000. GSA Capital Partners LLP boosted its position in shares of Freshworks by 89.4% during the third quarter. GSA Capital Partners LLP now owns 97,910 shares of the company’s stock valued at $1,124,000 after buying an additional 46,204 shares during the last quarter. Versor Investments LP bought a new stake in Freshworks in the 3rd quarter worth about $383,000. Finally, State of New Jersey Common Pension Fund D raised its position in Freshworks by 19.9% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 163,392 shares of the company’s stock worth $1,876,000 after buying an additional 27,139 shares during the last quarter. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

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.