Freshworks (NASDAQ:FRSH) Stock Price Expected to Rise, Piper Sandler Analyst Says

Freshworks (NASDAQ:FRSH) had its price objective boosted by equities researchers at Piper Sandler from $18.00 to $20.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price objective would indicate a potential upside of 23.99% from the company’s previous close.

FRSH has been the subject of a number of other reports. JMP Securities raised their target price on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. 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, November 7th. Needham & Company LLC reiterated a “buy” rating and set a $20.00 target price on shares of Freshworks in a research report on Tuesday, December 17th. Robert W. Baird lowered their price target on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Finally, Wells Fargo & Company lifted their price objective on shares of Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Freshworks has a consensus rating of “Moderate Buy” and an average price target of $19.00.

Freshworks Stock Performance

Shares of FRSH stock opened at $16.13 on Monday. Freshworks has a 52 week low of $10.81 and a 52 week high of $23.93. The firm’s 50-day simple moving average is $15.68 and its two-hundred day simple moving average is $13.21. The firm has a market cap of $4.89 billion, a price-to-earnings ratio of -47.44 and a beta of 0.88.

Insider Activity at Freshworks

In other Freshworks news, Director Barry L. Padgett sold 2,345 shares of Freshworks stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total transaction of $40,568.50. Following the completion of the transaction, the director now owns 26,957 shares in the company, valued at approximately $466,356.10. The trade was a 8.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jennifer H. Taylor sold 4,690 shares of Freshworks stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $11.06, for a total value of $51,871.40. Following the completion of the transaction, the director now directly owns 36,689 shares of the company’s stock, valued at approximately $405,780.34. This represents a 11.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,702,168 shares of company stock worth $26,700,318 over the last 90 days. 19.15% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Blue Trust Inc. increased its position in Freshworks by 1,987.3% during the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after acquiring an additional 2,822 shares during the last quarter. Covestor Ltd grew its stake in shares of Freshworks by 89.9% during the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after purchasing an additional 1,704 shares during the period. Quarry LP increased its position in shares of Freshworks by 157.6% during 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 last quarter. Point72 Hong Kong Ltd bought a new position in shares of Freshworks in the 3rd quarter worth approximately $57,000. Finally, Amalgamated Bank boosted its holdings in shares of Freshworks by 29.1% in the second quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock worth $90,000 after buying an additional 1,588 shares during the last quarter. 75.58% of the stock is owned by 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.