Morgan Stanley Boosts Freshworks (NASDAQ:FRSH) Price Target to $19.00

Freshworks (NASDAQ:FRSHGet Free Report) had its price objective hoisted by Morgan Stanley from $18.00 to $19.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective suggests a potential upside of 17.79% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. JPMorgan Chase & Co. increased their price target on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” 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. JMP Securities boosted their price target on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Piper Sandler lifted their price objective on shares of Freshworks from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, Wells Fargo & Company boosted their target price on shares of Freshworks from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 7th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Freshworks currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.08.

Read Our Latest Analysis on FRSH

Freshworks Price Performance

Shares of NASDAQ:FRSH opened at $16.13 on Monday. The firm’s 50 day simple moving average is $16.07 and its two-hundred day simple moving average is $13.33. The company has a market capitalization of $4.89 billion, a P/E ratio of -47.44 and a beta of 0.88. Freshworks has a 1-year low of $10.81 and a 1-year high of $23.64.

Insider Activity

In related news, Director Zachary Nelson sold 8,433 shares of the stock in a transaction on Monday, November 4th. The stock was 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 in the company, valued at approximately $286,428.43. This represents a 26.41 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Barry L. Padgett sold 2,345 shares of the firm’s stock in a transaction on 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 sale, the director now owns 26,957 shares of the company’s stock, valued at approximately $466,356.10. This represents a 8.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,702,163 shares of company stock worth $26,721,018. 19.15% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Freshworks

Hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its position in shares of Freshworks by 23.9% during the second quarter. Rhumbline Advisers now owns 281,379 shares of the company’s stock valued at $3,571,000 after buying an additional 54,293 shares during the period. Victory Capital Management Inc. grew its position in Freshworks by 165.0% in the 2nd quarter. Victory Capital Management Inc. now owns 59,952 shares of the company’s stock valued at $761,000 after acquiring an additional 37,330 shares during the last quarter. Arizona State Retirement System increased its stake in Freshworks by 9.9% in the second quarter. Arizona State Retirement System now owns 48,855 shares of the company’s stock worth $620,000 after purchasing an additional 4,412 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Freshworks by 10.9% during the second quarter. Dimensional Fund Advisors LP now owns 2,428,755 shares of the company’s stock worth $30,821,000 after purchasing an additional 239,671 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Freshworks by 7.6% during the second quarter. Renaissance Technologies LLC now owns 3,134,600 shares of the company’s stock valued at $39,778,000 after purchasing an additional 221,900 shares during the period. 75.58% of the stock is currently owned by institutional investors.

About Freshworks

(Get Free Report)

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.

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Analyst Recommendations for Freshworks (NASDAQ:FRSH)

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