Cantor Fitzgerald Forecasts Strong Price Appreciation for Freshworks (NASDAQ:FRSH) Stock

Freshworks (NASDAQ:FRSH) had its price objective increased by investment analysts at Cantor Fitzgerald from $18.00 to $22.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price suggests a potential upside of 23.18% from the stock’s previous close.

Several other equities research analysts have also recently commented on FRSH. Canaccord Genuity Group lifted their price target on shares of Freshworks from $19.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday. Piper Sandler increased their price target on Freshworks from $20.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday. Wells Fargo & Company downgraded Freshworks from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $16.00 to $13.00 in a report on Tuesday, January 21st. Oppenheimer boosted their target price on Freshworks from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Morgan Stanley increased their price target on shares of Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Freshworks presently has an average rating of “Moderate Buy” and a consensus target price of $20.86.

Freshworks Trading Down 2.4 %

FRSH opened at $17.86 on Wednesday. Freshworks has a 1-year low of $10.81 and a 1-year high of $22.14. The stock has a market capitalization of $5.41 billion, a PE ratio of -52.53 and a beta of 0.91. The firm has a 50-day moving average price of $16.94 and a two-hundred day moving average price of $14.05.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative return on equity of 8.57% and a negative net margin of 14.80%. On average, research analysts predict that Freshworks will post -0.35 EPS for the current year.

Insider Buying and Selling

In other news, insider Mika Yamamoto sold 2,859 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $18.29, for a total value of $52,291.11. Following the sale, the insider now owns 397,390 shares of the company’s stock, valued at $7,268,263.10. The trade was a 0.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Barry L. Padgett sold 2,345 shares of the firm’s stock in a transaction on Tuesday, December 17th. The shares were 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 directly owns 26,957 shares of the company’s stock, valued at approximately $466,356.10. This trade represents a 8.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,727,211 shares of company stock worth $27,224,746 over the last ninety days. Company insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of FRSH. Avion Wealth bought a new stake in shares of Freshworks during the 4th quarter worth approximately $26,000. Blue Trust Inc. raised 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 worth $38,000 after acquiring an additional 2,822 shares in the last quarter. Covestor Ltd lifted its stake in 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 during the last quarter. Nisa Investment Advisors LLC lifted its stake in Freshworks by 102.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock valued at $71,000 after purchasing an additional 2,223 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in Freshworks in the third quarter valued at approximately $57,000. 75.58% of the stock is currently 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.