Freshworks (NASDAQ:FRSH) Price Target Raised to $24.00

Freshworks (NASDAQ:FRSH) had its price objective upped by Piper Sandler from $20.00 to $24.00 in a research report released on Wednesday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Other research analysts also recently issued research reports about the stock. Robert W. Baird decreased their price target on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Canaccord Genuity Group lifted their price target on shares of Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. raised their price objective on shares of Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Barclays raised their price objective on shares of Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Wells Fargo & Company cut shares of Freshworks from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $16.00 to $13.00 in a report on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Freshworks presently has a consensus rating of “Moderate Buy” and an average target price of $21.07.

Freshworks Trading Down 0.3 %

Shares of Freshworks stock opened at $17.80 on Wednesday. Freshworks has a 52-week low of $10.81 and a 52-week high of $21.61. The company has a 50 day moving average of $16.97 and a 200 day moving average of $14.08.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 fiscal year.

Insider Activity

In other Freshworks 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 transaction, the insider now directly owns 397,390 shares of the company’s stock, valued at approximately $7,268,263.10. The trade was a 0.71 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Rathnagirish Mathrubootham sold 830,000 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $15.33, for a total transaction of $12,723,900.00. Following the completion of the transaction, the chairman now directly owns 551,137 shares in the company, valued at $8,448,930.21. This represents a 60.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,727,211 shares of company stock valued at $27,224,746 in the last ninety days. 19.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Freshworks

Institutional investors have recently made changes to their positions in the stock. Avion Wealth purchased a new stake in shares of Freshworks during the 4th quarter worth $26,000. Blue Trust Inc. boosted its position in shares of Freshworks by 1,987.3% during the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock worth $38,000 after purchasing an additional 2,822 shares in the last quarter. Covestor Ltd boosted its position in shares of Freshworks by 89.9% during the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after purchasing an additional 1,704 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Freshworks during the 3rd quarter worth $57,000. Finally, National Bank of Canada FI boosted its position in shares of Freshworks by 1,385.8% during the 4th quarter. National Bank of Canada FI now owns 3,967 shares of the company’s stock worth $64,000 after purchasing an additional 3,700 shares in the last quarter. 75.58% of the stock is currently owned by hedge funds and other 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.