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

Freshworks (NASDAQ:FRSH) had its price target hoisted by JMP Securities from $21.00 to $24.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a market outperform rating on the stock.

Other analysts have also issued research reports about the stock. Needham & Company LLC reiterated a “buy” rating and set a $20.00 price objective on shares of Freshworks in a research note on Thursday. Cantor Fitzgerald reduced their price target on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Scotiabank reduced their price target on shares of Freshworks from $18.00 to $16.00 and set a “sector perform” rating for the company in a report on Wednesday, July 31st. Barclays cut their target price on Freshworks from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 31st. Finally, Wells Fargo & Company lifted their price target on Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a research report on Thursday. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.69.

Freshworks Trading Down 2.3 %

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

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. The company had revenue of $186.58 million for the quarter, compared to analyst estimates of $181.50 million. On average, equities analysts expect that Freshworks will post -0.38 EPS for the current fiscal year.

Insider Activity at Freshworks

In related news, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $12.19, for a total value of $102,798.27. Following the sale, the director now owns 23,497 shares of the company’s stock, valued at $286,428.43. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the business’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $11.06, for a total transaction of $51,871.40. Following the completion of the sale, the director now directly owns 36,689 shares of the company’s stock, valued at approximately $405,780.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Zachary Nelson sold 8,433 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $12.19, for a total transaction of $102,798.27. Following the completion of the transaction, the director now owns 23,497 shares in the company, valued at $286,428.43. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 40,153 shares of company stock worth $459,383 in the last ninety days. 19.15% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of FRSH. Connor Clark & Lunn Investment Management Ltd. increased its stake in Freshworks by 806.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company’s stock worth $2,699,000 after purchasing an additional 209,194 shares in the last quarter. Thompson Davis & CO. Inc. acquired a new position in Freshworks in the 3rd quarter worth $170,000. Cornercap Investment Counsel Inc. bought a new position in Freshworks during the 3rd quarter worth about $250,000. GSA Capital Partners LLP raised its stake in shares of Freshworks by 89.4% in the 3rd quarter. GSA Capital Partners LLP now owns 97,910 shares of the company’s stock valued at $1,124,000 after purchasing an additional 46,204 shares during the period. Finally, Versor Investments LP bought a new stake in shares of Freshworks in the third quarter valued at about $383,000. Institutional investors and hedge funds own 75.58% of the company’s stock.

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.