Freshworks (NASDAQ:FRSH) Price Target Raised to $19.00

Freshworks (NASDAQ:FRSH) had its price objective upped by equities research analysts at Scotiabank from $17.00 to $19.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Scotiabank’s price objective points to a potential upside of 6.20% from the stock’s previous close.

FRSH has been the subject of several other reports. Morgan Stanley raised their target price on Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. Canaccord Genuity Group increased their target price on Freshworks from $19.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday. Wells Fargo & Company cut shares of Freshworks from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $16.00 to $13.00 in a report on Tuesday, January 21st. Barclays lifted their target price on Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, JMP Securities boosted their price objective on shares of Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Freshworks has a consensus rating of “Moderate Buy” and a consensus target price of $21.07.

Freshworks Stock Performance

Shares of NASDAQ:FRSH traded up $0.03 during midday trading on Wednesday, hitting $17.89. 4,992,246 shares of the company’s stock traded hands, compared to its average volume of 4,009,498. The firm’s fifty day moving average price is $16.94 and its two-hundred day moving average price is $14.05. Freshworks has a twelve month low of $10.81 and a twelve month high of $21.61. The company has a market cap of $5.42 billion, a PE ratio of -52.67 and a beta of 0.91.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share 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%. As a group, equities research analysts anticipate that Freshworks will post -0.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jennifer H. Taylor sold 4,690 shares of the business’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $16.74, for a total value of $78,510.60. Following the completion of the sale, the director now directly owns 36,689 shares in the company, valued at approximately $614,173.86. The trade was a 11.33 % 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 Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $18.30, for a total transaction of $154,488.60. Following the completion of the transaction, the director now owns 24,187 shares in the company, valued at $442,622.10. The trade was a 25.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,727,211 shares of company stock worth $27,224,746. 19.15% of the stock is owned by insiders.

Institutional Investors Weigh In On Freshworks

Hedge funds and other institutional investors have recently made changes to their positions in the business. Avion Wealth bought a new position in Freshworks during the fourth quarter worth $26,000. Blue Trust Inc. increased its holdings 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 during the period. Covestor Ltd increased its holdings 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 during the period. Nisa Investment Advisors LLC raised its position in shares of Freshworks by 102.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock valued at $71,000 after buying an additional 2,223 shares during the last quarter. Finally, Point72 Hong Kong Ltd acquired a new stake in Freshworks during the third quarter worth about $57,000. 75.58% of the stock is owned by institutional investors and hedge funds.

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.