Cantor Fitzgerald Issues Positive Forecast for Freshworks (NASDAQ:FRSH) Stock Price

Freshworks (NASDAQ:FRSH) had its price objective raised by Cantor Fitzgerald from $18.00 to $22.00 in a research note published on Wednesday,Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the stock.

A number of other research analysts also recently weighed in on the stock. Wells Fargo & Company downgraded 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. JMP Securities boosted their price target on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Canaccord Genuity Group upped their price target on Freshworks from $19.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday. Piper Sandler raised their price objective on Freshworks from $20.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Robert W. Baird decreased their target price on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $21.07.

Freshworks Stock Performance

Shares of NASDAQ FRSH opened at $17.80 on Wednesday. Freshworks has a one year low of $10.81 and a one year high of $21.61. The business’s 50-day moving average price is $16.97 and its two-hundred day moving average price is $14.08.

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

Insider Transactions at Freshworks

In related news, Director Barry L. Padgett sold 2,345 shares of the stock in a transaction dated Tuesday, December 17th. The shares were 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 in the company, valued at approximately $466,356.10. This trade represents a 8.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jennifer H. Taylor sold 4,690 shares of Freshworks stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $16.74, for a total value of $78,510.60. Following the sale, the director now directly owns 36,689 shares in the company, valued at approximately $614,173.86. This trade represents a 11.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,727,211 shares of company stock worth $27,224,746. Insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Smith Group Asset Management LLC bought a new stake in Freshworks in the 4th quarter valued at $589,000. Quantbot Technologies LP lifted its holdings in shares of Freshworks by 80.1% during the 3rd quarter. Quantbot Technologies LP now owns 426,432 shares of the company’s stock worth $4,895,000 after acquiring an additional 189,616 shares during the period. Barclays PLC boosted its position in shares of Freshworks by 33.4% during the 3rd quarter. Barclays PLC now owns 337,621 shares of the company’s stock valued at $3,875,000 after acquiring an additional 84,568 shares in the last quarter. Edgestream Partners L.P. bought a new stake in Freshworks in the third quarter valued at about $1,193,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in Freshworks by 806.1% in the third 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. 75.58% of the stock is currently owned by institutional investors and hedge funds.

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.