Freshworks Inc. (NASDAQ:FRSH) Receives Average Recommendation of “Moderate Buy” from Brokerages

Freshworks Inc. (NASDAQ:FRSH) has been given a consensus recommendation of “Moderate Buy” by the fourteen brokerages that are presently covering the stock, Marketbeat.com reports. Six analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $18.69.

FRSH has been the topic of a number of analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Freshworks in a research report on Thursday, November 7th. Scotiabank dropped their price objective on Freshworks from $18.00 to $16.00 and set a “sector perform” rating for the company in a report on Wednesday, July 31st. Wells Fargo & Company boosted their target price on Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Finally, Cantor Fitzgerald dropped their price target on Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st.

Insider Buying and Selling

In other news, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $11.04, for a total transaction of $93,199.68. Following the completion of the transaction, the director now directly owns 23,497 shares in the company, valued at approximately $259,406.88. This trade represents a 26.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jennifer H. Taylor sold 4,690 shares of the firm’s stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $11.06, for a total value of $51,871.40. Following the transaction, the director now directly owns 36,689 shares of the company’s stock, valued at approximately $405,780.34. This trade represents a 11.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 35,463 shares of company stock valued at $406,714 over the last quarter. Corporate insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State Street Corp increased its position in Freshworks by 7.1% during the third quarter. State Street Corp now owns 4,729,093 shares of the company’s stock valued at $54,290,000 after acquiring an additional 313,982 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Freshworks by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company’s stock valued at $52,750,000 after purchasing an additional 66,342 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of Freshworks by 18.1% in the 3rd quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock worth $44,934,000 after purchasing an additional 604,658 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Freshworks by 7.6% in the second quarter. Renaissance Technologies LLC now owns 3,134,600 shares of the company’s stock worth $39,778,000 after buying an additional 221,900 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Freshworks by 10.9% during the second quarter. Dimensional Fund Advisors LP now owns 2,428,755 shares of the company’s stock valued at $30,821,000 after buying an additional 239,671 shares during the period. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Freshworks Stock Down 3.0 %

Shares of NASDAQ FRSH opened at $15.83 on Thursday. The firm’s fifty day moving average is $12.77 and its 200 day moving average is $12.55. Freshworks has a 52 week low of $10.81 and a 52 week high of $24.98. The company has a market cap of $4.79 billion, a price-to-earnings ratio of -46.56 and a beta of 0.72.

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.