Freshworks (NASDAQ:FRSH) Price Target Raised to $20.00

Freshworks (NASDAQ:FRSH) had its target price hoisted by Piper Sandler from $18.00 to $20.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other equities research analysts have also recently issued reports about the company. Needham & Company LLC restated a “buy” rating and set a $20.00 target price on shares of Freshworks in a research report on Tuesday, December 17th. JMP Securities raised their price objective on Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Thursday, November 7th. Wells Fargo & Company boosted their price objective on Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. increased their target price on Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Finally, Canaccord Genuity Group boosted their price target on shares of Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.00.

Freshworks Stock Performance

Shares of NASDAQ FRSH opened at $16.15 on Monday. The company has a market capitalization of $4.89 billion, a PE ratio of -47.50 and a beta of 0.88. The company’s fifty day moving average price is $15.68 and its 200 day moving average price is $13.21. Freshworks has a 1 year low of $10.81 and a 1 year high of $23.93.

Insiders Place Their Bets

In related news, insider Mika Yamamoto sold 5,718 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $16.95, for a total value of $96,920.10. Following the completion of the sale, the insider now owns 403,108 shares of the company’s stock, valued at approximately $6,832,680.60. This represents a 1.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Barry L. Padgett sold 2,345 shares of Freshworks stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total transaction of $40,568.50. Following the transaction, the director now directly owns 26,957 shares in the company, valued at $466,356.10. This trade represents a 8.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,697,478 shares of company stock valued at $26,648,447 in the last ninety days. 19.15% of the stock is currently owned by corporate insiders.

Institutional Trading of Freshworks

Hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. grew its position in Freshworks by 49.8% in the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock worth $60,503,000 after acquiring an additional 1,752,995 shares during the period. State Street Corp lifted its stake in shares of Freshworks by 7.1% in the 3rd quarter. State Street Corp now owns 4,729,093 shares of the company’s stock valued at $54,290,000 after purchasing an additional 313,982 shares during the last quarter. Geode Capital Management LLC grew its holdings 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 worth $52,750,000 after purchasing an additional 66,342 shares during the period. Franklin Resources Inc. increased its position in shares of Freshworks by 18.1% during 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 last quarter. Finally, Renaissance Technologies LLC raised its holdings in Freshworks by 7.6% in the 2nd quarter. Renaissance Technologies LLC now owns 3,134,600 shares of the company’s stock valued at $39,778,000 after buying an additional 221,900 shares during the period. 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.