Canaccord Genuity Group Issues Positive Forecast for Freshworks (NASDAQ:FRSH) Stock Price

Freshworks (NASDAQ:FRSH) had its price target hoisted by Canaccord Genuity Group from $19.00 to $23.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

FRSH has been the topic of several other research reports. JMP Securities upped their price objective on Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Thursday, November 7th. Wells Fargo & Company cut Freshworks from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $16.00 to $13.00 in a research report on Tuesday, January 21st. Barclays increased their price target on Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Robert W. Baird lowered their price objective on Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Finally, Oppenheimer increased their target price on shares of Freshworks from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday. One investment 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $21.07.

Freshworks Price Performance

FRSH stock opened at $17.80 on Wednesday. The stock’s fifty day simple moving average is $16.97 and its two-hundred day simple moving average is $14.08. Freshworks has a 1-year low of $10.81 and a 1-year high of $21.61.

Freshworks (NASDAQ:FRSH) last posted its quarterly 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 net margin of 14.80% and a negative return on equity of 8.57%. On average, equities research analysts forecast that Freshworks will post -0.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Chairman Rathnagirish Mathrubootham sold 830,000 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $15.33, for a total value of $12,723,900.00. Following the transaction, the chairman now owns 551,137 shares of the company’s stock, valued at $8,448,930.21. This represents a 60.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $18.30, for a total value of $154,488.60. Following the transaction, the director now directly owns 24,187 shares in the company, valued at approximately $442,622.10. This represents a 25.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,727,211 shares of company stock worth $27,224,746 over the last ninety days. 19.15% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Smith Group Asset Management LLC bought a new position in shares of Freshworks during the 4th quarter valued at $589,000. Quantbot Technologies LP boosted its position in Freshworks by 80.1% during the third quarter. Quantbot Technologies LP now owns 426,432 shares of the company’s stock valued at $4,895,000 after buying an additional 189,616 shares during the period. Barclays PLC grew its stake in shares of Freshworks by 33.4% during the third quarter. Barclays PLC now owns 337,621 shares of the company’s stock valued at $3,875,000 after buying an additional 84,568 shares during the last quarter. Edgestream Partners L.P. bought a new position in shares of Freshworks during the third quarter valued at about $1,193,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Freshworks by 806.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company’s stock valued at $2,699,000 after acquiring an additional 209,194 shares during the last quarter. 75.58% of the stock is currently owned by institutional investors.

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.