Freshworks (NASDAQ:FRSH) Price Target Raised to $22.00

Freshworks (NASDAQ:FRSH) had its price objective hoisted by Cantor Fitzgerald from $18.00 to $22.00 in a report released on Wednesday,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other research firms have also recently commented on FRSH. Canaccord Genuity Group increased their target price on Freshworks from $19.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday. Piper Sandler increased their target price on Freshworks from $20.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday. JMP Securities increased their target price on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Thursday, November 7th. Robert W. Baird cut their target price 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, Needham & Company LLC increased their price objective on Freshworks from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $21.07.

Freshworks Trading Down 2.2 %

FRSH opened at $17.05 on Wednesday. The stock has a fifty day simple moving average of $17.00 and a two-hundred day simple moving average of $14.13. The company has a market cap of $5.16 billion, a price-to-earnings ratio of -50.15 and a beta of 0.91. Freshworks has a 12-month low of $10.81 and a 12-month high of $21.61.

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

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $15.85, for a total transaction of $133,663.05. Following the completion of the sale, the director now directly owns 24,187 shares in the company, valued at $383,363.95. The trade was a 25.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $16.08, for a total value of $13,426,800.00. Following the sale, the chairman now owns 551,137 shares of the company’s stock, valued at approximately $8,862,282.96. This represents a 60.24 % 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 in the last three months. 19.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Freshworks

A number of large investors have recently made changes to their positions in FRSH. Comerica Bank grew its stake in shares of Freshworks by 8,787.0% during the 4th quarter. Comerica Bank now owns 84,338 shares of the company’s stock valued at $1,364,000 after acquiring an additional 83,389 shares during the period. PDT Partners LLC bought a new position in shares of Freshworks during the 4th quarter valued at approximately $566,000. Northern Trust Corp grew its stake in shares of Freshworks by 10.5% during the 4th quarter. Northern Trust Corp now owns 2,039,458 shares of the company’s stock valued at $32,978,000 after acquiring an additional 193,322 shares during the period. Tudor Investment Corp ET AL bought a new position in shares of Freshworks during the 4th quarter valued at approximately $7,619,000. Finally, Quarry LP grew its stake in shares of Freshworks by 47.8% during the 4th quarter. Quarry LP now owns 5,410 shares of the company’s stock valued at $87,000 after acquiring an additional 1,750 shares during the period. 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.