Freshworks (NASDAQ:FRSH) Price Target Raised to $24.00

by · The Markets Daily

Freshworks (NASDAQ:FRSH – Get Free Report) had its target price boosted by stock analysts at JMP Securities from $21.00 to $24.00 in a report released on Thursday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. JMP Securities’ price target indicates a potential upside of 43.54% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on the company. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price target on shares of Freshworks in a research note on Thursday. Scotiabank lowered their target price on Freshworks from $18.00 to $16.00 and set a “sector perform” rating on the stock in a research note on Wednesday, July 31st. Jefferies Financial Group reduced their target price on Freshworks from $25.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. JPMorgan Chase & Co. reduced their target price on Freshworks from $19.00 to $17.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Finally, Cantor Fitzgerald reduced their target price on Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.69.

Check Out Our Latest Analysis on FRSH

Freshworks Stock Performance

Shares of FRSH stock traded up $3.63 during mid-day trading on Thursday, reaching $16.72. 8,569,795 shares of the company were exchanged, compared to its average volume of 2,714,785. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $24.98. The company has a market capitalization of $5.05 billion, a P/E ratio of -47.54 and a beta of 0.72. The business’s 50 day simple moving average is $11.45 and its 200 day simple moving average is $12.60.

Freshworks (NASDAQ:FRSH – Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. The firm had revenue of $186.58 million during the quarter, compared to the consensus estimate of $181.50 million. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.08%. On average, analysts forecast that Freshworks will post -0.38 EPS for the current year.

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $12.19, for a total value of $102,798.27. Following the transaction, the director now owns 23,497 shares of the company’s stock, valued at approximately $286,428.43. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Roxanne S. Austin sold 6,303 shares of Freshworks stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $11.22, for a total transaction of $70,719.66. Following the sale, the director now directly owns 223,106 shares of the company’s stock, valued at approximately $2,503,249.32. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $12.19, for a total value of $102,798.27. Following the sale, the director now directly owns 23,497 shares in the company, valued at $286,428.43. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,456 shares of company stock valued at $530,102. 19.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Freshworks

A number of hedge funds have recently added to or reduced their stakes in FRSH. Allspring Global Investments Holdings LLC increased its holdings in shares of Freshworks by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock valued at $250,000 after acquiring an additional 1,160 shares in the last quarter. Private Advisor Group LLC bought a new stake in shares of Freshworks during the first quarter valued at approximately $685,000. SG Americas Securities LLC purchased a new position in shares of Freshworks during the first quarter valued at approximately $179,000. Oppenheimer & Co. Inc. purchased a new position in Freshworks in the first quarter worth $444,000. Finally, Swiss National Bank raised its stake in shares of Freshworks by 7.6% in the first quarter. Swiss National Bank now owns 319,400 shares of the company’s stock valued at $5,816,000 after buying an additional 22,500 shares during the period. 75.58% of the stock is currently owned by institutional investors.

About Freshworks

(Get Free Report)

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.

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