Freshworks (NASDAQ:FRSH) Raised to “Strong-Buy” at Zacks Research

by · The Markets Daily

Freshworks (NASDAQ:FRSH – Get Free Report) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday, Zacks reports.

Several other research firms have also weighed in on FRSH. Cantor Fitzgerald boosted their price objective on shares of Freshworks from $15.00 to $20.00 and gave the stock an “overweight” rating in a research note on Wednesday. Wells Fargo & Company reiterated an “overweight” rating on shares of Freshworks in a research note on Thursday. Wall Street Zen upgraded Freshworks from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Weiss Ratings raised Freshworks from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, September 29th. Finally, KeyCorp initiated coverage on Freshworks in a research report on Monday, September 14th. They set an “overweight” rating and a $18.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $15.92.

Check Out Our Latest Research Report on Freshworks

Freshworks Trading Down 4.6%

Shares of Freshworks stock traded down $0.59 on Thursday, reaching $12.11. 5,446,919 shares of the company were exchanged, compared to its average volume of 7,619,666. Freshworks has a one year low of $6.79 and a one year high of $15.51. The company has a market capitalization of $3.16 billion, a price-to-earnings ratio of 16.59, a PEG ratio of 9.47 and a beta of 0.80. The company has a 50-day moving average of $13.45 and a 200 day moving average of $10.50.

Freshworks (NASDAQ:FRSH – Get Free Report) last released its earnings results on Tuesday, November 3rd. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.04. Freshworks had a net margin of 20.49% and a return on equity of 5.52%. The business had revenue of $245.43 million during the quarter, compared to analysts’ expectations of $245.06 million. During the same period last year, the business earned $0.16 earnings per share. The firm’s revenue was up 14.1% on a year-over-year basis. Analysts predict that Freshworks will post 0.06 earnings per share for the current year.

Insider Buying and Selling at Freshworks

In other news, CAO Philippa Lawrence sold 52,767 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $13.25, for a total value of $699,162.75. Following the transaction, the chief accounting officer directly owned 389,296 shares of the company’s stock, valued at $5,158,172. This represents a 11.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 8.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Nykredit A S acquired a new stake in Freshworks during the second quarter worth approximately $28,000. Provenance Wealth Advisors LLC acquired a new position in shares of Freshworks in the third quarter valued at approximately $28,000. Root Financial Partners LLC acquired a new position in shares of Freshworks in the third quarter valued at approximately $29,000. Summit Securities Group LLC increased its stake in shares of Freshworks by 186.3% during the first quarter. Summit Securities Group LLC now owns 6,043 shares of the company’s stock worth $49,000 after purchasing an additional 3,932 shares during the period. Finally, Meeder Asset Management Inc. increased its stake in shares of Freshworks by 164.0% during the first quarter. Meeder Asset Management Inc. now owns 6,156 shares of the company’s stock worth $49,000 after purchasing an additional 3,824 shares during the period. Institutional investors and hedge funds own 75.58% of the company’s stock.

Freshworks Company Profile

(Get Free Report)

Freshworks Inc (NASDAQ:FRSH) develops cloud-based customer and employee engagement software for businesses of various sizes. Its products are designed to help organizations manage customer support, IT service operations, sales activities, and marketing workflows through user-friendly, artificial intelligence-enabled applications.

The company’s product portfolio includes Freshdesk for customer service and support, Freshservice for IT and enterprise service management, Freshsales for customer relationship management, and Freshmarketer for marketing automation and customer engagement.

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