Freshworks Inc. (NASDAQ:FRSH) Receives Average Rating of “Moderate Buy” from Analysts

by · The Cerbat Gem

Freshworks Inc. (NASDAQ:FRSH – Get Free Report) has been given an average rating of “Moderate Buy” by the fourteen brokerages that are presently covering the company, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $18.69.

FRSH has been the subject of a number of recent research reports. Piper Sandler raised their price target on shares of Freshworks from $13.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. Needham & Company LLC restated a “buy” rating and issued a $20.00 target price on shares of Freshworks in a research note on Tuesday, December 17th. Canaccord Genuity Group raised their target price on Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Wells Fargo & Company upped their price objective on Freshworks from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, November 7th.

Get Our Latest Research Report on Freshworks

Insider Buying and Selling

In other news, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $11.04, for a total value of $93,199.68. Following the completion of the sale, the director now directly owns 23,497 shares in the company, valued at $259,406.88. This represents a 26.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of Freshworks stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $16.08, for a total value of $13,426,800.00. Following the transaction, the chairman now owns 551,137 shares in the company, valued at approximately $8,862,282.96. The trade was a 60.24 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,699,318 shares of company stock worth $26,614,569. Insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Blue Trust Inc. boosted its position in shares of Freshworks by 1,987.3% during the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after acquiring an additional 2,822 shares during the last quarter. Covestor Ltd boosted its holdings in Freshworks by 89.9% in the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after purchasing an additional 1,704 shares during the last quarter. Quarry LP grew its stake in shares of Freshworks by 157.6% in the 2nd quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after buying an additional 2,645 shares during the period. Point72 Hong Kong Ltd purchased a new stake in shares of Freshworks in the 3rd quarter valued at approximately $57,000. Finally, International Assets Investment Management LLC acquired a new stake in shares of Freshworks during the 2nd quarter worth approximately $58,000. 75.58% of the stock is owned by institutional investors and hedge funds.

Freshworks Stock Performance

Freshworks stock opened at $15.94 on Monday. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $24.15. The company has a market cap of $4.83 billion, a PE ratio of -46.88 and a beta of 0.90. The business’s 50-day simple moving average is $14.95 and its two-hundred day simple moving average is $12.99.

Freshworks Company Profile

(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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