Freshworks (NASDAQ:FRSH) Price Target Raised to $20.00 at Piper Sandler

Freshworks (NASDAQ:FRSH) had its price objective raised by Piper Sandler from $18.00 to $20.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price target indicates a potential upside of 24.46% from the company’s current price.

FRSH has been the subject of a number of other reports. Canaccord Genuity Group increased their target price on Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. JMP Securities lifted their price objective on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Thursday, November 7th. Needham & Company LLC restated a “buy” rating and issued a $20.00 target price on shares of Freshworks in a report on Tuesday, December 17th. JPMorgan Chase & Co. increased their price target on shares of Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Finally, Robert W. Baird dropped their price target on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $18.85.

Freshworks Trading Up 1.1 %

Shares of Freshworks stock opened at $16.07 on Monday. The firm has a market cap of $4.87 billion, a PE ratio of -47.26 and a beta of 0.90. The stock has a 50 day moving average of $15.51 and a 200 day moving average of $13.15. Freshworks has a 12 month low of $10.81 and a 12 month high of $23.93.

Insider Transactions at Freshworks

In other news, Director Barry L. Padgett sold 2,345 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $17.30, for a total transaction of $40,568.50. Following the transaction, the director now directly owns 26,957 shares of the company’s stock, valued at approximately $466,356.10. This trade represents a 8.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $15.85, for a total transaction of $133,663.05. Following the sale, the director now directly owns 24,187 shares of the company’s stock, valued at $383,363.95. This represents a 25.85 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,702,168 shares of company stock worth $26,700,318. 19.15% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Freshworks

Institutional investors and hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its position in shares of Freshworks by 49.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock worth $60,503,000 after buying an additional 1,752,995 shares in the last quarter. M&G PLC purchased a new position in Freshworks during the 3rd quarter valued at about $9,094,000. Franklin Resources Inc. raised its holdings in shares of Freshworks by 18.1% in the 3rd quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock valued at $44,934,000 after purchasing an additional 604,658 shares in the last quarter. Invenomic Capital Management LP purchased a new stake in shares of Freshworks in the 3rd quarter worth approximately $5,260,000. Finally, State Street Corp boosted its stake in shares of Freshworks by 7.1% during the third quarter. State Street Corp now owns 4,729,093 shares of the company’s stock valued at $54,290,000 after purchasing an additional 313,982 shares in the last quarter. 75.58% of the stock is owned by institutional investors.

Freshworks Company Profile

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.