Freshworks Inc. (NASDAQ:FRSH) Given Average Rating of “Moderate Buy” by Brokerages

Freshworks Inc. (NASDAQ:FRSH) has been assigned a consensus rating of “Moderate Buy” from the fourteen research firms that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have given a hold recommendation and nine have given a buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $19.07.

Several research analysts have commented on FRSH shares. JPMorgan Chase & Co. raised their target price on shares of Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Morgan Stanley raised their price objective on shares of Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. Wells Fargo & Company downgraded shares of Freshworks from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $16.00 to $13.00 in a research note on Tuesday, January 21st. Robert W. Baird decreased their target price on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $20.00 price target on shares of Freshworks in a report on Wednesday, January 15th.

Insider Buying and Selling

In other news, Director Barry L. Padgett sold 2,345 shares of Freshworks stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $17.30, for a total value of $40,568.50. Following the transaction, the director now owns 26,957 shares of the company’s stock, valued at $466,356.10. This trade represents a 8.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $18.30, for a total transaction of $154,488.60. Following the completion of the transaction, the director now owns 24,187 shares in the company, valued at $442,622.10. The trade was a 25.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,727,211 shares of company stock worth $27,224,746. Corporate insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

Hedge funds have recently modified their holdings of the business. Smith Group Asset Management LLC bought a new position in Freshworks during the fourth quarter worth $589,000. Quantbot Technologies LP increased its holdings in shares of Freshworks by 80.1% during the 3rd quarter. Quantbot Technologies LP now owns 426,432 shares of the company’s stock worth $4,895,000 after purchasing an additional 189,616 shares during the period. Barclays PLC increased its holdings in shares of Freshworks by 33.4% during the 3rd quarter. Barclays PLC now owns 337,621 shares of the company’s stock worth $3,875,000 after purchasing an additional 84,568 shares during the period. Edgestream Partners L.P. acquired a new position in shares of Freshworks during the third quarter valued at about $1,193,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Freshworks by 806.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company’s stock valued at $2,699,000 after buying an additional 209,194 shares during the period. 75.58% of the stock is owned by institutional investors.

Freshworks Stock Up 2.3 %

NASDAQ:FRSH opened at $18.30 on Tuesday. The stock has a fifty day simple moving average of $16.90 and a 200 day simple moving average of $14.02. The firm has a market capitalization of $5.54 billion, a price-to-earnings ratio of -53.82 and a beta of 0.91. Freshworks has a 1-year low of $10.81 and a 1-year high of $22.14.

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.