Freshworks (NASDAQ:FRSH) Stock Price Expected to Rise, Piper Sandler Analyst Says

Freshworks (NASDAQ:FRSH) had its price target hoisted by Piper Sandler from $20.00 to $24.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

FRSH has been the topic of a number of other research reports. Wells Fargo & Company cut Freshworks from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $16.00 to $13.00 in a report on Tuesday, January 21st. JMP Securities boosted their target price on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Robert W. Baird dropped their target price on Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Needham & Company LLC boosted their target price on Freshworks from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Morgan Stanley boosted their target price on Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Freshworks presently has an average rating of “Moderate Buy” and an average target price of $21.07.

Freshworks Trading Down 2.2 %

FRSH opened at $17.05 on Wednesday. The business’s 50 day moving average is $17.00 and its 200-day moving average is $14.13. The stock has a market cap of $5.16 billion, a PE ratio of -50.15 and a beta of 0.91. Freshworks has a twelve month low of $10.81 and a twelve month high of $21.61.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.10). Freshworks had a negative net margin of 14.80% and a negative return on equity of 8.57%. As a group, analysts forecast that Freshworks will post -0.35 EPS for the current year.

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Barry L. Padgett sold 2,345 shares of the business’s stock in a transaction 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 sale, the director now directly owns 26,957 shares of the company’s stock, valued at $466,356.10. The trade was a 8.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Zachary Nelson sold 8,442 shares of the business’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 sale, the director now directly owns 24,187 shares in the company, valued at approximately $442,622.10. This trade represents a 25.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,727,211 shares of company stock valued at $27,224,746. Corporate insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

Several large investors have recently added to or reduced their stakes in the company. Blue Trust Inc. raised its stake in Freshworks by 32.2% during the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock valued at $63,000 after purchasing an additional 954 shares during the period. Versor Investments LP raised its stake in Freshworks by 3.0% during the 4th quarter. Versor Investments LP now owns 34,400 shares of the company’s stock valued at $556,000 after purchasing an additional 1,000 shares during the period. Covestor Ltd raised its stake in Freshworks by 30.2% during the 4th quarter. Covestor Ltd now owns 4,686 shares of the company’s stock valued at $76,000 after purchasing an additional 1,087 shares during the period. Arizona State Retirement System raised its stake in Freshworks by 2.2% during the 4th quarter. Arizona State Retirement System now owns 51,704 shares of the company’s stock valued at $836,000 after purchasing an additional 1,103 shares during the period. Finally, Xponance Inc. raised its stake in Freshworks by 10.2% during the 4th quarter. Xponance Inc. now owns 14,847 shares of the company’s stock valued at $240,000 after purchasing an additional 1,369 shares during the period. 75.58% of the stock is owned by institutional investors and hedge funds.

About Freshworks

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.