Freshworks (NASDAQ:FRSH) Price Target Raised to $24.00

Freshworks (NASDAQ:FRSH) had its price target increased by equities research analysts at JMP Securities from $21.00 to $24.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. JMP Securities’ price objective indicates a potential upside of 45.99% from the company’s current price.

Several other research analysts have also issued reports on the company. Scotiabank dropped their target price on Freshworks from $18.00 to $16.00 and set a “sector perform” rating for the company in a research report on Wednesday, July 31st. Piper Sandler raised their price target on Freshworks from $13.00 to $18.00 and gave the stock an “overweight” rating in a research note on Thursday. Barclays dropped their price objective on Freshworks from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Wednesday, July 31st. JPMorgan Chase & Co. reduced their target price on Freshworks from $19.00 to $17.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Finally, Cantor Fitzgerald lowered their target price on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Seven 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 an average rating of “Moderate Buy” and a consensus price target of $18.69.

Freshworks Price Performance

NASDAQ FRSH opened at $16.44 on Thursday. The business’s 50 day moving average price is $11.64 and its 200-day moving average price is $12.61. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $24.98.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Wednesday, November 6th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.01. The business had revenue of $186.58 million for the quarter, compared to the consensus estimate of $181.50 million. Freshworks had a negative net margin of 14.80% and a negative return on equity of 8.66%. On average, equities research analysts expect that Freshworks will post -0.38 earnings per share for the current year.

Insider Activity at Freshworks

In other news, Director Jennifer H. Taylor sold 4,685 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $11.17, for a total transaction of $52,331.45. Following the transaction, the director now directly owns 35,853 shares of the company’s stock, valued at approximately $400,478.01. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Jennifer H. Taylor sold 4,685 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $11.17, for a total value of $52,331.45. Following the sale, the director now owns 35,853 shares in the company, valued at $400,478.01. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $11.54, for a total value of $97,316.82. Following the transaction, the director now owns 22,530 shares of the company’s stock, valued at approximately $259,996.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 40,153 shares of company stock valued at $459,383 over the last quarter. 19.15% of the stock is owned by corporate insiders.

Institutional Trading of Freshworks

A number of hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its holdings in Freshworks by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock valued at $250,000 after buying an additional 1,160 shares in the last quarter. Private Advisor Group LLC acquired a new stake in shares of Freshworks during the 1st quarter valued at about $685,000. SG Americas Securities LLC purchased a new position in shares of Freshworks in the 1st quarter valued at about $179,000. Oppenheimer & Co. Inc. acquired a new position in Freshworks in the 1st quarter worth about $444,000. Finally, Swiss National Bank boosted its position in Freshworks by 7.6% during the first quarter. Swiss National Bank now owns 319,400 shares of the company’s stock worth $5,816,000 after purchasing an additional 22,500 shares in the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

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.