Freshworks (NASDAQ:FRSH) Shares Gap Up After Analyst Upgrade

Freshworks Inc. (NASDAQ:FRSH) gapped up before the market opened on Wednesday after Cantor Fitzgerald raised their price target on the stock from $18.00 to $22.00. The stock had previously closed at $17.86, but opened at $18.76. Cantor Fitzgerald currently has an overweight rating on the stock. Freshworks shares last traded at $17.56, with a volume of 2,521,088 shares trading hands.

Several other research analysts have also recently weighed in on the company. Needham & Company LLC lifted their price target on Freshworks from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday. JMP Securities raised their price objective on Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Thursday, November 7th. JPMorgan Chase & Co. increased their target price on Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Barclays boosted their price target on shares of Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Morgan Stanley raised their price target on shares of Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.86.

Insider Buying and Selling at Freshworks

In related news, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction that occurred 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 represents a 25.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $16.08, for a total transaction of $13,426,800.00. Following the completion of the sale, the chairman now directly owns 551,137 shares in the company, valued at approximately $8,862,282.96. This represents a 60.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,727,211 shares of company stock valued at $27,224,746 in the last three months. 19.15% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Freshworks

Institutional investors have recently added to or reduced their stakes in the business. Avion Wealth purchased a new stake in Freshworks in the fourth quarter valued at $26,000. Blue Trust Inc. lifted its stake in Freshworks by 1,987.3% in the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after buying an additional 2,822 shares during the last quarter. Covestor Ltd boosted its holdings in shares of Freshworks by 89.9% in the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after acquiring an additional 1,704 shares during the period. Point72 Hong Kong Ltd acquired a new position in shares of Freshworks in the 3rd quarter valued at $57,000. Finally, Nisa Investment Advisors LLC raised its position in Freshworks by 102.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock valued at $71,000 after purchasing an additional 2,223 shares during the last quarter. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Freshworks Trading Down 1.6 %

The stock has a market cap of $5.32 billion, a price-to-earnings ratio of -51.85 and a beta of 0.91. The stock’s 50 day moving average is $16.94 and its two-hundred day moving average is $14.05.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data 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 return on equity of 8.57% and a negative net margin of 14.80%. On average, sell-side analysts predict that Freshworks Inc. will post -0.35 EPS for the current year.

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.