Freshworks (NASDAQ:FRSH) Price Target Raised to $23.00

Freshworks (NASDAQ:FRSH) had its target price hoisted by Canaccord Genuity Group from $19.00 to $23.00 in a research note issued to investors on Wednesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Other analysts have also issued reports about the company. Robert W. Baird dropped their price objective on Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Oppenheimer raised their price objective on Freshworks from $22.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday. Wells Fargo & Company lowered Freshworks from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $16.00 to $13.00 in a report on Tuesday, January 21st. Barclays raised their price objective on Freshworks from $14.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday. Finally, 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. One analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $21.07.

Freshworks Stock Down 2.2 %

Freshworks stock opened at $17.05 on Wednesday. The firm has a market cap of $5.16 billion, a price-to-earnings ratio of -50.15 and a beta of 0.91. Freshworks has a 52 week low of $10.81 and a 52 week high of $21.61. The business’s 50-day moving average price is $17.00 and its 200 day moving average price is $14.13.

Freshworks (NASDAQ:FRSH) last posted its earnings results on Tuesday, February 11th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative return on equity of 8.57% and a negative net margin of 14.80%. Equities analysts expect that Freshworks will post -0.35 EPS for the current year.

Insider Buying and Selling

In other Freshworks news, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $18.30, for a total value of $154,488.60. Following the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of Freshworks stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $16.08, for a total value of $13,426,800.00. Following the completion of the sale, the chairman now owns 551,137 shares in the company, valued at $8,862,282.96. This represents a 60.24 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,727,211 shares of company stock worth $27,224,746. 19.15% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Freshworks

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Comerica Bank raised its position in Freshworks by 8,787.0% in the fourth quarter. Comerica Bank now owns 84,338 shares of the company’s stock valued at $1,364,000 after purchasing an additional 83,389 shares during the period. PDT Partners LLC purchased a new stake in Freshworks in the fourth quarter valued at $566,000. Northern Trust Corp raised its position in Freshworks by 10.5% in the fourth quarter. Northern Trust Corp now owns 2,039,458 shares of the company’s stock valued at $32,978,000 after purchasing an additional 193,322 shares during the period. Tudor Investment Corp ET AL purchased a new stake in Freshworks in the fourth quarter valued at $7,619,000. Finally, Quarry LP grew its stake in shares of Freshworks by 47.8% in the fourth quarter. Quarry LP now owns 5,410 shares of the company’s stock valued at $87,000 after buying an additional 1,750 shares in the last quarter. Hedge funds and other institutional investors own 75.58% of the company’s stock.

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.