Piper Sandler Issues Positive Forecast for Freshworks (NASDAQ:FRSH) Stock Price

Freshworks (NASDAQ:FRSH) had its target price lifted by Piper Sandler from $13.00 to $18.00 in a report issued on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other brokerages have also recently weighed in on FRSH. Canaccord Genuity Group reduced their price target on Freshworks from $20.00 to $17.00 and set a “buy” rating for the company in a research report on Wednesday, July 10th. Cantor Fitzgerald reduced their target price on Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Wells Fargo & Company initiated coverage on shares of Freshworks in a report on Wednesday, October 16th. They issued an “equal weight” rating and a $11.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price objective on shares of Freshworks in a research note on Thursday. Finally, Jefferies Financial Group lowered their target price on shares of Freshworks from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $18.69.

Freshworks Stock Down 2.3 %

Freshworks stock traded down $0.38 during midday trading on Thursday, reaching $16.44. The stock had a trading volume of 9,375,092 shares, compared to its average volume of 2,787,160. The firm has a market capitalization of $4.97 billion, a PE ratio of -49.47 and a beta of 0.72. Freshworks has a 12 month low of $10.81 and a 12 month high of $24.98. The firm’s 50-day moving average price is $11.55 and its 200 day moving average price is $12.63.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.01. The company had revenue of $186.58 million for the quarter, compared to analyst estimates of $181.50 million. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.08%. Equities research analysts expect that Freshworks will post -0.38 EPS for the current year.

Insider Activity at Freshworks

In other news, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction 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 completion of the sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Zachary Nelson sold 8,433 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $11.54, for a total transaction of $97,316.82. Following the completion of the sale, the director now directly owns 22,530 shares in the company, valued at $259,996.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jennifer H. Taylor sold 4,690 shares of Freshworks stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $11.23, for a total value of $52,668.70. Following the completion of the transaction, the director now directly owns 35,853 shares in the company, valued at $402,629.19. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 40,153 shares of company stock valued at $459,383. Corporate insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of FRSH. Capital International Investors bought a new stake in shares of Freshworks during the 1st quarter valued at about $59,311,000. Clearbridge Investments LLC lifted its holdings in Freshworks by 107.4% in the first quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock worth $73,764,000 after buying an additional 2,097,280 shares during the period. Vanguard Group Inc. boosted its position in Freshworks by 6.8% during the 1st quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock valued at $385,525,000 after acquiring an additional 1,354,530 shares in the last quarter. M&G PLC purchased a new position in shares of Freshworks during the 3rd quarter worth approximately $9,094,000. Finally, Stanley Laman Group Ltd. purchased a new position in shares of Freshworks during the 2nd quarter worth approximately $9,133,000. 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.