Wells Fargo & Company Issues Positive Forecast for Freshworks (NASDAQ:FRSH) Stock Price

Freshworks (NASDAQ:FRSH) had its price objective hoisted by research analysts at Wells Fargo & Company from $11.00 to $14.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential downside of 14.84% from the company’s current price.

Several other equities analysts have also recently issued reports on the company. Barclays dropped their target price on Freshworks from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 31st. JPMorgan Chase & Co. cut their price objective on Freshworks from $19.00 to $17.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Jefferies Financial Group reduced their target price on Freshworks from $25.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Cantor Fitzgerald lowered their price target on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price target on shares of Freshworks in a report on Thursday. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.69.

Freshworks Stock Down 2.3 %

Freshworks stock traded down $0.38 during mid-day trading on Thursday, reaching $16.44. 10,459,693 shares of the company were exchanged, compared to its average volume of 3,578,957. The firm’s 50-day simple moving average is $11.64 and its two-hundred day simple moving average is $12.61. Freshworks has a twelve month low of $10.81 and a twelve month high of $24.98.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.01. Freshworks had a negative net margin of 14.80% and a negative return on equity of 8.66%. The firm had revenue of $186.58 million for the quarter, compared to analyst estimates of $181.50 million. As a group, research analysts expect that Freshworks will post -0.38 earnings per share for the current year.

Insider Buying and Selling at Freshworks

In other news, Director Jennifer H. Taylor sold 4,690 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $11.23, for a total transaction of $52,668.70. Following the sale, the director now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Jennifer H. Taylor sold 4,690 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $11.23, for a total transaction of $52,668.70. Following the transaction, the director now directly owns 35,853 shares in the company, valued at $402,629.19. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now directly 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 disclosure for this sale can be found here. In the last three months, insiders sold 40,153 shares of company stock worth $459,383. Insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Blue Trust Inc. grew its position in Freshworks by 1,987.3% during the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after acquiring an additional 2,822 shares during the period. Covestor Ltd grew its holdings in shares of Freshworks by 89.9% during the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after purchasing an additional 1,704 shares during the period. CWM LLC increased its position in Freshworks by 554.5% during the 2nd quarter. CWM LLC now owns 3,397 shares of the company’s stock worth $43,000 after purchasing an additional 2,878 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in Freshworks by 34.2% in the first quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock valued at $54,000 after buying an additional 757 shares during the period. Finally, Quarry LP lifted its position in Freshworks by 157.6% during the second quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after buying an additional 2,645 shares in the last quarter. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Freshworks Company Profile

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.