Piper Sandler Forecasts Strong Price Appreciation for Freshworks (NASDAQ:FRSH) Stock

Freshworks (NASDAQ:FRSH) had its price objective lifted by Piper Sandler from $18.00 to $20.00 in a research note issued to investors on Monday,Benzinga reports. They currently have an overweight rating on the stock.

Other equities research analysts have also issued research reports about the company. Robert W. Baird dropped their price target on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Wells Fargo & Company boosted their target price on Freshworks from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 target price on shares of Freshworks in a research note on Tuesday, December 17th. JMP Securities lifted their price target on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Thursday, November 7th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.85.

Freshworks Stock Performance

Freshworks stock opened at $16.33 on Monday. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $23.93. The stock has a market cap of $4.95 billion, a P/E ratio of -48.03 and a beta of 0.88. The firm’s fifty day moving average price is $15.60 and its 200-day moving average price is $13.18.

Insider Activity at Freshworks

In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the business’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $11.06, for a total transaction of $51,871.40. Following the transaction, the director now directly owns 36,689 shares of the company’s stock, valued at approximately $405,780.34. The trade was a 11.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mika Yamamoto sold 2,859 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $15.84, for a total transaction of $45,286.56. Following the completion of the sale, the insider now directly owns 400,249 shares of the company’s stock, valued at approximately $6,339,944.16. This represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,702,168 shares of company stock worth $26,700,318 in the last 90 days. Company insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in Freshworks by 49.8% in the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock worth $60,503,000 after purchasing an additional 1,752,995 shares during the period. M&G PLC bought a new stake in shares of Freshworks during the 3rd quarter valued at $9,094,000. Franklin Resources Inc. grew its position in shares of Freshworks by 18.1% in the 3rd quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock worth $44,934,000 after buying an additional 604,658 shares during the period. Invenomic Capital Management LP bought a new position in shares of Freshworks in the 3rd quarter worth about $5,260,000. Finally, State Street Corp lifted its position in Freshworks by 7.1% during the 3rd quarter. State Street Corp now owns 4,729,093 shares of the company’s stock valued at $54,290,000 after acquiring an additional 313,982 shares during the period. 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.