Freshworks (NASDAQ:FRSH) Price Target Raised to $19.00 at Scotiabank

Freshworks (NASDAQ:FRSH) had its target price upped by stock analysts at Scotiabank from $17.00 to $19.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Scotiabank’s price objective points to a potential upside of 6.20% from the stock’s previous close.

A number of other brokerages have also recently issued reports on FRSH. JMP Securities boosted their target price on shares of Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research report on Thursday, November 7th. Morgan Stanley boosted their price target on Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. Needham & Company LLC upped their price target on shares of Freshworks from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday. Barclays upped their target price on Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, Robert W. Baird decreased their price target on Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $21.07.

Freshworks Trading Up 0.2 %

Shares of Freshworks stock traded up $0.03 during trading on Wednesday, reaching $17.89. The stock had a trading volume of 4,992,246 shares, compared to its average volume of 4,009,498. Freshworks has a 52 week low of $10.81 and a 52 week high of $21.61. The stock has a fifty day moving average price of $16.94 and a two-hundred day moving average price of $14.05. The company has a market capitalization of $5.42 billion, a price-to-earnings ratio of -52.67 and a beta of 0.91.

Freshworks (NASDAQ:FRSH) last issued its earnings results 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, equities analysts forecast that Freshworks will post -0.35 EPS for the current fiscal year.

Insider Buying and Selling at Freshworks

In other Freshworks news, 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 value of $13,426,800.00. Following the sale, the chairman now directly owns 551,137 shares in the company, valued at $8,862,282.96. This represents a 60.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $18.30, for a total transaction of $154,488.60. Following the completion of the transaction, the director now owns 24,187 shares in the company, valued at approximately $442,622.10. This trade represents a 25.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,727,211 shares of company stock worth $27,224,746 in the last quarter. 19.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Freshworks

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Freshworks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company’s stock worth $405,283,000 after buying an additional 1,357,526 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Freshworks by 49.8% during the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock valued at $60,503,000 after acquiring an additional 1,752,995 shares in the last quarter. State Street Corp lifted its stake in Freshworks by 7.1% in the third quarter. State Street Corp now owns 4,729,093 shares of the company’s stock worth $54,290,000 after acquiring an additional 313,982 shares during the period. Geode Capital Management LLC boosted its holdings in Freshworks by 1.5% in the third quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company’s stock valued at $52,750,000 after acquiring an additional 66,342 shares in the last quarter. Finally, Franklin Resources Inc. increased its position in Freshworks by 18.1% during the 3rd quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock valued at $44,934,000 after purchasing an additional 604,658 shares during the period. 75.58% of the stock is currently owned by institutional investors.

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.