Cantor Fitzgerald Forecasts Strong Price Appreciation for Freshworks (NASDAQ:FRSH) Stock

Freshworks (NASDAQ:FRSH) had its price target raised by Cantor Fitzgerald from $18.00 to $22.00 in a research note published on Wednesday morning,Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the stock.

Several other equities analysts also recently issued reports on the company. Needham & Company LLC lifted their price objective on Freshworks from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday. Canaccord Genuity Group raised their target price on Freshworks from $19.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday. Barclays upped their price target on shares of Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Robert W. Baird lowered their price objective on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Finally, Morgan Stanley increased their price target on shares of Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. One research 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $21.07.

Freshworks Stock Down 0.3 %

FRSH opened at $17.80 on Wednesday. The firm’s 50-day simple moving average is $16.97 and its 200-day simple moving average is $14.08. Freshworks has a twelve month low of $10.81 and a twelve month high of $21.61.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) earnings per share 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 earnings per share for the current fiscal year.

Insider Activity at Freshworks

In other Freshworks news, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $18.30, for a total transaction of $154,488.60. Following the transaction, the director now directly owns 24,187 shares in the company, valued at approximately $442,622.10. The trade was a 25.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the stock in a transaction dated Wednesday, December 18th. The stock was 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 of the company’s stock, valued at $8,862,282.96. This trade represents a 60.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,727,211 shares of company stock worth $27,224,746. 19.15% of the stock is owned by insiders.

Hedge Funds Weigh In On Freshworks

Institutional investors and hedge funds have recently modified their holdings of the business. Arrowstreet Capital Limited Partnership bought a new position in Freshworks in the fourth quarter valued at approximately $61,530,000. Norges Bank acquired a new stake in shares of Freshworks during the fourth quarter worth $57,527,000. JPMorgan Chase & Co. lifted its position in Freshworks by 49.8% in the 3rd 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. Vanguard Group Inc. lifted its position in Freshworks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company’s stock valued at $405,283,000 after acquiring an additional 1,357,526 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Freshworks in the 4th quarter worth $20,666,000. 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.