Canaccord Genuity Group Issues Positive Forecast for Freshworks (NASDAQ:FRSH) Stock Price

Freshworks (NASDAQ:FRSH) had its target price boosted by equities research analysts at Canaccord Genuity Group from $17.00 to $19.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 13.64% from the company’s current price.

FRSH has been the subject of several other research reports. JPMorgan Chase & Co. dropped their price objective on shares of Freshworks from $19.00 to $17.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Barclays reduced their price target on shares of Freshworks from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 31st. Piper Sandler lifted their price target on shares of Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday. Jefferies Financial Group cut their target price on Freshworks from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Finally, Scotiabank dropped their price target on shares of Freshworks from $18.00 to $16.00 and set a “sector perform” rating for the company in a research note on Wednesday, July 31st. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.69.

Freshworks Stock Up 27.7 %

FRSH stock traded up $3.63 during trading on Thursday, hitting $16.72. 8,569,795 shares of the company’s stock traded hands, compared to its average volume of 2,714,785. The firm has a market capitalization of $5.05 billion, a P/E ratio of -47.54 and a beta of 0.72. The business has a fifty day simple moving average of $11.45 and a two-hundred day simple moving average of $12.60. Freshworks has a 1 year low of $10.81 and a 1 year high of $24.98.

Freshworks (NASDAQ:FRSH) last announced 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 15.72% and a negative return on equity of 9.08%. The firm had revenue of $186.58 million for the quarter, compared to analyst estimates of $181.50 million. On average, equities research analysts predict that Freshworks will post -0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $12.19, for a total transaction of $102,798.27. Following the transaction, the director now owns 23,497 shares of the company’s stock, valued at $286,428.43. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Roxanne S. Austin sold 6,303 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $11.22, for a total value of $70,719.66. Following the transaction, the director now owns 223,106 shares of the company’s stock, valued at approximately $2,503,249.32. This trade 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 Zachary Nelson sold 8,433 shares of the firm’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $12.19, for a total transaction of $102,798.27. Following the completion of the transaction, the director now directly owns 23,497 shares in the company, valued at approximately $286,428.43. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,456 shares of company stock valued at $530,102 over the last quarter. Company insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

A number of hedge funds have recently made changes to their positions in the business. Cornercap Investment Counsel Inc. purchased a new position in shares of Freshworks in the 3rd quarter valued at $250,000. GSA Capital Partners LLP boosted its holdings in shares of Freshworks by 89.4% in the 3rd quarter. GSA Capital Partners LLP now owns 97,910 shares of the company’s stock valued at $1,124,000 after buying an additional 46,204 shares during the period. Versor Investments LP bought a new stake in Freshworks in the 3rd quarter valued at about $383,000. State of New Jersey Common Pension Fund D lifted its position in Freshworks by 19.9% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 163,392 shares of the company’s stock valued at $1,876,000 after purchasing an additional 27,139 shares during the last quarter. Finally, Covestor Ltd lifted its position in Freshworks by 89.9% in the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after purchasing an additional 1,704 shares during the last quarter. Hedge funds and other institutional investors own 75.58% of the company’s stock.

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.