Freshworks (NASDAQ:FRSH) Stock Price Expected to Rise, Piper Sandler Analyst Says

Freshworks (NASDAQ:FRSH) had its target price boosted by Piper Sandler from $13.00 to $18.00 in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other equities research analysts have also recently commented on the company. Cantor Fitzgerald cut their target price on Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Barclays reduced their price objective on shares of Freshworks from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 31st. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of Freshworks in a research note on Thursday. JPMorgan Chase & Co. cut their price target on shares of Freshworks from $19.00 to $17.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. Finally, Scotiabank decreased their price objective on shares of Freshworks from $18.00 to $16.00 and set a “sector perform” rating for the company in a report on Wednesday, July 31st. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $18.69.

Freshworks Price Performance

NASDAQ FRSH traded down $0.38 during trading hours on Thursday, reaching $16.44. 9,375,092 shares of the company’s stock traded hands, compared to its average volume of 2,787,160. The firm has a market cap of $4.97 billion, a PE ratio of -49.47 and a beta of 0.72. Freshworks has a 52-week low of $10.81 and a 52-week high of $24.98. The firm has a 50-day simple moving average of $11.55 and a 200 day simple moving average of $12.63.

Freshworks (NASDAQ:FRSH) last released its earnings results on Wednesday, November 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.01. The firm had revenue of $186.58 million during the quarter, compared to analyst estimates of $181.50 million. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.08%. Sell-side analysts forecast that Freshworks will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $11.54, for a total transaction of $97,316.82. Following the completion of the sale, the director now owns 22,530 shares of the company’s stock, valued at $259,996.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Zachary Nelson sold 8,433 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $11.54, for a total value of $97,316.82. Following the completion of the sale, the director now directly owns 22,530 shares of the company’s stock, valued at $259,996.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $11.17, for a total transaction of $52,331.45. Following the sale, the director now owns 35,853 shares in the company, valued at $400,478.01. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 40,153 shares of company stock valued at $459,383. 19.15% of the stock is owned by insiders.

Institutional Trading of Freshworks

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Capital International Investors bought a new position in Freshworks in the 1st quarter worth approximately $59,311,000. Clearbridge Investments LLC lifted its holdings in shares of Freshworks by 107.4% in the first quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock worth $73,764,000 after buying an additional 2,097,280 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Freshworks by 6.8% in the first quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock worth $385,525,000 after buying an additional 1,354,530 shares in the last quarter. M&G PLC bought a new position in shares of Freshworks during the third quarter worth $9,094,000. Finally, Stanley Laman Group Ltd. purchased a new position in Freshworks during the second quarter valued at $9,133,000. 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.