Scotiabank Issues Positive Forecast for Freshworks (NASDAQ:FRSH) Stock Price

Freshworks (NASDAQ:FRSH) had its target price hoisted by Scotiabank from $17.00 to $19.00 in a research note issued to investors on Wednesday,Benzinga reports. Scotiabank currently has a sector perform rating on the stock.

FRSH has been the subject of a number of other research reports. Needham & Company LLC lifted their price objective on Freshworks from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Wednesday. Morgan Stanley upped their price objective 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. Barclays lifted their target price on Freshworks from $14.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday. Canaccord Genuity Group upped their price target on Freshworks from $19.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Robert W. Baird dropped their target price 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. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Freshworks presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.07.

Freshworks Trading Down 0.3 %

FRSH stock opened at $17.80 on Wednesday. The company’s 50 day simple moving average is $16.97 and its 200-day simple moving average is $14.08. Freshworks has a 12 month low of $10.81 and a 12 month high of $21.61.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Tuesday, February 11th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.10). Freshworks had a negative net margin of 14.80% and a negative return on equity of 8.57%. As a group, analysts predict that Freshworks will post -0.35 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Jennifer H. Taylor sold 4,690 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $16.74, for a total value of $78,510.60. Following the completion of the transaction, the director now directly owns 36,689 shares of the company’s stock, valued at $614,173.86. This represents a 11.33 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the business’s stock in a transaction on 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 transaction, 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 position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,727,211 shares of company stock valued at $27,224,746. Company insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Several large investors have recently bought and sold shares of the stock. SG Americas Securities LLC bought a new position in shares of Freshworks in the third quarter valued at approximately $260,000. Sapient Capital LLC boosted its stake in Freshworks by 42.9% during the 3rd quarter. Sapient Capital LLC now owns 14,326 shares of the company’s stock valued at $164,000 after purchasing an additional 4,303 shares in the last quarter. Creative Planning bought a new position in Freshworks during the 3rd quarter valued at $482,000. Blue Trust Inc. increased its position in shares of Freshworks by 1,987.3% during the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after purchasing an additional 2,822 shares during the period. Finally, Tempus Wealth Planning LLC bought a new stake in shares of Freshworks in the 3rd quarter worth $130,000. Institutional investors and hedge funds 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.