Freshworks (NASDAQ:FRSH) Price Target Raised to $17.00

Freshworks (NASDAQ:FRSH) had its price target raised by Canaccord Genuity Group from $15.00 to $17.00 in a research note released on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Other analysts also recently issued research reports about the stock. Wall Street Zen upgraded shares of Freshworks from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. KeyCorp started coverage on shares of Freshworks in a research report on Monday, September 14th. They issued an “overweight” rating and a $18.00 target price on the stock. Zacks Research lowered shares of Freshworks from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 10th. Wolfe Research cut shares of Freshworks from an “outperform” rating to a “peer perform” rating in a research report on Wednesday. Finally, Cantor Fitzgerald lifted their target price on Freshworks from $15.00 to $20.00 and gave the stock an “overweight” rating in a research report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, Freshworks has a consensus rating of “Moderate Buy” and an average price target of $15.92.

Freshworks Price Performance

Shares of NASDAQ FRSH traded down $0.59 during midday trading on Wednesday, hitting $12.11. 5,446,919 shares of the company’s stock were exchanged, compared to its average volume of 7,619,666. Freshworks has a twelve month low of $6.79 and a twelve month high of $15.51. The company has a market cap of $3.16 billion, a PE ratio of 16.59, a P/E/G ratio of 9.47 and a beta of 0.80. The firm’s fifty day simple moving average is $13.45 and its 200-day simple moving average is $10.50.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.04. The firm had revenue of $245.43 million during the quarter, compared to the consensus estimate of $245.06 million. Freshworks had a return on equity of 5.52% and a net margin of 20.49%. The firm’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.16 earnings per share. Equities analysts anticipate that Freshworks will post 0.06 EPS for the current fiscal year.

Insider Activity at Freshworks

In other news, CAO Philippa Lawrence sold 52,767 shares of Freshworks stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $13.25, for a total value of $699,162.75. Following the transaction, the chief accounting officer directly owned 389,296 shares of the company’s stock, valued at $5,158,172. The trade was a 11.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 8.54% of the stock is owned by insiders.

Institutional Trading of Freshworks

Large investors have recently bought and sold shares of the business. Abel Hall LLC grew its position in Freshworks by 8.2% during the 3rd quarter. Abel Hall LLC now owns 11,283 shares of the company’s stock worth $144,000 after purchasing an additional 855 shares during the last quarter. Signaturefd LLC boosted its stake in shares of Freshworks by 8.7% during the third quarter. Signaturefd LLC now owns 11,479 shares of the company’s stock worth $147,000 after buying an additional 916 shares during the period. Parcion Private Wealth LLC grew its holdings in shares of Freshworks by 5.5% during the third quarter. Parcion Private Wealth LLC now owns 27,367 shares of the company’s stock worth $350,000 after buying an additional 1,417 shares during the last quarter. Sterling Capital Management LLC grew its holdings in shares of Freshworks by 7.5% during the third quarter. Sterling Capital Management LLC now owns 31,657 shares of the company’s stock worth $405,000 after buying an additional 2,218 shares during the last quarter. Finally, Provenance Wealth Advisors LLC acquired a new position in Freshworks in the 3rd quarter valued at about $28,000. Institutional investors and hedge funds own 75.58% of the company’s stock.

Freshworks Company Profile

Freshworks Inc (NASDAQ:FRSH) develops cloud-based customer and employee engagement software for businesses of various sizes. Its products are designed to help organizations manage customer support, IT service operations, sales activities, and marketing workflows through user-friendly, artificial intelligence-enabled applications.

The company’s product portfolio includes Freshdesk for customer service and support, Freshservice for IT and enterprise service management, Freshsales for customer relationship management, and Freshmarketer for marketing automation and customer engagement.