Freshworks (NASDAQ:FRSH) Price Target Raised to $24.00 at Piper Sandler

Freshworks (NASDAQ:FRSH) had its price objective raised by equities researchers at Piper Sandler from $20.00 to $24.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s target price suggests a potential upside of 34.38% from the company’s current price.

Several other research firms also recently commented on FRSH. JMP Securities lifted their target price on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Canaccord Genuity Group lifted their price target on shares of Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. JPMorgan Chase & Co. increased their price objective on Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Oppenheimer lifted their target price on Freshworks from $22.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Barclays upped their price target on Freshworks from $14.00 to $20.00 and gave the company an “equal weight” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.29.

Freshworks Stock Performance

NASDAQ FRSH opened at $17.86 on Wednesday. The firm’s fifty day moving average price is $16.94 and its two-hundred day moving average price is $14.05. The stock has a market cap of $5.41 billion, a PE ratio of -52.53 and a beta of 0.91. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $22.14.

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 analysts’ consensus estimates of $0.08 by ($0.10). Freshworks had a negative return on equity of 8.57% and a negative net margin of 14.80%. As a group, sell-side analysts predict that Freshworks will post -0.35 earnings per share for the current fiscal year.

Insider Transactions at Freshworks

In other Freshworks news, Director Johanna Flower sold 21,400 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $18.00, for a total transaction of $385,200.00. Following the completion of the sale, the director now directly owns 41,491 shares of the company’s stock, valued at approximately $746,838. The trade was a 34.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Rathnagirish Mathrubootham sold 830,000 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $15.33, for a total value of $12,723,900.00. Following the completion of the transaction, the chairman now owns 551,137 shares in the company, valued at $8,448,930.21. This represents a 60.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,727,211 shares of company stock valued at $27,224,746 over the last ninety days. 19.15% of the stock is owned by company insiders.

Hedge Funds Weigh In On Freshworks

A number of hedge funds have recently bought and sold shares of FRSH. Avion Wealth bought a new position in shares of Freshworks during the fourth quarter valued at about $26,000. Blue Trust Inc. increased its stake in Freshworks by 1,987.3% in the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after buying an additional 2,822 shares during the last quarter. Covestor Ltd increased its stake 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 buying an additional 1,704 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Freshworks by 102.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock worth $71,000 after buying an additional 2,223 shares in the last quarter. Finally, Point72 Hong Kong Ltd purchased a new position in shares of Freshworks in the 3rd quarter worth approximately $57,000. 75.58% of the stock is owned by hedge funds and other institutional investors.

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.