Wells Fargo & Company Raises Freshworks (NASDAQ:FRSH) Price Target to $16.00

Freshworks (NASDAQ:FRSH) had its price objective hoisted by research analysts at Wells Fargo & Company from $14.00 to $16.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential downside of 0.93% from the stock’s current price.

Other analysts have also issued research reports about the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Freshworks in a research report on Tuesday, December 17th. JPMorgan Chase & Co. lifted their target price on Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Robert W. Baird lowered their price target on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Canaccord Genuity Group boosted their price objective on shares of Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Piper Sandler increased their target price on shares of Freshworks from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Monday. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.00.

Freshworks Trading Up 0.1 %

Freshworks stock opened at $16.15 on Tuesday. The stock has a market cap of $4.89 billion, a P/E ratio of -47.50 and a beta of 0.88. The company has a 50-day moving average price of $15.68 and a 200 day moving average price of $13.21. Freshworks has a 12-month low of $10.81 and a 12-month high of $23.93.

Insider Transactions at Freshworks

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of the business’s 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 completion of the transaction, the director now owns 23,497 shares in the company, valued at $286,428.43. The trade was a 26.41 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $16.08, for a total transaction of $13,426,800.00. Following the completion of the sale, the chairman now owns 551,137 shares in the company, valued at $8,862,282.96. The trade was a 60.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,697,478 shares of company stock valued at $26,648,447. 19.15% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Freshworks

Large investors have recently bought and sold shares of the business. Blue Trust Inc. boosted 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 worth $38,000 after acquiring an additional 2,822 shares in the last quarter. Covestor Ltd boosted its holdings in Freshworks by 89.9% in the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after purchasing an additional 1,704 shares in the last quarter. Quarry LP increased its stake in Freshworks by 157.6% in the second quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after purchasing an additional 2,645 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in Freshworks during the third quarter worth approximately $57,000. Finally, Amalgamated Bank lifted its position in shares of Freshworks by 29.1% during the 2nd quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock worth $90,000 after buying an additional 1,588 shares during the last quarter. Hedge funds and other institutional investors 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.