Freshworks Inc. (NASDAQ:FRSH) Receives $19.07 Average Target Price from Brokerages

Freshworks Inc. (NASDAQ:FRSH) has been assigned an average recommendation of “Moderate Buy” from the fourteen research firms that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $21.07.

Several brokerages recently weighed in on FRSH. Cantor Fitzgerald increased their price objective on Freshworks from $18.00 to $22.00 and gave the stock an “overweight” rating in a research report on Wednesday. Canaccord Genuity Group increased their price objective on Freshworks from $19.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday. Morgan Stanley increased their price objective on Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research report on Monday, January 13th. Wells Fargo & Company lowered Freshworks from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $16.00 to $13.00 in a research report on Tuesday, January 21st. Finally, Scotiabank increased their price objective on Freshworks from $17.00 to $19.00 and gave the stock a “sector perform” rating in a research report on Wednesday.

Insiders Place Their Bets

In related news, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $16.08, for a total transaction 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Barry L. Padgett sold 2,345 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total value of $40,568.50. Following the transaction, the director now directly owns 26,957 shares in the company, valued at approximately $466,356.10. This represents a 8.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,727,211 shares of company stock valued at $27,224,746. 19.15% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Freshworks

A number of hedge funds have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board lifted its position in shares of Freshworks by 273.0% during the 4th quarter. Canada Pension Plan Investment Board now owns 352,900 shares of the company’s stock valued at $5,706,000 after acquiring an additional 258,300 shares during the period. Marshall Wace LLP lifted its position in shares of Freshworks by 5,065.5% during the 4th quarter. Marshall Wace LLP now owns 816,978 shares of the company’s stock valued at $13,211,000 after acquiring an additional 801,162 shares during the period. AlpInvest Partners B.V. lifted its position in shares of Freshworks by 3.7% during the 4th quarter. AlpInvest Partners B.V. now owns 72,515 shares of the company’s stock valued at $1,173,000 after acquiring an additional 2,601 shares during the period. XTX Topco Ltd acquired a new stake in shares of Freshworks during the 4th quarter valued at approximately $480,000. Finally, Mariner LLC lifted its position in shares of Freshworks by 51.2% during the 4th quarter. Mariner LLC now owns 15,153 shares of the company’s stock valued at $245,000 after acquiring an additional 5,131 shares during the period. Institutional investors and hedge funds own 75.58% of the company’s stock.

Freshworks Trading Down 2.1 %

NASDAQ:FRSH opened at $17.43 on Tuesday. Freshworks has a 12 month low of $10.81 and a 12 month high of $21.61. The stock has a 50 day moving average of $16.97 and a two-hundred day moving average of $14.08. The firm has a market cap of $5.28 billion, a P/E ratio of -51.26 and a beta of 0.91.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative return on equity of 8.57% and a negative net margin of 14.80%. On average, research analysts forecast that Freshworks will post -0.35 earnings per share for the current year.

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.