Freshworks Inc. (NASDAQ:FRSH) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Freshworks Inc. (NASDAQ:FRSH) have been given a consensus rating of “Moderate Buy” by the fourteen research firms that are currently covering the stock, MarketBeat Ratings reports. Five analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $18.69.

Several analysts have recently issued reports on the stock. Canaccord Genuity Group reduced their target price on shares of Freshworks from $20.00 to $17.00 and set a “buy” rating for the company in a research note on Wednesday, July 10th. Barclays reduced their price objective on shares of Freshworks from $15.00 to $14.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 31st. Scotiabank dropped their target price on shares of Freshworks from $18.00 to $16.00 and set a “sector perform” rating on the stock in a research report on Wednesday, July 31st. Cantor Fitzgerald reduced their target price on Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Finally, StockNews.com lowered Freshworks from a “buy” rating to a “hold” rating in a report on Saturday, June 22nd.

Freshworks Price Performance

FRSH opened at $11.33 on Friday. Freshworks has a fifty-two week low of $10.96 and a fifty-two week high of $24.98. The firm has a market capitalization of $3.39 billion, a PE ratio of -28.33 and a beta of 0.73. The company’s 50-day moving average is $11.94 and its 200 day moving average is $14.17.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.06 by $0.02. The firm had revenue of $174.13 million during the quarter, compared to the consensus estimate of $169.05 million. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.12) earnings per share. As a group, analysts expect that Freshworks will post -0.38 EPS for the current year.

Insider Activity

In related news, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $11.60, for a total value of $97,927.20. Following the completion of the transaction, the director now directly owns 22,530 shares of the company’s stock, valued at approximately $261,348. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Barry L. Padgett sold 5,546 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $12.77, for a total transaction of $70,822.42. Following the sale, the director now owns 26,957 shares of the company’s stock, valued at approximately $344,240.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $11.60, for a total value of $97,927.20. Following the transaction, the director now directly owns 22,530 shares of the company’s stock, valued at approximately $261,348. The disclosure for this sale can be found here. Insiders have sold a total of 44,344 shares of company stock valued at $517,094 over the last quarter. Company insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

A number of large investors have recently modified their holdings of FRSH. Quarry LP increased its holdings in Freshworks by 157.6% during the 2nd quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after acquiring an additional 2,645 shares during the period. Clearline Capital LP purchased a new position in shares of Freshworks during the 2nd quarter valued at $916,000. Algert Global LLC bought a new position in shares of Freshworks in the second quarter worth $1,285,000. The Manufacturers Life Insurance Company raised its position in shares of Freshworks by 17.5% in the second quarter. The Manufacturers Life Insurance Company now owns 116,545 shares of the company’s stock worth $1,479,000 after buying an additional 17,325 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in Freshworks by 27.4% during the second quarter. AQR Capital Management LLC now owns 400,992 shares of the company’s stock valued at $5,089,000 after buying an additional 86,280 shares during the period. 75.58% of the stock is currently owned by 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.