Freshworks (NASDAQ:FRSH) Price Target Raised to $19.00

Freshworks (NASDAQ:FRSH) had its price target hoisted by Morgan Stanley from $18.00 to $19.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

FRSH has been the subject of a number of other reports. JMP Securities upped their target price on shares of Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Thursday, November 7th. JPMorgan Chase & Co. upped their price objective on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Wells Fargo & Company lifted their target price on Freshworks from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 7th. Robert W. Baird reduced their price target on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Finally, Canaccord Genuity Group lifted their price objective on Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.08.

Freshworks Stock Up 4.0 %

NASDAQ FRSH opened at $16.77 on Monday. The company has a 50-day moving average price of $16.14 and a 200-day moving average price of $13.35. Freshworks has a 52 week low of $10.81 and a 52 week high of $23.64. The firm has a market capitalization of $5.08 billion, a P/E ratio of -49.32 and a beta of 0.88.

Insider Buying and Selling at Freshworks

In other news, 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 transaction of $40,568.50. Following the completion of the transaction, the director now owns 26,957 shares in the company, valued at $466,356.10. This trade represents a 8.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $15.49, for a total value of $72,570.65. Following the completion of the sale, the director now owns 37,286 shares in the company, valued at $577,560.14. This represents a 11.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,702,163 shares of company stock valued at $26,721,018 in the last three months. 19.15% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Blue Trust Inc. increased its position in Freshworks by 1,987.3% in the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock worth $38,000 after purchasing an additional 2,822 shares during the last quarter. Covestor Ltd increased its holdings in shares of Freshworks by 89.9% in the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after buying an additional 1,704 shares during the last quarter. Quarry LP raised its position in shares of Freshworks by 157.6% during the 2nd quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after buying an additional 2,645 shares in the last quarter. Point72 Hong Kong Ltd bought a new position in shares of Freshworks in the 3rd quarter valued at about $57,000. Finally, Amalgamated Bank grew its position in Freshworks by 29.1% in the second quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock worth $90,000 after acquiring an additional 1,588 shares in the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

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.