Cantor Fitzgerald Issues Positive Forecast for Freshworks (NASDAQ:FRSH) Stock Price

Freshworks (NASDAQ:FRSH) had its price target hoisted by analysts at Cantor Fitzgerald from $18.00 to $22.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price would suggest a potential upside of 23.18% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. Robert W. Baird lowered their target price on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. JMP Securities lifted their price objective on shares of Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Thursday, November 7th. Morgan Stanley upped their target price on shares of Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. Piper Sandler lifted their price target on shares of Freshworks from $20.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Canaccord Genuity Group upped their price objective on shares of Freshworks from $19.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $20.86.

Freshworks Price Performance

FRSH opened at $17.86 on Wednesday. The stock has a market capitalization of $5.41 billion, a price-to-earnings ratio of -52.53 and a beta of 0.91. Freshworks has a 12 month low of $10.81 and a 12 month high of $22.14. The business has a 50-day moving average of $16.94 and a two-hundred day moving average of $14.05.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results 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 net margin of 14.80% and a negative return on equity of 8.57%. Equities research analysts anticipate that Freshworks will post -0.35 earnings per share for the current year.

Insider Activity at Freshworks

In other news, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $18.30, for a total value of $154,488.60. Following the transaction, the director now directly owns 24,187 shares of the company’s stock, valued at approximately $442,622.10. This represents a 25.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $16.08, for a total value of $13,426,800.00. Following the completion of the transaction, the chairman now owns 551,137 shares in the company, valued at $8,862,282.96. This trade represents a 60.24 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,727,211 shares of company stock valued at $27,224,746. Company insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Avion Wealth acquired a new stake in shares of Freshworks in the fourth quarter valued at about $26,000. Blue Trust Inc. increased 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 purchasing an additional 2,822 shares in the last quarter. Covestor Ltd lifted its holdings in Freshworks by 89.9% during the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after purchasing an additional 1,704 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in Freshworks by 102.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock valued at $71,000 after buying an additional 2,223 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in Freshworks during the third quarter worth about $57,000. Institutional investors and hedge funds own 75.58% of the company’s stock.

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.