Freshworks (NASDAQ:FRSH) Given New $24.00 Price Target at Piper Sandler

Freshworks (NASDAQ:FRSH) had its target price upped by Piper Sandler from $20.00 to $24.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also recently weighed in on FRSH. Morgan Stanley upped their price objective on shares of 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 cut shares of Freshworks from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $16.00 to $13.00 in a research report on Tuesday, January 21st. Oppenheimer upped their price objective on shares of Freshworks from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday. JPMorgan Chase & Co. upped their price objective on shares of Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. Finally, Canaccord Genuity Group upped their target price on shares of Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.07.

Freshworks Trading Down 0.3 %

FRSH opened at $17.80 on Wednesday. The firm has a fifty day moving average price of $16.97 and a 200 day moving average price of $14.08. Freshworks has a 1 year low of $10.81 and a 1 year high of $21.61.

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

Insider Activity at Freshworks

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $15.85, for a total value of $133,663.05. Following the transaction, the director now owns 24,187 shares of the company’s stock, valued at $383,363.95. This represents a 25.85 % 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 company’s stock in a transaction dated Tuesday, December 17th. The shares were 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 directly owns 26,957 shares in the company, valued at $466,356.10. The trade was a 8.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,727,211 shares of company stock valued at $27,224,746. 19.15% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Avion Wealth acquired a new position in Freshworks in the fourth quarter valued at about $26,000. Blue Trust Inc. boosted its stake in shares of Freshworks by 1,987.3% in the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after purchasing an additional 2,822 shares during the period. Covestor Ltd boosted its stake in shares of 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 during the period. National Bank of Canada FI boosted its stake in shares of Freshworks by 1,385.8% in the fourth quarter. National Bank of Canada FI now owns 3,967 shares of the company’s stock valued at $64,000 after purchasing an additional 3,700 shares during the period. Finally, Nisa Investment Advisors LLC boosted its stake in shares of 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 purchasing an additional 2,223 shares during the period. Institutional investors and hedge funds 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.