Freshworks Inc. (NASDAQ:FRSH) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Freshworks Inc. (NASDAQ:FRSH) has been given a consensus rating of “Moderate Buy” by the fourteen brokerages that are currently covering the firm, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $18.69.

Several research firms recently weighed in on FRSH. Piper Sandler boosted their target price on Freshworks from $13.00 to $18.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Robert W. Baird reduced their price objective on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Canaccord Genuity Group increased their target price on shares of Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Wells Fargo & Company boosted their price target on shares of Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Finally, JMP Securities raised their price objective on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th.

Insiders Place Their Bets

In other news, Director Barry L. Padgett sold 2,345 shares of the stock in a transaction that occurred on 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 directly owns 26,957 shares of the company’s stock, valued at approximately $466,356.10. This represents a 8.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the chairman now directly owns 551,137 shares of the company’s stock, valued at $8,862,282.96. This represents a 60.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,699,318 shares of company stock worth $26,614,569. 19.15% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of FRSH. Blue Trust Inc. boosted 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 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. Quarry LP boosted its holdings in Freshworks by 157.6% during the second quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after buying an additional 2,645 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in Freshworks during the third quarter worth about $57,000. Finally, International Assets Investment Management LLC acquired a new position in Freshworks during the second quarter worth about $58,000. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Freshworks Price Performance

Freshworks stock opened at $15.94 on Monday. The stock has a market cap of $4.83 billion, a PE ratio of -46.88 and a beta of 0.90. The stock’s fifty day moving average is $15.04 and its two-hundred day moving average is $13.02. Freshworks has a 1-year low of $10.81 and a 1-year high of $24.15.

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.