Freshworks (NASDAQ:FRSH) Price Target Raised to $24.00

Freshworks (NASDAQ:FRSH) had its price target raised by research analysts at Oppenheimer from $22.00 to $24.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s price target would suggest a potential upside of 34.38% from the stock’s current price.

A number of other research firms also recently commented on FRSH. Wells Fargo & Company downgraded 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 note on Tuesday, January 21st. 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 note on Thursday, November 7th. Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Freshworks in a research note on Wednesday, January 15th. JMP Securities raised their target price 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. Finally, Morgan Stanley raised 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. 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 company’s stock. According to MarketBeat, Freshworks currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.29.

Freshworks Price Performance

Shares of FRSH opened at $17.86 on Wednesday. The company has a market capitalization of $5.41 billion, a P/E ratio of -52.53 and a beta of 0.91. Freshworks has a one year low of $10.81 and a one year high of $22.14. The business’s 50 day simple moving average is $16.94 and its 200-day simple moving average is $14.05.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Tuesday, February 11th. The company reported ($0.02) 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, sell-side analysts anticipate that Freshworks will post -0.35 EPS for the current fiscal year.

Insider Buying and Selling at Freshworks

In other news, 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 transaction of $13,426,800.00. Following the transaction, the chairman now directly owns 551,137 shares of the company’s stock, valued at approximately $8,862,282.96. This trade represents a 60.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $18.30, for a total transaction of $154,488.60. Following the transaction, the director now directly owns 24,187 shares in the company, valued at $442,622.10. This represents a 25.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,727,211 shares of company stock valued at $27,224,746 in the last three months. 19.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FRSH. Avion Wealth bought a new position in shares of Freshworks during the fourth quarter worth approximately $26,000. Blue Trust Inc. increased its holdings in shares of Freshworks by 1,987.3% during 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 period. Covestor Ltd boosted its position in shares of Freshworks by 89.9% during the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after acquiring an additional 1,704 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Freshworks during the 3rd quarter worth approximately $57,000. Finally, Nisa Investment Advisors LLC boosted its position in shares of Freshworks by 102.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock worth $71,000 after acquiring an additional 2,223 shares in the last quarter. 75.58% of the stock is owned by 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.