Freshworks (NASDAQ:FRSH) Price Target Raised to $25.00

Freshworks (NASDAQ:FRSH) had its price objective upped by Needham & Company LLC from $20.00 to $25.00 in a research report sent to investors on Wednesday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other research analysts have also issued reports on the stock. Oppenheimer increased their price target 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. raised their price objective on shares of Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Piper Sandler raised their price objective on shares of Freshworks from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Robert W. Baird dropped their price objective on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Finally, Canaccord Genuity Group raised their price objective 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 research analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $21.07.

Freshworks Stock Down 2.2 %

NASDAQ:FRSH opened at $17.05 on Wednesday. Freshworks has a 12-month low of $10.81 and a 12-month high of $21.61. The firm has a market capitalization of $5.16 billion, a PE ratio of -50.15 and a beta of 0.91. The firm has a 50-day moving average price of $17.00 and a 200 day moving average price of $14.13.

Freshworks (NASDAQ:FRSH) last posted its quarterly 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 return on equity of 8.57% and a negative net margin of 14.80%. On average, research analysts expect that Freshworks will post -0.35 EPS for the current year.

Insider Transactions at Freshworks

In other news, Director Jennifer H. Taylor sold 4,690 shares of Freshworks stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $16.74, for a total transaction of $78,510.60. Following the transaction, the director now directly owns 36,689 shares of the company’s stock, valued at $614,173.86. This trade represents a 11.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of Freshworks stock in a transaction on Wednesday, December 18th. The stock was 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 in the company, valued at approximately $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. Insiders have sold a total of 1,727,211 shares of company stock valued at $27,224,746 over the last three months. 19.15% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Freshworks

A number of hedge funds and other institutional investors have recently made changes to their positions in FRSH. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Freshworks during the fourth quarter worth $61,530,000. Norges Bank acquired a new stake in shares of Freshworks during the fourth quarter worth $57,527,000. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of Freshworks during the fourth quarter worth $49,946,000. JPMorgan Chase & Co. increased its stake in Freshworks by 49.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock valued at $60,503,000 after buying an additional 1,752,995 shares during the last quarter. Finally, Topline Capital Management LLC acquired a new stake in Freshworks in the 4th quarter valued at $27,166,000. 75.58% of the stock is currently owned by institutional investors and hedge funds.

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.