Freshworks (NASDAQ:FRSH) Shares Gap Up – Should You Buy?

Freshworks Inc. (NASDAQ:FRSH)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $15.98, but opened at $16.58. Freshworks shares last traded at $16.59, with a volume of 641,465 shares traded.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Robert W. Baird cut their price objective on 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 lifted their target price on shares of Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price target on shares of Freshworks in a research note on Thursday, November 7th. Piper Sandler boosted their price objective on shares of Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Finally, Wells Fargo & Company lifted 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. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.69.

Freshworks Stock Performance

The firm’s fifty day simple moving average is $13.23 and its 200 day simple moving average is $12.63. The stock has a market capitalization of $4.94 billion, a P/E ratio of -47.00 and a beta of 0.90.

Insiders Place Their Bets

In other news, Director Jennifer H. Taylor sold 4,685 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $11.17, for a total transaction of $52,331.45. Following the completion of the transaction, the director now directly owns 35,853 shares of the company’s stock, valued at $400,478.01. This represents a 11.56 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Zachary Nelson sold 8,433 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $12.19, for a total value of $102,798.27. Following the sale, the director now owns 23,497 shares in the company, valued at approximately $286,428.43. This represents a 26.41 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,250 shares of company stock worth $300,201. Company insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

Several hedge funds have recently added to or reduced their stakes in the business. California State Teachers Retirement System grew its stake in Freshworks by 0.5% in the first quarter. California State Teachers Retirement System now owns 161,706 shares of the company’s stock worth $2,945,000 after purchasing an additional 831 shares during the period. CWM LLC lifted its stake in shares of Freshworks by 554.5% during the 2nd quarter. CWM LLC now owns 3,397 shares of the company’s stock valued at $43,000 after buying an additional 2,878 shares in the last quarter. Renaissance Capital LLC grew its holdings in Freshworks by 72.0% during the 2nd quarter. Renaissance Capital LLC now owns 181,789 shares of the company’s stock valued at $2,307,000 after buying an additional 76,092 shares in the last quarter. Diversified Trust Co grew its holdings in shares of Freshworks by 22.4% in the second quarter. Diversified Trust Co now owns 57,026 shares of the company’s stock valued at $724,000 after purchasing an additional 10,450 shares in the last quarter. Finally, Stanley Laman Group Ltd. purchased a new position in shares of Freshworks during the 2nd quarter worth about $9,133,000. 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.