Piper Sandler Forecasts Strong Price Appreciation for Freshworks (NASDAQ:FRSH) Stock

Freshworks (NASDAQ:FRSH) had its price objective upped by research analysts at Piper Sandler from $13.00 to $18.00 in a report released on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target would suggest a potential upside of 37.51% from the company’s previous close.

Several other brokerages have also recently weighed in on FRSH. JPMorgan Chase & Co. lowered their price objective on shares of Freshworks from $19.00 to $17.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Wells Fargo & Company began coverage on Freshworks in a research report on Wednesday, October 16th. They set an “equal weight” rating and a $11.00 target price for the company. Scotiabank reduced their price objective on shares of Freshworks from $18.00 to $16.00 and set a “sector perform” rating on the stock in a research report on Wednesday, July 31st. Cantor Fitzgerald dropped their price objective on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Finally, Barclays decreased their price objective on Freshworks from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 31st. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.92.

Freshworks Stock Up 5.2 %

Shares of Freshworks stock opened at $13.09 on Thursday. Freshworks has a twelve month low of $10.81 and a twelve month high of $24.98. The company’s 50 day moving average is $11.45 and its 200 day moving average is $12.60. The company has a market cap of $3.95 billion, a price-to-earnings ratio of -37.40 and a beta of 0.72.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.01. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. The firm had revenue of $186.58 million for the quarter, compared to analysts’ expectations of $181.50 million. Sell-side analysts expect that Freshworks will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $11.04, for a total value of $93,199.68. Following the sale, the director now owns 23,497 shares in the company, valued at $259,406.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Freshworks news, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $11.04, for a total value of $93,199.68. Following the completion of the transaction, the director now owns 23,497 shares of the company’s stock, valued at approximately $259,406.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jennifer H. Taylor sold 4,690 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $11.23, for a total value of $52,668.70. Following the sale, the director now owns 35,853 shares in the company, valued at $402,629.19. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 46,456 shares of company stock valued at $530,102 over the last 90 days. Insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its stake in Freshworks by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock valued at $250,000 after acquiring an additional 1,160 shares in the last quarter. Private Advisor Group LLC acquired a new stake in shares of Freshworks during the 1st quarter worth approximately $685,000. SG Americas Securities LLC purchased a new stake in shares of Freshworks during the 1st quarter valued at approximately $179,000. Oppenheimer & Co. Inc. acquired a new stake in shares of Freshworks during the 1st quarter worth about $444,000. Finally, Swiss National Bank lifted its position in Freshworks by 7.6% in the first quarter. Swiss National Bank now owns 319,400 shares of the company’s stock valued at $5,816,000 after buying an additional 22,500 shares during the last quarter. Hedge funds and other institutional investors 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.