Wells Fargo & Company Begins Coverage on Freshworks (NASDAQ:FRSH)

Wells Fargo & Company started coverage on shares of Freshworks (NASDAQ:FRSH) in a research report sent to investors on Wednesday, Marketbeat.com reports. The firm issued an equal weight rating and a $11.00 price objective on the stock.

A number of other research firms also recently issued reports on FRSH. Canaccord Genuity Group cut their price objective on shares of Freshworks from $20.00 to $17.00 and set a “buy” rating for the company in a report on Wednesday, July 10th. JPMorgan Chase & Co. cut their price target on Freshworks from $19.00 to $17.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Barclays lowered their price objective on Freshworks from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 31st. Jefferies Financial Group cut their target price on Freshworks from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Finally, StockNews.com cut Freshworks from a “buy” rating to a “hold” rating in a research report on Saturday, June 22nd. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $17.86.

Freshworks Stock Down 1.8 %

FRSH opened at $11.30 on Wednesday. Freshworks has a 12-month low of $10.81 and a 12-month high of $24.98. The business has a 50 day moving average of $11.39 and a 200-day moving average of $13.26. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of -28.25 and a beta of 0.73.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.02. The firm had revenue of $174.13 million during the quarter, compared to the consensus estimate of $169.05 million. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.08%. The business’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period last year, the business posted ($0.12) earnings per share. As a group, analysts expect that Freshworks will post -0.38 earnings per share for the current year.

Insider Activity at Freshworks

In other news, Director Jennifer H. Taylor sold 4,690 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $11.23, for a total transaction of $52,668.70. Following the completion of the transaction, the director now directly owns 35,853 shares in the company, valued at approximately $402,629.19. 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 accessible through the SEC website. In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $11.23, for a total value of $52,668.70. Following the completion of the transaction, the director now directly owns 35,853 shares in the company, valued at approximately $402,629.19. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $11.04, for a total transaction of $93,199.68. Following the transaction, the director now owns 23,497 shares in the company, valued at approximately $259,406.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 47,245 shares of company stock valued at $533,811 in the last quarter. Insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Creative Planning acquired a new stake in shares of Freshworks during the third quarter worth $482,000. Sapient Capital LLC boosted its position in Freshworks by 42.9% during the third quarter. Sapient Capital LLC now owns 14,326 shares of the company’s stock valued at $164,000 after acquiring an additional 4,303 shares during the last quarter. Exchange Traded Concepts LLC grew its holdings in Freshworks by 7.7% during the 3rd quarter. Exchange Traded Concepts LLC now owns 213,654 shares of the company’s stock worth $2,453,000 after acquiring an additional 15,186 shares during the period. Handelsbanken Fonder AB raised its position in shares of Freshworks by 34.8% in the 3rd quarter. Handelsbanken Fonder AB now owns 43,400 shares of the company’s stock worth $498,000 after acquiring an additional 11,200 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of Freshworks in the 3rd quarter worth about $260,000. Institutional investors own 75.58% of the company’s stock.

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.