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

Freshworks (NASDAQ:FRSH) had its price objective increased by Oppenheimer from $22.00 to $24.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

Other research analysts also recently issued reports about the company. JPMorgan Chase & Co. boosted their price target on Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Piper Sandler boosted their price target on Freshworks from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Robert W. Baird decreased their price target on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price target on shares of Freshworks in a report on Wednesday, January 15th. Finally, JMP Securities boosted their price target on Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, five have given 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 price target of $21.07.

Freshworks Stock Performance

Shares of FRSH stock opened at $17.80 on Wednesday. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $21.61. The stock’s 50-day simple moving average is $16.97 and its 200-day simple moving average is $14.08.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.10). Freshworks had a negative return on equity of 8.57% and a negative net margin of 14.80%. Equities analysts anticipate that Freshworks will post -0.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Barry L. Padgett sold 2,345 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total transaction of $40,568.50. Following the completion of the sale, the director now directly owns 26,957 shares in the company, valued at approximately $466,356.10. The trade was a 8.00 % 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 the SEC website. Also, Director Jennifer H. Taylor sold 4,690 shares of the company’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $16.74, for a total value of $78,510.60. Following the completion of the sale, the director now owns 36,689 shares of the company’s stock, valued at approximately $614,173.86. The trade was a 11.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,727,211 shares of company stock worth $27,224,746. 19.15% of the stock is owned by corporate insiders.

Institutional Trading of Freshworks

Several large investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN grew its holdings in Freshworks by 27.3% in the 4th quarter. Wells Fargo & Company MN now owns 146,276 shares of the company’s stock valued at $2,365,000 after buying an additional 31,405 shares in the last quarter. ExodusPoint Capital Management LP purchased a new stake in Freshworks in the 4th quarter valued at $1,750,000. Bryce Point Capital LLC purchased a new position in shares of Freshworks during the 4th quarter worth $571,000. Trexquant Investment LP grew its holdings in shares of Freshworks by 364.6% during the 4th quarter. Trexquant Investment LP now owns 915,887 shares of the company’s stock worth $14,810,000 after purchasing an additional 718,763 shares during the period. Finally, Headlands Technologies LLC purchased a new position in shares of Freshworks during the 4th quarter worth $1,401,000. 75.58% of the stock is currently owned by hedge funds and other 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.