Freshworks Inc. (NASDAQ:FRSH) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Freshworks Inc. (NASDAQ:FRSH) has earned an average recommendation of “Moderate Buy” from the fifteen brokerages that are presently covering the firm, MarketBeat reports. Six analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $19.40.

A number of research firms have commented on FRSH. JPMorgan Chase & Co. lowered their target price on shares of Freshworks from $19.00 to $17.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. StockNews.com downgraded Freshworks from a “buy” rating to a “hold” rating in a report on Saturday, June 22nd. Morgan Stanley reduced their target price on Freshworks from $22.00 to $18.00 and set an “equal weight” rating on the stock in a report on Thursday, May 2nd. Robert W. Baird cut Freshworks from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $28.00 to $16.00 in a research note on Thursday, May 2nd. Finally, 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 note on Wednesday, July 31st.

Freshworks Stock Up 1.6 %

Freshworks stock opened at $12.14 on Tuesday. The business’s 50-day simple moving average is $12.35 and its 200 day simple moving average is $15.31. The stock has a market cap of $3.63 billion, a price-to-earnings ratio of -30.35 and a beta of 0.74. Freshworks has a 12-month low of $10.96 and a 12-month high of $24.98.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Tuesday, July 30th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.02. The company had revenue of $174.13 million for the quarter, compared to analyst estimates of $169.05 million. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.08%. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.12) EPS. As a group, sell-side analysts expect that Freshworks will post -0.34 EPS for the current year.

Insider Activity

In related news, Director Barry L. Padgett sold 5,546 shares of Freshworks stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $12.77, for a total value of $70,822.42. Following the sale, the director now owns 26,957 shares of the company’s stock, valued at approximately $344,240.89. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Roxanne S. Austin sold 6,303 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $11.22, for a total value of $70,719.66. Following the completion of the transaction, the director now owns 223,106 shares of the company’s stock, valued at $2,503,249.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Barry L. Padgett sold 5,546 shares of Freshworks stock in a transaction on Monday, July 1st. The shares were sold at an average price of $12.77, for a total transaction of $70,822.42. Following the completion of the sale, the director now owns 26,957 shares in the company, valued at $344,240.89. The disclosure for this sale can be found here. Insiders have sold a total of 46,703 shares of company stock worth $565,971 over the last three months. Corporate insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

A number of hedge funds and other institutional investors have recently modified their holdings of FRSH. CWM LLC boosted its position in Freshworks by 554.5% during the second quarter. CWM LLC now owns 3,397 shares of the company’s stock valued at $43,000 after purchasing an additional 2,878 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in shares of Freshworks by 34.2% in the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock valued at $54,000 after buying an additional 757 shares during the last quarter. Quarry LP grew its stake in shares of Freshworks by 157.6% in the second quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after buying an additional 2,645 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Freshworks during the second quarter worth $58,000. Finally, EntryPoint Capital LLC bought a new stake in Freshworks during the first quarter worth $82,000. Institutional investors and hedge funds 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.