Scotiabank Issues Positive Forecast for Freshworks (NASDAQ:FRSH) Stock Price

Freshworks (NASDAQ:FRSH) had its target price boosted by investment analysts at Scotiabank from $17.00 to $19.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s price objective indicates a potential upside of 9.01% from the stock’s previous close.

Several other research firms have also recently commented on FRSH. Oppenheimer raised their target price on shares of Freshworks from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday. JMP Securities raised their target price on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. raised their target price on shares of Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. Needham & Company LLC raised their target price on shares of Freshworks from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Barclays raised their target price on shares of Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $21.07.

Freshworks Stock Down 2.1 %

Shares of Freshworks stock opened at $17.43 on Wednesday. The firm has a market cap of $5.28 billion, a PE ratio of -51.26 and a beta of 0.91. Freshworks has a 12-month low of $10.81 and a 12-month high of $21.61. The company’s fifty day simple moving average is $16.97 and its two-hundred day simple moving average is $14.08.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share (EPS) 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%. As a group, sell-side analysts expect that Freshworks will post -0.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Freshworks news, Chairman Rathnagirish Mathrubootham sold 830,000 shares of Freshworks stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $15.33, for a total value of $12,723,900.00. Following the completion of the transaction, the chairman now directly owns 551,137 shares of the company’s stock, valued at approximately $8,448,930.21. The trade was a 60.10 % decrease in their ownership of the stock. The sale 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 Freshworks stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $16.74, for a total transaction of $78,510.60. Following the completion of the transaction, the director now directly owns 36,689 shares of the company’s stock, valued at $614,173.86. This trade represents 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 valued at $27,224,746. Insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

A number of large investors have recently made changes to their positions in FRSH. SG Americas Securities LLC bought a new stake in shares of Freshworks in the third quarter worth approximately $260,000. Sapient Capital LLC grew its stake in shares of Freshworks by 42.9% in the third quarter. Sapient Capital LLC now owns 14,326 shares of the company’s stock worth $164,000 after acquiring an additional 4,303 shares during the period. Creative Planning bought a new stake in shares of Freshworks in the third quarter worth approximately $482,000. Blue Trust Inc. grew its stake in shares of Freshworks by 1,987.3% in the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock worth $38,000 after acquiring an additional 2,822 shares during the period. Finally, Tempus Wealth Planning LLC bought a new stake in shares of Freshworks in the third quarter worth approximately $130,000. 75.58% of the stock is currently owned by institutional investors.

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.