Freshworks (NASDAQ:FRSH) Price Target Raised to $20.00

Freshworks (NASDAQ:FRSH) had its price objective upped by Cantor Fitzgerald from $15.00 to $20.00 in a research report sent to investors on Wednesday, Marketbeat Ratings reports. Cantor Fitzgerald currently has an overweight rating on the stock.

A number of other analysts have also recently issued reports on the company. Oppenheimer restated a “market perform” rating on shares of Freshworks in a research report on Wednesday. KeyCorp initiated coverage on Freshworks in a research report on Monday, September 14th. They issued an “overweight” rating and a $18.00 target price for the company. Wells Fargo & Company lifted their price target on shares of Freshworks from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 28th. Piper Sandler boosted their price target on shares of Freshworks from $10.00 to $12.00 and gave the company a “neutral” rating in a report on Wednesday, August 5th. Finally, Zacks Research lowered shares of Freshworks from a “strong-buy” rating to a “hold” rating in a report on Friday, July 10th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $15.92.

Freshworks Trading Down 4.6%

FRSH stock traded down $0.59 during trading on Wednesday, reaching $12.11. 5,446,919 shares of the stock were exchanged, compared to its average volume of 7,619,666. Freshworks has a twelve month low of $6.79 and a twelve month high of $15.51. The company has a market capitalization of $3.16 billion, a P/E ratio of 16.59, a price-to-earnings-growth ratio of 9.47 and a beta of 0.80. The stock has a 50 day simple moving average of $13.45 and a 200-day simple moving average of $10.50.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings results on Tuesday, November 3rd. The company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.18 by $0.04. Freshworks had a return on equity of 5.52% and a net margin of 20.49%. The firm had revenue of $245.43 million during the quarter, compared to analysts’ expectations of $245.06 million. During the same quarter in the prior year, the firm posted $0.16 EPS. The company’s revenue for the quarter was up 14.1% on a year-over-year basis. Equities analysts predict that Freshworks will post 0.06 EPS for the current year.

Insider Buying and Selling at Freshworks

In other news, CAO Philippa Lawrence sold 3,492 shares of the company’s stock in a transaction that occurred on Monday, October 5th. The stock was sold at an average price of $12.98, for a total value of $45,326.16. Following the sale, the chief accounting officer directly owned 379,639 shares in the company, valued at approximately $4,927,714.22. This represents a 0.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 8.54% of the company’s stock.

Institutional Trading of Freshworks

Several institutional investors have recently bought and sold shares of FRSH. Provenance Wealth Advisors LLC bought a new stake in Freshworks in the third quarter valued at $28,000. Root Financial Partners LLC bought a new position in shares of Freshworks during the third quarter valued at $29,000. Nykredit A S bought a new position in shares of Freshworks during the second quarter valued at $28,000. Summit Securities Group LLC boosted its stake in shares of Freshworks by 186.3% in the 1st quarter. Summit Securities Group LLC now owns 6,043 shares of the company’s stock valued at $49,000 after purchasing an additional 3,932 shares in the last quarter. Finally, Meeder Asset Management Inc. boosted its stake in shares of Freshworks by 164.0% in the 1st quarter. Meeder Asset Management Inc. now owns 6,156 shares of the company’s stock valued at $49,000 after purchasing an additional 3,824 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

Freshworks Company Profile

Freshworks Inc (NASDAQ:FRSH) develops cloud-based customer and employee engagement software for businesses of various sizes. Its products are designed to help organizations manage customer support, IT service operations, sales activities, and marketing workflows through user-friendly, artificial intelligence-enabled applications.

The company’s product portfolio includes Freshdesk for customer service and support, Freshservice for IT and enterprise service management, Freshsales for customer relationship management, and Freshmarketer for marketing automation and customer engagement.