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

Shares of Freshworks Inc. (NASDAQ:FRSH) have been given a consensus recommendation of “Moderate Buy” by the seventeen brokerages that are presently covering the stock, Marketbeat reports. Six research analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $21.62.

FRSH has been the subject of a number of recent research reports. Canaccord Genuity Group upgraded Freshworks from a “hold” rating to a “buy” rating and lifted their target price for the company from $15.00 to $25.00 in a report on Wednesday, August 2nd. Oppenheimer boosted their price objective on Freshworks from $17.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 2nd. Robert W. Baird raised their target price on shares of Freshworks from $18.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, August 2nd. Scotiabank boosted their price target on shares of Freshworks from $14.00 to $20.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 2nd. Finally, Piper Sandler increased their price objective on shares of Freshworks from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Monday, July 31st.

Freshworks Stock Performance

Shares of FRSH opened at $22.30 on Tuesday. The company’s 50-day simple moving average is $19.39 and its 200-day simple moving average is $16.43. Freshworks has a 1 year low of $11.92 and a 1 year high of $23.09. The stock has a market capitalization of $6.55 billion, a PE ratio of -33.79 and a beta of 0.82.

Freshworks (NASDAQ:FRSH) last released its earnings results on Tuesday, August 1st. The company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.04. Freshworks had a negative net margin of 35.18% and a negative return on equity of 17.62%. The company had revenue of $145.08 million for the quarter, compared to analyst estimates of $141.22 million. On average, sell-side analysts predict that Freshworks will post -0.53 earnings per share for the current year.

Insider Transactions at Freshworks

In related news, Director Barry L. Padgett sold 6,566 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $21.63, for a total transaction of $142,022.58. Following the transaction, the director now owns 17,387 shares in the company, valued at approximately $376,080.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Freshworks news, Director Jennifer H. Taylor sold 7,028 shares of Freshworks stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $22.34, for a total value of $157,005.52. Following the transaction, the director now directly owns 25,836 shares in the company, valued at $577,176.24. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Barry L. Padgett sold 6,566 shares of the company’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $21.63, for a total transaction of $142,022.58. Following the completion of the sale, the director now directly owns 17,387 shares of the company’s stock, valued at $376,080.81. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 450,213 shares of company stock worth $9,123,021. Corporate insiders own 26.66% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. grew its stake in shares of Freshworks by 638.2% in the 4th quarter. Russell Investments Group Ltd. now owns 124,428 shares of the company’s stock valued at $1,830,000 after purchasing an additional 107,573 shares during the last quarter. Ieq Capital LLC increased its stake in Freshworks by 51.0% in the 1st quarter. Ieq Capital LLC now owns 313,029 shares of the company’s stock valued at $4,808,000 after buying an additional 105,722 shares during the period. CIBC Private Wealth Group LLC raised its position in Freshworks by 9.7% during the 1st quarter. CIBC Private Wealth Group LLC now owns 420,067 shares of the company’s stock worth $34,458,000 after buying an additional 36,974 shares during the last quarter. C M Bidwell & Associates Ltd. acquired a new stake in shares of Freshworks in the 1st quarter worth $35,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Freshworks by 34.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,295,297 shares of the company’s stock valued at $19,054,000 after acquiring an additional 330,608 shares in the last quarter. Institutional investors and hedge funds own 57.35% of the company’s stock.

Freshworks Company Profile

Freshworks Inc, a software development company, provides modern software-as-a-service products worldwide. It offers Freshdesk Support Desk that enables businesses to delight their customers at every service engagement touchpoint across traditional channels, including email, and modern channels, such as messaging and social media; Freshdesk Contact Center that offers agents with cloud-based telephony system to connect with customers that supports complex call-flows, number and call management, IVR, and routing needs, as well as live dashboard and reports; and Freshdesk Customer Success, which helps customer success managers at business to business (B2B) subscription companies.