Freshworks (NASDAQ:FRSH) PT Raised to $25.00

Freshworks (NASDAQ:FRSH) had its target price lifted by research analysts at JPMorgan Chase & Co. from $21.00 to $25.00 in a report issued on Friday, MarketBeat reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 14.16% from the stock’s current price.

FRSH has been the topic of a number of other reports. Morgan Stanley boosted their price objective on shares of Freshworks from $17.00 to $22.00 and gave the company an “equal weight” rating in a report on Wednesday, August 2nd. Scotiabank upped their price target on shares of Freshworks from $20.00 to $21.00 and gave the company a “sector perform” rating in a report on Friday. StockNews.com assumed coverage on shares of Freshworks in a report on Thursday, August 17th. They issued a “hold” rating on the stock. JMP Securities upped their price target on shares of Freshworks from $23.00 to $25.00 and gave the company an “outperform” rating in a report on Wednesday, August 2nd. Finally, Barclays increased their target price on shares of Freshworks from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Friday. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Freshworks has an average rating of “Moderate Buy” and a consensus price target of $23.31.

Freshworks Stock Performance

Shares of NASDAQ FRSH opened at $21.90 on Friday. The firm has a market capitalization of $6.43 billion, a price-to-earnings ratio of -33.18 and a beta of 0.82. The stock has a 50 day moving average price of $19.82 and a 200 day moving average price of $16.62. Freshworks has a 52-week low of $11.92 and a 52-week high of $23.80.

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

Insider Activity

In other Freshworks news, Director Zachary Nelson sold 21,463 shares of the business’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $17.57, for a total value of $377,104.91. Following the completion of the transaction, the director now owns 14,924 shares in the company, valued at $262,214.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $15.99, for a total transaction of $74,913.15. Following the completion of the transaction, the director now owns 17,816 shares in the company, valued at $284,877.84. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Zachary Nelson sold 21,463 shares of the business’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $17.57, for a total transaction of $377,104.91. Following the completion of the sale, the director now directly owns 14,924 shares of the company’s stock, valued at $262,214.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 433,434 shares of company stock valued at $8,913,146. 26.66% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Freshworks

Institutional investors and hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. raised its holdings in shares of Freshworks by 638.2% in the fourth quarter. Russell Investments Group Ltd. now owns 124,428 shares of the company’s stock valued at $1,830,000 after buying an additional 107,573 shares during the last quarter. Ieq Capital LLC raised its holdings in Freshworks by 51.0% during the first quarter. Ieq Capital LLC now owns 313,029 shares of the company’s stock worth $4,808,000 after purchasing an additional 105,722 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in Freshworks by 9.7% during the first quarter. CIBC Private Wealth Group LLC now owns 420,067 shares of the company’s stock worth $34,458,000 after purchasing an additional 36,974 shares in the last quarter. DC Investments Management LLC purchased a new position in Freshworks during the first quarter worth about $290,000. Finally, C M Bidwell & Associates Ltd. acquired a new position in Freshworks during the first quarter worth about $35,000. 57.35% of the stock is owned by hedge funds and other institutional investors.

About Freshworks

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.