Freshworks (NASDAQ:FRSH) Trading Up 2.4% Following Analyst Upgrade

Freshworks Inc. (NASDAQ:FRSH)’s share price was up 2.4% during trading on Friday after Piper Sandler raised their price target on the stock from $27.00 to $28.00. Piper Sandler currently has an overweight rating on the stock. Freshworks traded as high as $23.80 and last traded at $23.67. Approximately 193,320 shares traded hands during trading, a decline of 91% from the average daily volume of 2,211,238 shares. The stock had previously closed at $23.12.

FRSH has been the topic of several other research reports. Canaccord Genuity Group upgraded Freshworks from a “hold” rating to a “buy” rating and raised their price target for the company from $15.00 to $25.00 in a research note on Wednesday, August 2nd. StockNews.com started coverage on Freshworks in a research report on Thursday, August 17th. They set a “hold” rating on the stock. Bank of America raised their price objective on Freshworks from $17.00 to $25.00 and gave the company a “neutral” rating in a research report on Thursday, August 3rd. Scotiabank raised their price objective on Freshworks from $20.00 to $21.00 and gave the company a “sector perform” rating in a research report on Friday. Finally, UBS Group raised their price objective on Freshworks from $23.00 to $27.00 and gave the company a “buy” rating in a research report on Friday. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Freshworks presently has a consensus rating of “Moderate Buy” and an average target price of $23.31.

Insider Transactions at Freshworks

In other news, CFO Tyler Sloat sold 167,000 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $20.36, for a total value of $3,400,120.00. Following the completion of the transaction, the chief financial officer now directly owns 573,959 shares in the company, valued at $11,685,805.24. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CFO Tyler Sloat sold 167,000 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $20.36, for a total value of $3,400,120.00. Following the completion of the transaction, the chief financial officer now directly owns 573,959 shares in the company, valued at $11,685,805.24. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Barry L. Padgett sold 6,559 shares of the firm’s stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $17.58, for a total value of $115,307.22. Following the completion of the transaction, the director now owns 16,428 shares of the company’s stock, valued at $288,804.24. The disclosure for this sale can be found here. Insiders sold a total of 433,434 shares of company stock worth $8,913,146 over the last three months. 26.66% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Virginia Retirement Systems ET AL acquired a new position in Freshworks in the second quarter valued at approximately $640,000. California State Teachers Retirement System lifted its holdings in Freshworks by 39.9% in the second quarter. California State Teachers Retirement System now owns 178,133 shares of the company’s stock valued at $3,132,000 after acquiring an additional 50,759 shares during the period. Nuveen Asset Management LLC acquired a new position in Freshworks in the second quarter valued at approximately $18,152,000. Alliancebernstein L.P. lifted its holdings in Freshworks by 35.0% in the second quarter. Alliancebernstein L.P. now owns 4,794,336 shares of the company’s stock valued at $84,284,000 after acquiring an additional 1,243,205 shares during the period. Finally, Wells Fargo & Company MN lifted its holdings in Freshworks by 129.1% in the second quarter. Wells Fargo & Company MN now owns 130,099 shares of the company’s stock valued at $2,287,000 after acquiring an additional 73,309 shares during the period. 57.35% of the stock is owned by institutional investors and hedge funds.

Freshworks Price Performance

The company 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 fifty day simple moving average of $19.82 and a 200-day simple moving average of $16.62.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Tuesday, August 1st. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.04. The business had revenue of $145.08 million during the quarter, compared to the consensus estimate of $141.22 million. Freshworks had a negative return on equity of 17.62% and a negative net margin of 35.18%. As a group, equities analysts expect that Freshworks Inc. will post -0.53 EPS for the current fiscal year.

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.