Freshworks Inc. (NASDAQ:FRSH) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Freshworks Inc. (NASDAQ:FRSH) have been assigned a consensus recommendation of “Moderate Buy” from the eighteen research firms that are covering the stock, Marketbeat.com reports. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $25.00.

FRSH has been the subject of several research reports. Piper Sandler raised their price target on Freshworks from $24.00 to $28.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Needham & Company LLC lifted their target price on Freshworks from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, December 28th. Jefferies Financial Group raised Freshworks from a “hold” rating to a “buy” rating and lifted their target price for the stock from $20.00 to $30.00 in a report on Friday, January 5th. JMP Securities lifted their target price on Freshworks from $25.00 to $29.00 and gave the stock a “market outperform” rating in a report on Wednesday, February 7th. Finally, Wolfe Research upgraded Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 price target on the stock in a research report on Tuesday, February 20th.

Insider Buying and Selling

In related news, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $21.71, for a total value of $152,729.85. Following the transaction, the director now directly owns 19,490 shares of the company’s stock, valued at $423,127.90. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $21.71, for a total value of $152,729.85. Following the transaction, the director now directly owns 19,490 shares of the company’s stock, valued at $423,127.90. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Johanna Flower sold 4,800 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $19.05, for a total value of $91,440.00. Following the completion of the transaction, the director now directly owns 23,451 shares in the company, valued at $446,741.55. The disclosure for this sale can be found here. Insiders have sold a total of 460,792 shares of company stock valued at $9,408,403 over the last ninety days. 26.66% of the stock is owned by company insiders.

Institutional Investors Weigh In On Freshworks

Several hedge funds and other institutional investors have recently modified their holdings of FRSH. Bank of New York Mellon Corp increased its holdings in shares of Freshworks by 3,770.9% during the first quarter. Bank of New York Mellon Corp now owns 597,595 shares of the company’s stock valued at $10,709,000 after acquiring an additional 582,157 shares in the last quarter. US Bancorp DE grew its holdings in Freshworks by 1,141.4% during the first quarter. US Bancorp DE now owns 8,044 shares of the company’s stock worth $144,000 after buying an additional 7,396 shares in the last quarter. Citigroup Inc. bought a new stake in Freshworks during the first quarter worth $255,000. Cibc World Market Inc. bought a new stake in Freshworks during the first quarter worth $887,000. Finally, Dimensional Fund Advisors LP purchased a new position in shares of Freshworks during the 1st quarter valued at $267,000. Institutional investors own 75.58% of the company’s stock.

Freshworks Stock Performance

NASDAQ FRSH opened at $17.30 on Wednesday. The business has a 50 day simple moving average of $19.16 and a 200 day simple moving average of $20.10. Freshworks has a 52-week low of $12.22 and a 52-week high of $24.98. The stock has a market cap of $5.15 billion, a price-to-earnings ratio of -36.81 and a beta of 0.90.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.04. The company had revenue of $160.11 million during the quarter, compared to analysts’ expectations of $158.11 million. Freshworks had a negative net margin of 23.04% and a negative return on equity of 12.55%. On average, analysts predict that Freshworks will post -0.37 EPS for the current year.

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.