JMP Securities Reiterates “Market Outperform” Rating for Freshworks (NASDAQ:FRSH)

Freshworks (NASDAQ:FRSH)‘s stock had its “market outperform” rating reaffirmed by analysts at JMP Securities in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $27.00 price target on the stock. JMP Securities’ price target suggests a potential upside of 86.46% from the company’s previous close.

FRSH has been the topic of several other research reports. Needham & Company LLC reiterated a “buy” rating and set a $25.00 price target on shares of Freshworks in a report on Monday, March 17th. Canaccord Genuity Group boosted their target price on shares of Freshworks from $19.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Oppenheimer dropped their price target on shares of Freshworks from $24.00 to $19.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Piper Sandler reiterated an “overweight” rating and issued a $22.00 price objective (up from $20.00) on shares of Freshworks in a report on Wednesday. Finally, Robert W. Baird set a $18.00 target price on Freshworks in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.43.

Freshworks Stock Performance

Shares of FRSH opened at $14.48 on Wednesday. The stock has a 50 day moving average price of $14.40 and a 200 day moving average price of $15.37. Freshworks has a one year low of $10.81 and a one year high of $19.77. The stock has a market capitalization of $4.37 billion, a price-to-earnings ratio of -45.25 and a beta of 0.98.

Freshworks (NASDAQ:FRSH) last released its earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.05. The business had revenue of $196.27 million during the quarter, compared to analyst estimates of $191.90 million. Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. The company’s revenue for the quarter was up 18.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.10 earnings per share. On average, analysts predict that Freshworks will post -0.19 earnings per share for the current year.

Insider Buying and Selling at Freshworks

In related news, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $18.30, for a total value of $154,488.60. Following the sale, the director now owns 24,187 shares of the company’s stock, valued at $442,622.10. This trade represents a 25.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mika Yamamoto sold 3,574 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $14.20, for a total transaction of $50,750.80. Following the transaction, the insider now owns 611,604 shares of the company’s stock, valued at $8,684,776.80. This trade represents a 0.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,177 shares of company stock valued at $498,042 in the last quarter. Corporate insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in FRSH. Avion Wealth purchased a new stake in Freshworks during the fourth quarter worth approximately $26,000. Blue Trust Inc. lifted its position in shares of Freshworks by 32.2% during the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock worth $63,000 after buying an additional 954 shares during the last quarter. National Bank of Canada FI boosted its holdings in shares of Freshworks by 1,385.8% in the 4th quarter. National Bank of Canada FI now owns 3,967 shares of the company’s stock valued at $64,000 after buying an additional 3,700 shares in the last quarter. Nisa Investment Advisors LLC grew its position in shares of Freshworks by 102.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock valued at $71,000 after buying an additional 2,223 shares during the last quarter. Finally, Covestor Ltd raised its stake in Freshworks by 30.2% during the 4th quarter. Covestor Ltd now owns 4,686 shares of the company’s stock worth $76,000 after acquiring an additional 1,087 shares in the last quarter. 75.58% of the stock is owned by institutional investors and hedge funds.

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.