Freshworks (NASDAQ:FRSH) Upgraded at Cantor Fitzgerald

Freshworks (NASDAQ:FRSH) was upgraded by equities research analysts at Cantor Fitzgerald to an “overweight” rating in a report released on Tuesday, Marketbeat.com reports. The firm currently has a $20.00 price objective on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 28.29% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the stock. Piper Sandler restated an “overweight” rating and issued a $22.00 price objective (up previously from $20.00) on shares of Freshworks in a research report on Wednesday, April 30th. UBS Group lowered their price objective on shares of Freshworks from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Friday, May 2nd. Needham & Company LLC restated a “buy” rating and issued a $25.00 price objective on shares of Freshworks in a research report on Monday, March 17th. Oppenheimer lowered their price objective on shares of Freshworks from $24.00 to $19.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. Finally, Morgan Stanley raised their price objective on shares of Freshworks from $14.00 to $18.00 and gave the company an “equal weight” rating in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.07.

Freshworks Stock Up 3.8%

Shares of Freshworks stock opened at $15.59 on Tuesday. The stock has a market capitalization of $4.60 billion, a P/E ratio of -48.72 and a beta of 0.97. The company has a 50-day simple moving average of $14.01 and a 200 day simple moving average of $15.69. Freshworks has a 12-month low of $10.81 and a 12-month high of $19.77.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.05. The firm had revenue of $196.27 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 18.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.10 EPS. On average, equities analysts anticipate that Freshworks will post -0.19 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $15.41, for a total transaction of $72,195.85. Following the transaction, the director now owns 37,895 shares of the company’s stock, valued at $583,961.95. This trade represents a 11.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mika Yamamoto sold 3,574 shares of Freshworks 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 directly owns 611,604 shares in the company, valued at $8,684,776.80. The trade was a 0.58% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,483 shares of company stock valued at $480,056 in the last 90 days. 11.17% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Barclays PLC lifted its stake in Freshworks by 33.4% in the third quarter. Barclays PLC now owns 337,621 shares of the company’s stock valued at $3,875,000 after buying an additional 84,568 shares in the last quarter. Raymond James Financial Inc. bought a new position in Freshworks in the fourth quarter valued at approximately $20,666,000. Lisanti Capital Growth LLC bought a new position in Freshworks in the fourth quarter valued at approximately $2,290,000. Ceera Investments LLC lifted its stake in Freshworks by 1,261.7% in the fourth quarter. Ceera Investments LLC now owns 455,420 shares of the company’s stock valued at $7,364,000 after buying an additional 421,975 shares in the last quarter. Finally, Deutsche Bank AG lifted its stake in Freshworks by 15.8% in the fourth quarter. Deutsche Bank AG now owns 513,810 shares of the company’s stock valued at $8,308,000 after buying an additional 70,001 shares in the last quarter. Institutional investors own 75.58% of the company’s stock.

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.