Freshworks (NASDAQ:FRSH) Upgraded to Strong-Buy at Wall Street Zen

Freshworks (NASDAQ:FRSH) was upgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a report released on Sunday.

A number of other brokerages also recently issued reports on FRSH. Wells Fargo & Company lifted their price target on shares of Freshworks from $11.00 to $12.00 and gave the company an “underweight” rating in a report on Wednesday, April 30th. Jefferies Financial Group reduced their price target on shares of Freshworks from $22.00 to $20.00 and set a “hold” rating on the stock in a report on Monday, March 31st. Scotiabank boosted their target price on shares of Freshworks from $14.00 to $18.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 30th. Needham & Company LLC restated a “buy” rating and issued a $25.00 target price on shares of Freshworks in a report on Monday, March 17th. Finally, JMP Securities restated a “market outperform” rating and issued a $27.00 target price on shares of Freshworks in a report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $20.07.

Freshworks Stock Performance

Shares of NASDAQ FRSH opened at $14.82 on Friday. The company has a market cap of $4.37 billion, a P/E ratio of -61.75 and a beta of 0.97. The firm’s fifty day moving average is $14.81 and its two-hundred day moving average is $15.57. Freshworks has a 52-week low of $10.81 and a 52-week high of $19.77.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.05. The company had revenue of $196.27 million for the quarter, compared to the consensus estimate of $191.90 million. Freshworks had a negative net margin of 9.76% and a negative return on equity of 4.41%. Freshworks’s revenue for the quarter was up 18.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.10 EPS. As a group, analysts forecast that Freshworks will post -0.19 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Chairman Rathnagirish Mathrubootham sold 70,997 shares of Freshworks stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $16.01, for a total transaction of $1,136,661.97. Following the completion of the transaction, the chairman now directly owns 724,515 shares of the company’s stock, valued at approximately $11,599,485.15. The trade was a 8.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jennifer H. Taylor sold 4,690 shares of Freshworks stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $15.92, for a total transaction of $74,664.80. Following the transaction, the director now directly owns 37,895 shares of the company’s stock, valued at approximately $603,288.40. This represents a 11.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 169,121 shares of company stock valued at $2,665,716. Company insiders own 11.17% of the company’s stock.

Institutional Investors Weigh In On Freshworks

Large investors have recently added to or reduced their stakes in the stock. National Bank of Canada FI boosted its position in 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 during the period. Covestor Ltd boosted its position in Freshworks by 30.2% in the 4th quarter. Covestor Ltd now owns 4,686 shares of the company’s stock valued at $76,000 after buying an additional 1,087 shares during the period. FNY Investment Advisers LLC purchased a new stake in Freshworks in the 1st quarter valued at about $70,000. Quarry LP boosted its position in Freshworks by 47.8% in the 4th quarter. Quarry LP now owns 5,410 shares of the company’s stock valued at $87,000 after buying an additional 1,750 shares during the period. Finally, DekaBank Deutsche Girozentrale boosted its position in Freshworks by 91.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 5,899 shares of the company’s stock valued at $84,000 after buying an additional 2,814 shares during the period. 75.58% of the stock is owned by hedge funds and other institutional investors.

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.