Freshworks (NASDAQ:FRSH) Price Target Raised to $25.00

Freshworks (NASDAQ:FRSH - Get Free Report) had its price target lifted by equities research analysts at Needham & Company LLC from $20.00 to $25.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's target price would suggest a potential upside of 46.63% from the company's current price.

Several other brokerages have also recently commented on FRSH. JMP Securities raised their price objective on shares of Freshworks from $21.00 to $24.00 and gave the company a "market outperform" rating in a research note on Thursday, November 7th. Piper Sandler raised their price objective on shares of Freshworks from $18.00 to $20.00 and gave the company an "overweight" rating in a research note on Monday, January 6th. Oppenheimer raised their price objective on shares of Freshworks from $22.00 to $24.00 and gave the company an "outperform" rating in a research note on Wednesday. Wells Fargo & Company cut shares of Freshworks from an "equal weight" rating to an "underweight" rating and reduced their price objective for the company from $16.00 to $13.00 in a research note on Tuesday, January 21st. Finally, Morgan Stanley lifted their target price on shares of Freshworks from $18.00 to $19.00 and gave the stock an "equal weight" rating in a research report on Monday, January 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $21.07.

Freshworks Price Performance

Shares of FRSH stock traded down $0.38 during mid-day trading on Wednesday, hitting $17.05. The stock had a trading volume of 3,844,448 shares, compared to its average volume of 3,932,087. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $21.61. The firm has a market cap of $5.16 billion, a PE ratio of -50.15 and a beta of 0.91. The company's 50-day simple moving average is $17.00 and its 200-day simple moving average is $14.13.

Freshworks (NASDAQ:FRSH - Get Free Report) last released its earnings results on Tuesday, February 11th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative return on equity of 8.57% and a negative net margin of 14.80%. On average, analysts expect that Freshworks will post -0.35 EPS for the current year.

Insider Transactions at Freshworks

In other news, Director Barry L. Padgett sold 2,345 shares of Freshworks stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $17.30, for a total transaction of $40,568.50. Following the completion of the sale, the director now directly owns 26,957 shares in the company, valued at $466,356.10. The trade was a 8.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mika Yamamoto sold 2,859 shares of Freshworks stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $18.29, for a total transaction of $52,291.11. Following the sale, the insider now owns 397,390 shares of the company's stock, valued at approximately $7,268,263.10. This trade represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,727,211 shares of company stock worth $27,224,746 over the last ninety days. 19.15% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Freshworks

A number of institutional investors have recently bought and sold shares of the stock. Comerica Bank grew its holdings in Freshworks by 8,787.0% in the fourth quarter. Comerica Bank now owns 84,338 shares of the company's stock valued at $1,364,000 after purchasing an additional 83,389 shares during the period. PDT Partners LLC purchased a new stake in Freshworks in the fourth quarter valued at approximately $566,000. Northern Trust Corp grew its holdings in Freshworks by 10.5% in the fourth quarter. Northern Trust Corp now owns 2,039,458 shares of the company's stock valued at $32,978,000 after purchasing an additional 193,322 shares during the period. Tudor Investment Corp ET AL purchased a new stake in Freshworks in the fourth quarter valued at approximately $7,619,000. Finally, Quarry LP grew its holdings in Freshworks by 47.8% in the fourth quarter. Quarry LP now owns 5,410 shares of the company's stock valued at $87,000 after purchasing an additional 1,750 shares during the period. 75.58% of the stock is currently 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.