Scotiabank Raises Freshworks (NASDAQ:FRSH) Price Target to $19.00

Freshworks (NASDAQ:FRSH - Free Report) had its price target increased by Scotiabank from $17.00 to $19.00 in a research report report published on Wednesday morning,Benzinga reports. Scotiabank currently has a sector perform rating on the stock.

A number of other research analysts have also recently issued reports on FRSH. JPMorgan Chase & Co. boosted their target price on Freshworks from $17.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday, November 7th. Wells Fargo & Company cut Freshworks from an "equal weight" rating to an "underweight" rating and lowered their target price for the stock from $16.00 to $13.00 in a research note on Tuesday, January 21st. Canaccord Genuity Group lifted their price target on shares of Freshworks from $19.00 to $23.00 and gave the company a "buy" rating in a research note on Wednesday. Needham & Company LLC increased their price objective on shares of Freshworks from $20.00 to $25.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, JMP Securities boosted their price objective on shares of Freshworks from $21.00 to $24.00 and gave the company a "market outperform" rating in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Freshworks currently has an average rating of "Moderate Buy" and a consensus price target of $21.07.

Freshworks Price Performance

FRSH stock traded down $0.38 during midday trading on Wednesday, reaching $17.05. The company's stock had a trading volume of 3,844,448 shares, compared to its average volume of 3,932,087. The business's 50-day simple moving average is $17.00 and its 200-day simple moving average is $14.13. Freshworks has a 52 week low of $10.81 and a 52 week high of $21.61.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of $0.08 by ($0.10). Freshworks had a negative net margin of 14.80% and a negative return on equity of 8.57%. As a group, analysts forecast that Freshworks will post -0.35 EPS for the current year.

Insider Buying and Selling at Freshworks

In other news, insider Mika Yamamoto sold 5,718 shares of the business's stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $16.95, for a total transaction of $96,920.10. Following the transaction, the insider now directly owns 403,108 shares in the company, valued at $6,832,680.60. The trade was a 1.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Zachary Nelson sold 8,442 shares of the firm's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $18.30, for a total transaction of $154,488.60. Following the completion of 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 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 Trading of Freshworks

Several institutional investors and hedge funds have recently bought and sold shares of FRSH. Blue Trust Inc. increased its holdings 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 acquiring an additional 954 shares during the last quarter. Versor Investments LP raised its holdings in Freshworks by 3.0% in the 4th quarter. Versor Investments LP now owns 34,400 shares of the company's stock valued at $556,000 after acquiring an additional 1,000 shares during the period. Covestor Ltd increased its stake in shares of Freshworks by 30.2% during the fourth quarter. Covestor Ltd now owns 4,686 shares of the company's stock worth $76,000 after purchasing an additional 1,087 shares during the period. Arizona State Retirement System increased its position in Freshworks by 2.2% during the 4th quarter. Arizona State Retirement System now owns 51,704 shares of the company's stock worth $836,000 after buying an additional 1,103 shares during the period. Finally, Xponance Inc. raised its stake in Freshworks by 10.2% in the 4th quarter. Xponance Inc. now owns 14,847 shares of the company's stock worth $240,000 after purchasing an additional 1,369 shares in the last quarter. Institutional investors own 75.58% of the company's stock.

Freshworks Company Profile

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.