Freshworks (NASDAQ:FRSH) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Freshworks (NASDAQ:FRSH - Get Free Report) had its target price boosted by analysts at Canaccord Genuity Group from $19.00 to $23.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's target price would suggest a potential upside of 34.90% from the company's previous close.

FRSH has been the topic of a number of other reports. Needham & Company LLC boosted their target price on Freshworks from $20.00 to $25.00 and gave the company a "buy" rating in a research note on Wednesday. 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. Barclays boosted their target price on Freshworks from $14.00 to $20.00 and gave the company an "equal weight" rating in a research note on Wednesday. JMP Securities boosted their target price on Freshworks from $21.00 to $24.00 and gave the company a "market outperform" rating in a research note on Thursday, November 7th. Finally, Wells Fargo & Company cut Freshworks from an "equal weight" rating to an "underweight" rating and reduced their price target for the company from $16.00 to $13.00 in a research report on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a 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 $21.07.

Freshworks Price Performance

Shares of FRSH stock traded down $0.38 during trading hours on Wednesday, reaching $17.05. The company had a trading volume of 3,844,448 shares, compared to its average volume of 3,932,087. Freshworks has a 12 month low of $10.81 and a 12 month high of $21.61. The business has a fifty day simple moving average of $17.00 and a 200-day simple moving average of $14.13. The company has a market cap of $5.16 billion, a price-to-earnings ratio of -50.15 and a beta of 0.91.

Freshworks (NASDAQ:FRSH - Get Free Report) last issued its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) EPS for the quarter, missing analysts' consensus estimates 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, equities research analysts expect that Freshworks will post -0.35 earnings per share for the current year.

Insider Activity

In other Freshworks news, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the company's stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $16.08, for a total transaction of $13,426,800.00. Following the completion of the transaction, the chairman now owns 551,137 shares of the company's stock, valued at $8,862,282.96. This represents a 60.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Mika Yamamoto sold 2,859 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $18.29, for a total value of $52,291.11. Following the transaction, the insider now directly owns 397,390 shares of the company's stock, valued at $7,268,263.10. The trade was a 0.71 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,727,211 shares of company stock valued at $27,224,746. Insiders own 19.15% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Avion Wealth purchased a new position in shares of Freshworks during the 4th quarter worth approximately $26,000. Blue Trust Inc. lifted its holdings in shares of Freshworks by 1,987.3% during the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company's stock valued at $38,000 after buying an additional 2,822 shares during the period. Covestor Ltd lifted its holdings in shares of Freshworks by 89.9% during the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company's stock valued at $41,000 after buying an additional 1,704 shares during the period. National Bank of Canada FI lifted its holdings in shares of Freshworks by 1,385.8% during 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. Finally, Nisa Investment Advisors LLC raised its holdings in Freshworks by 102.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company's stock worth $71,000 after purchasing an additional 2,223 shares during the period. Hedge funds and other 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.