JMP Securities Forecasts Strong Price Appreciation for Freshworks (NASDAQ:FRSH) Stock

Freshworks (NASDAQ:FRSH - Get Free Report) had its price target increased by research analysts at JMP Securities from $21.00 to $24.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "market outperform" rating on the stock. JMP Securities' price objective points to a potential upside of 42.69% from the stock's previous close.

A number of other equities analysts have also weighed in on FRSH. Needham & Company LLC restated a "buy" rating and issued a $20.00 price objective on shares of Freshworks in a report on Thursday. Scotiabank lowered their price target on Freshworks from $18.00 to $16.00 and set a "sector perform" rating on the stock in a report on Wednesday, July 31st. Cantor Fitzgerald dropped their price objective on Freshworks from $19.00 to $18.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 31st. Jefferies Financial Group decreased their target price on Freshworks from $25.00 to $20.00 and set a "buy" rating for the company in a research report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. dropped their price target on shares of Freshworks from $19.00 to $17.00 and set an "overweight" rating on the stock in a report on Wednesday, July 31st. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $18.69.

Freshworks Price Performance

NASDAQ:FRSH traded up $3.73 during mid-day trading on Thursday, hitting $16.82. 16,528,799 shares of the company's stock were exchanged, compared to its average volume of 2,746,653. The company has a market cap of $5.08 billion, a PE ratio of -49.47 and a beta of 0.72. Freshworks has a one year low of $10.81 and a one year high of $24.98. The business has a fifty day moving average price of $11.55 and a 200 day moving average price of $12.63.

Freshworks (NASDAQ:FRSH - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.01. The firm had revenue of $186.58 million during the quarter, compared to the consensus estimate of $181.50 million. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. On average, equities analysts forecast that Freshworks will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at Freshworks

In other news, Director Jennifer H. Taylor sold 4,690 shares of Freshworks stock in a transaction on Monday, August 12th. The shares were sold at an average price of $11.23, for a total transaction of $52,668.70. Following the transaction, the director now owns 35,853 shares in the company, valued at $402,629.19. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the company's stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $11.23, for a total value of $52,668.70. Following the completion of the sale, the director now owns 35,853 shares in the company, valued at $402,629.19. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $12.19, for a total value of $102,798.27. Following the transaction, the director now directly owns 23,497 shares in the company, valued at approximately $286,428.43. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 46,456 shares of company stock valued at $530,102. Insiders own 19.15% of the company's stock.

Institutional Trading of Freshworks

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Blue Trust Inc. boosted its stake in shares of Freshworks by 1,987.3% in the third quarter. Blue Trust Inc. now owns 2,964 shares of the company's stock worth $38,000 after acquiring an additional 2,822 shares during the period. Covestor Ltd boosted its stake in Freshworks by 89.9% in the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company's stock worth $41,000 after purchasing an additional 1,704 shares during the period. CWM LLC grew its holdings in Freshworks by 554.5% during the 2nd quarter. CWM LLC now owns 3,397 shares of the company's stock valued at $43,000 after buying an additional 2,878 shares in the last quarter. Advisors Asset Management Inc. raised its position in shares of Freshworks by 34.2% during the first quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company's stock valued at $54,000 after buying an additional 757 shares during the last quarter. Finally, Quarry LP lifted its holdings in shares of Freshworks by 157.6% in the second quarter. Quarry LP now owns 4,323 shares of the company's stock worth $55,000 after buying an additional 2,645 shares in the last quarter. 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.