Freshworks (NASDAQ:FRSH) Stock Price Expected to Rise, Piper Sandler Analyst Says

Freshworks (NASDAQ:FRSH - Free Report) had its price objective boosted by Piper Sandler from $20.00 to $24.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts have also issued research reports about the company. Canaccord Genuity Group raised their price target on Freshworks from $17.00 to $19.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Robert W. Baird lowered their price target on Freshworks from $16.00 to $15.00 and set a "neutral" rating on the stock in a report on Thursday, November 7th. Wells Fargo & Company lowered Freshworks from an "equal weight" rating to an "underweight" rating and lowered their price objective for the company from $16.00 to $13.00 in a report on Tuesday, January 21st. Oppenheimer lifted their price objective on Freshworks from $22.00 to $24.00 and gave the company an "outperform" rating in a report on Wednesday. Finally, Needham & Company LLC lifted their price objective on Freshworks from $20.00 to $25.00 and gave the company a "buy" rating in a report on Wednesday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $21.07.

Freshworks Price Performance

Shares of FRSH traded down $0.38 during midday trading on Wednesday, reaching $17.05. 3,844,448 shares of the stock were exchanged, compared to its average volume of 3,932,087. The business's 50-day moving average price is $17.00 and its 200 day moving average price is $14.13. Freshworks has a twelve month low of $10.81 and a twelve month high of $21.61. The company has a market capitalization 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 released its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share (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%. As a group, equities research analysts expect that Freshworks will post -0.35 earnings per share for the current fiscal year.

Insider Transactions at Freshworks

In related news, Director Jennifer H. Taylor sold 4,690 shares of Freshworks stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $16.74, for a total transaction of $78,510.60. Following the completion of the transaction, the director now directly owns 36,689 shares in the company, valued at $614,173.86. The trade was a 11.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Barry L. Padgett sold 2,345 shares of Freshworks stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total value of $40,568.50. Following the transaction, the director now owns 26,957 shares of the company's stock, valued at $466,356.10. This represents a 8.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,727,211 shares of company stock valued at $27,224,746 in the last quarter. 19.15% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FRSH. Avion Wealth acquired a new position in shares of Freshworks during the 4th quarter worth approximately $26,000. Blue Trust Inc. raised its holdings in Freshworks by 1,987.3% in the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company's stock valued at $38,000 after acquiring an additional 2,822 shares during the last quarter. Covestor Ltd raised its holdings in Freshworks by 89.9% in the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company's stock valued at $41,000 after acquiring an additional 1,704 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in Freshworks in the 3rd quarter valued at $57,000. Finally, National Bank of Canada FI raised its holdings 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 acquiring an additional 3,700 shares during the last quarter. 75.58% of the stock is currently owned by institutional investors and hedge funds.

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.