Freshworks Inc. (NASDAQ:FRSH - Get Free Report) gapped up prior to trading on Wednesday after StockNews.com upgraded the stock from a hold rating to a buy rating. The stock had previously closed at $17.86, but opened at $18.76. Freshworks shares last traded at $17.56, with a volume of 2,521,088 shares.
FRSH has been the topic of several other research reports. Piper Sandler boosted their price target on Freshworks from $20.00 to $24.00 and gave the company an "overweight" rating in a research note on Wednesday. Needham & Company LLC raised their price target on shares of Freshworks from $20.00 to $25.00 and gave the stock a "buy" rating in a research report on Wednesday. Scotiabank raised their price target on shares of Freshworks from $17.00 to $19.00 and gave the stock a "sector perform" rating in a research report on Wednesday. Oppenheimer upped their price target on shares of Freshworks from $22.00 to $24.00 and gave the company an "outperform" rating in a report on Wednesday. Finally, Cantor Fitzgerald upped their price target on shares of Freshworks from $18.00 to $22.00 and gave the company an "overweight" rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $21.07.
Read Our Latest Stock Report on Freshworks
Insider Buying and Selling at Freshworks
In related news, Chairman Rathnagirish Mathrubootham sold 830,000 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $15.33, for a total value of $12,723,900.00. Following the completion of the transaction, the chairman now directly owns 551,137 shares of the company's stock, valued at approximately $8,448,930.21. This represents a 60.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Barry L. Padgett sold 2,345 shares of the stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $17.30, for a total value of $40,568.50. Following the completion of the transaction, the director now directly owns 26,957 shares of the company's stock, valued at approximately $466,356.10. This represents a 8.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,727,211 shares of company stock valued at $27,224,746. Company insiders own 19.15% of the company's stock.
Hedge Funds Weigh In On Freshworks
A number of institutional investors and hedge funds have recently bought and sold shares of FRSH. Avion Wealth acquired a new position in Freshworks during the fourth quarter worth about $26,000. Blue Trust Inc. increased its holdings 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 valued at $38,000 after purchasing an additional 2,822 shares during the last quarter. Covestor Ltd increased its holdings in shares of Freshworks by 89.9% in the third quarter. Covestor Ltd now owns 3,599 shares of the company's stock valued at $41,000 after purchasing an additional 1,704 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Freshworks during the 3rd quarter valued at about $57,000. Finally, National Bank of Canada FI boosted its position 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 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 Trading Down 2.2 %
The firm's 50-day moving average price is $17.00 and its two-hundred day moving average price is $14.13.
Freshworks (NASDAQ:FRSH - Get Free Report) last announced 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%. Analysts expect that Freshworks Inc. will post -0.35 earnings per share for the current year.
About Freshworks
(
Get Free Report)
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.
Featured Stories
Before you consider Freshworks, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Freshworks wasn't on the list.
While Freshworks currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat has just released its list of 20 stocks that Wall Street analysts hate. These companies may appear to have good fundamentals, but top analysts smell something seriously rotten. Are any of these companies lurking around your portfolio?
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
