StockNews.com Upgrades Freshworks (NASDAQ:FRSH) to "Buy"

StockNews.com upgraded shares of Freshworks (NASDAQ:FRSH - Free Report) from a hold rating to a buy rating in a research report sent to investors on Thursday.

A number of other brokerages also recently commented on FRSH. Morgan Stanley upped their price objective on Freshworks from $18.00 to $19.00 and gave the stock an "equal weight" rating in a research note on Monday, January 13th. Wells Fargo & Company cut shares of Freshworks from an "equal weight" rating to an "underweight" rating and dropped their price objective for the stock from $16.00 to $13.00 in a report on Tuesday, January 21st. Barclays lifted their price objective on shares of Freshworks from $14.00 to $20.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 12th. Cantor Fitzgerald upped their target price on shares of Freshworks from $18.00 to $22.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Finally, JMP Securities lifted their price target on Freshworks from $21.00 to $24.00 and gave the company a "market outperform" rating in a 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 issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $21.07.

Freshworks Stock Performance

Shares of Freshworks stock traded down $0.38 during trading hours on Thursday, 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. Freshworks has a one year low of $10.81 and a one year high of $21.61. The company's 50 day simple moving average is $17.00 and its 200 day simple moving average is $14.15. The stock has a market cap of $5.16 billion, a P/E ratio of -50.15 and a beta of 0.91.

Freshworks (NASDAQ:FRSH - Get Free Report) last issued its 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%. On average, sell-side analysts predict that Freshworks will post -0.35 earnings per share for the current fiscal year.

Insider Activity

In other Freshworks news, insider Mika Yamamoto sold 2,859 shares of Freshworks stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $15.84, for a total value of $45,286.56. Following the transaction, the insider now owns 400,249 shares in the company, valued at approximately $6,339,944.16. The trade was a 0.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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 sale, the director now owns 26,957 shares of the company's stock, valued at $466,356.10. This trade represents a 8.00 % decrease in their position. 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 90 days. 19.15% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Freshworks

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Avion Wealth purchased a new stake in shares of Freshworks in the fourth quarter valued at $26,000. Blue Trust Inc. grew its holdings in shares of Freshworks by 1,987.3% during the third 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 in the last quarter. Covestor Ltd raised its position in Freshworks by 89.9% during the third 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. Point72 Hong Kong Ltd purchased a new stake in Freshworks in the 3rd quarter worth about $57,000. Finally, National Bank of Canada FI boosted its position in Freshworks by 1,385.8% during the 4th quarter. National Bank of Canada FI now owns 3,967 shares of the company's stock worth $64,000 after acquiring an additional 3,700 shares during the period. Institutional investors and hedge funds own 75.58% of the company's stock.

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.