Freshworks (NASDAQ:FRSH) Given New $20.00 Price Target at JPMorgan Chase & Co.

Freshworks (NASDAQ:FRSH - Get Free Report) had its target price hoisted by JPMorgan Chase & Co. from $17.00 to $20.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 18.91% from the stock's current price.

A number of other brokerages also recently issued reports on FRSH. Scotiabank decreased their price target on Freshworks from $18.00 to $16.00 and set a "sector perform" rating for the company in a report on Wednesday, July 31st. JMP Securities increased their price target on shares of Freshworks from $21.00 to $24.00 and gave the stock a "market outperform" rating in a report on Thursday. Barclays dropped their price target on shares of Freshworks from $15.00 to $14.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 31st. Robert W. Baird decreased their price objective on shares of Freshworks from $16.00 to $15.00 and set a "neutral" rating for the company in a research report on Thursday. Finally, Piper Sandler raised their target price on Freshworks from $13.00 to $18.00 and gave the company an "overweight" rating in a research report on Thursday. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $18.69.

Freshworks Stock Performance

Shares of Freshworks stock traded up $3.73 during 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 stock has a market capitalization of $5.08 billion, a price-to-earnings ratio of -49.47 and a beta of 0.72. The business has a 50-day simple moving average of $11.55 and a 200-day simple moving average of $12.63. Freshworks has a 52-week low of $10.81 and a 52-week high of $24.98.

Freshworks (NASDAQ:FRSH - Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.09) earnings per share for the quarter, beating analysts' consensus estimates of ($0.10) by $0.01. The business had revenue of $186.58 million during the quarter, compared to analyst estimates 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 anticipate that Freshworks will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Freshworks

In other news, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $11.04, for a total value of $93,199.68. Following the sale, the director now directly owns 23,497 shares of the company's stock, valued at $259,406.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Zachary Nelson sold 8,442 shares of the business's stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $11.04, for a total transaction of $93,199.68. Following the transaction, the director now directly owns 23,497 shares in the company, valued at approximately $259,406.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Jennifer H. Taylor sold 4,690 shares of the stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $11.06, for a total transaction of $51,871.40. Following the completion of the sale, the director now owns 36,689 shares of the company's stock, valued at approximately $405,780.34. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,456 shares of company stock valued at $530,102 over the last quarter. 19.15% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Freshworks

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Freshworks by 6.8% in the 1st quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company's stock worth $385,525,000 after acquiring an additional 1,354,530 shares during the last quarter. Sei Investments Co. increased its position in Freshworks by 191.9% during the second quarter. Sei Investments Co. now owns 95,846 shares of the company's stock worth $1,216,000 after purchasing an additional 63,006 shares during the last quarter. ProShare Advisors LLC raised its stake in Freshworks by 8.5% during the first quarter. ProShare Advisors LLC now owns 29,127 shares of the company's stock worth $530,000 after purchasing an additional 2,293 shares during the period. Marshall Wace LLP purchased a new position in Freshworks during the second quarter worth about $1,740,000. Finally, Canada Pension Plan Investment Board grew its stake in shares of Freshworks by 41.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 505,400 shares of the company's stock valued at $6,414,000 after buying an additional 147,700 shares during the period. Institutional investors and hedge funds 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.