Wells Fargo & Company Boosts Freshworks (NASDAQ:FRSH) Price Target to $16.00

Freshworks (NASDAQ:FRSH - Get Free Report) had its price target lifted by analysts at Wells Fargo & Company from $14.00 to $16.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Wells Fargo & Company's price objective indicates a potential downside of 0.81% from the stock's current price.

Several other analysts have also recently issued reports on the company. JPMorgan Chase & Co. upped their price objective on Freshworks from $17.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday, November 7th. JMP Securities raised their price objective on Freshworks from $21.00 to $24.00 and gave the stock a "market outperform" rating in a research note on Thursday, November 7th. 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 report on Thursday, November 7th. Canaccord Genuity Group increased their target price on shares of Freshworks from $17.00 to $19.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $20.00 price target on shares of Freshworks in a report on Tuesday, December 17th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $19.00.

Freshworks Stock Down 1.2 %

Shares of FRSH traded down $0.20 during midday trading on Tuesday, hitting $16.13. The company had a trading volume of 2,557,375 shares, compared to its average volume of 3,101,343. The stock has a market cap of $4.89 billion, a price-to-earnings ratio of -47.44 and a beta of 0.88. The company's 50 day moving average price is $15.68 and its 200 day moving average price is $13.21. Freshworks has a 52 week low of $10.81 and a 52 week high of $23.93.

Insider Activity at Freshworks

In related news, insider Mika Yamamoto sold 2,859 shares of the firm's stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $15.84, for a total transaction of $45,286.56. Following the completion of the sale, the insider now directly owns 400,249 shares in the company, valued at approximately $6,339,944.16. This trade represents a 0.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jennifer H. Taylor sold 4,690 shares of the company's stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $11.06, for a total value of $51,871.40. Following the completion of the transaction, the director now directly owns 36,689 shares in the company, valued at $405,780.34. This represents a 11.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,702,168 shares of company stock worth $26,700,318 in the last 90 days. Corporate insiders own 19.15% of the company's stock.

Institutional Investors Weigh In On Freshworks

Several large investors have recently modified their holdings of FRSH. JPMorgan Chase & Co. boosted its position in shares of Freshworks by 49.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company's stock valued at $60,503,000 after purchasing an additional 1,752,995 shares during the period. State Street Corp lifted its stake in Freshworks by 7.1% during the third quarter. State Street Corp now owns 4,729,093 shares of the company's stock valued at $54,290,000 after buying an additional 313,982 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Freshworks by 1.5% in the third quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company's stock worth $52,750,000 after buying an additional 66,342 shares during the period. Franklin Resources Inc. increased its position in shares of Freshworks by 18.1% in the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company's stock worth $44,934,000 after acquiring an additional 604,658 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of Freshworks by 7.6% during the second quarter. Renaissance Technologies LLC now owns 3,134,600 shares of the company's stock valued at $39,778,000 after acquiring an additional 221,900 shares during the period. 75.58% of the stock is owned by institutional investors.

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.