Cantor Fitzgerald Forecasts Strong Price Appreciation for Freshworks (NASDAQ:FRSH) Stock

Freshworks (NASDAQ:FRSH) had its price objective upped by research analysts at Cantor Fitzgerald from $18.00 to $22.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 26.22% from the company’s current price.

Several other equities research analysts have also recently commented on the company. JPMorgan Chase & Co. boosted their target price on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Needham & Company LLC boosted their price objective on Freshworks from $20.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday. Barclays upped their price objective on Freshworks from $14.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday. JMP Securities lifted their target price on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Finally, Canaccord Genuity Group upped their price target on shares of Freshworks from $19.00 to $23.00 and gave the company a “buy” 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 assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $21.07.

Freshworks Stock Performance

Shares of FRSH stock opened at $17.43 on Wednesday. The firm has a market capitalization of $5.28 billion, a PE ratio of -51.26 and a beta of 0.91. Freshworks has a 1 year low of $10.81 and a 1 year high of $21.61. The stock has a fifty day moving average of $16.97 and a two-hundred day moving average of $14.08.

Freshworks (NASDAQ:FRSH) last announced 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 net margin of 14.80% and a negative return on equity of 8.57%. Equities research analysts predict that Freshworks will post -0.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Jennifer H. Taylor sold 4,690 shares of the company’s stock in a transaction 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 transaction, the director now directly owns 36,689 shares of the company’s stock, valued at approximately $614,173.86. The trade was a 11.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Rathnagirish Mathrubootham sold 830,000 shares of the stock in a transaction dated 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 sale, 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 ownership of the stock. 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 ninety days. 19.15% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Freshworks

A number of large investors have recently made changes to their positions in the business. Smith Group Asset Management LLC purchased a new position in Freshworks during the fourth quarter valued at approximately $589,000. Quantbot Technologies LP boosted its stake in shares of Freshworks by 80.1% during the 3rd quarter. Quantbot Technologies LP now owns 426,432 shares of the company’s stock valued at $4,895,000 after buying an additional 189,616 shares during the period. Barclays PLC grew its holdings in shares of Freshworks by 33.4% during the 3rd quarter. Barclays PLC now owns 337,621 shares of the company’s stock valued at $3,875,000 after acquiring an additional 84,568 shares in the last quarter. Edgestream Partners L.P. acquired a new position in shares of Freshworks in the third quarter worth $1,193,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Freshworks by 806.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company’s stock worth $2,699,000 after acquiring an additional 209,194 shares in the last quarter. 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.