Freshworks (NASDAQ:FRSH) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Freshworks (NASDAQ:FRSH) from a hold rating to a buy rating in a report issued on Thursday.

Several other research firms have also recently commented on FRSH. Morgan Stanley raised their price target on shares of Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. JPMorgan Chase & Co. lifted their target price on shares of Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Piper Sandler upped their price target on shares of Freshworks from $20.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday. Robert W. Baird cut their price objective on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Finally, Oppenheimer boosted their target price on Freshworks from $22.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $21.07.

Freshworks Stock Down 2.1 %

Shares of NASDAQ:FRSH opened at $17.43 on Thursday. The company’s fifty day moving average is $16.97 and its two-hundred day moving average is $14.08. The company has a market cap of $5.28 billion, a P/E ratio of -51.26 and a beta of 0.91. Freshworks has a 12-month low of $10.81 and a 12-month high of $21.61.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate 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 anticipate that Freshworks will post -0.35 earnings per share for the current year.

Insider Activity

In related news, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $18.30, for a total value of $154,488.60. Following the transaction, the director now owns 24,187 shares in the company, valued at $442,622.10. This trade represents a 25.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mika Yamamoto sold 2,859 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $18.29, for a total transaction of $52,291.11. Following the sale, the insider now owns 397,390 shares of the company’s stock, valued at $7,268,263.10. This trade represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,727,211 shares of company stock valued at $27,224,746 over the last 90 days. 19.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FRSH. Blue Trust Inc. raised its stake in Freshworks by 32.2% during the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock valued at $63,000 after purchasing an additional 954 shares during the last quarter. Versor Investments LP increased its holdings in shares of Freshworks by 3.0% during the 4th quarter. Versor Investments LP now owns 34,400 shares of the company’s stock worth $556,000 after purchasing an additional 1,000 shares during the period. Covestor Ltd raised its position in shares of Freshworks by 30.2% during the fourth quarter. Covestor Ltd now owns 4,686 shares of the company’s stock valued at $76,000 after buying an additional 1,087 shares during the last quarter. Arizona State Retirement System lifted its stake in shares of Freshworks by 2.2% in the fourth quarter. Arizona State Retirement System now owns 51,704 shares of the company’s stock valued at $836,000 after buying an additional 1,103 shares during the period. Finally, Xponance Inc. grew its position in Freshworks by 10.2% during the fourth quarter. Xponance Inc. now owns 14,847 shares of the company’s stock worth $240,000 after buying an additional 1,369 shares in the last quarter. 75.58% of the stock is currently owned by institutional investors and hedge funds.

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.