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

Freshworks (NASDAQ:FRSH) had its price objective boosted by investment analysts at Scotiabank from $17.00 to $19.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Scotiabank’s target price suggests a potential upside of 9.01% from the company’s current price.

FRSH has been the topic of a number of other reports. JMP Securities upped their price target on shares of Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Thursday, November 7th. 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 research note on Wednesday. Needham & Company LLC upped their price target on shares of Freshworks from $20.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday. Oppenheimer increased their target price on shares of Freshworks from $22.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Wells Fargo & Company cut shares of Freshworks from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $16.00 to $13.00 in a research note on Tuesday, January 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $21.07.

Freshworks Stock Down 2.1 %

Freshworks stock opened at $17.43 on Wednesday. Freshworks has a twelve month low of $10.81 and a twelve month high of $21.61. The firm has a 50 day moving average price of $16.97 and a 200-day moving average price of $14.08. The company has a market capitalization of $5.28 billion, a P/E ratio of -51.26 and a beta of 0.91.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) 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 analysts expect that Freshworks will post -0.35 EPS for the current fiscal year.

Insider Activity

In other news, Director Barry L. Padgett sold 2,345 shares of the firm’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $17.30, for a total transaction of $40,568.50. Following the sale, the director now owns 26,957 shares in the company, valued at approximately $466,356.10. This trade represents a 8.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $16.08, for a total transaction of $13,426,800.00. Following the transaction, the chairman now directly owns 551,137 shares in the company, valued at approximately $8,862,282.96. This represents a 60.24 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,727,211 shares of company stock worth $27,224,746. 19.15% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Freshworks

Institutional investors and hedge funds have recently made changes to their positions in the business. Smith Group Asset Management LLC bought a new position in shares of Freshworks during the 4th quarter valued at $589,000. Quantbot Technologies LP grew its holdings 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 purchasing an additional 189,616 shares during the last quarter. 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 purchasing an additional 84,568 shares during the last quarter. Edgestream Partners L.P. bought a new position in shares of Freshworks during the 3rd quarter valued at $1,193,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Freshworks by 806.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company’s stock valued at $2,699,000 after purchasing an additional 209,194 shares during the last quarter. Institutional investors 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.