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

Freshworks (NASDAQ:FRSH) had its price objective raised by equities research analysts at Piper Sandler from $13.00 to $18.00 in a report issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price objective suggests a potential upside of 9.49% from the stock’s previous close.

Several other research firms have also recently weighed in on FRSH. Barclays cut their price target on Freshworks from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Wednesday, July 31st. Canaccord Genuity Group cut their price target on Freshworks from $20.00 to $17.00 and set a “buy” rating for the company in a report on Wednesday, July 10th. JPMorgan Chase & Co. dropped their target price on Freshworks from $19.00 to $17.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Scotiabank dropped their target price on Freshworks from $18.00 to $16.00 and set a “sector perform” rating for the company in a report on Wednesday, July 31st. Finally, Jefferies Financial Group dropped their target price on Freshworks from $25.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.69.

Freshworks Stock Performance

Shares of NASDAQ FRSH traded down $0.38 during mid-day trading on Thursday, reaching $16.44. The company’s stock had a trading volume of 10,459,693 shares, compared to its average volume of 3,578,957. Freshworks has a 52 week low of $10.81 and a 52 week high of $24.98. The stock has a fifty day moving average of $11.64 and a two-hundred day moving average of $12.61.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.01. Freshworks had a negative net margin of 14.80% and a negative return on equity of 8.66%. The business had revenue of $186.58 million during the quarter, compared to analyst estimates of $181.50 million. As a group, equities research analysts predict that Freshworks will post -0.38 EPS for the current fiscal year.

Insider Activity at Freshworks

In related news, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $11.54, for a total transaction of $97,316.82. Following the completion of the transaction, the director now owns 22,530 shares in the company, valued at $259,996.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of Freshworks stock in a transaction on Thursday, October 10th. The stock was 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 directly owns 36,689 shares of the company’s stock, valued at $405,780.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $11.54, for a total value of $97,316.82. Following the sale, the director now directly owns 22,530 shares of the company’s stock, valued at approximately $259,996.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 40,153 shares of company stock worth $459,383 in the last quarter. 19.15% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Blue Trust Inc. increased its position in Freshworks by 1,987.3% during the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after buying an additional 2,822 shares in the last quarter. Covestor Ltd increased its position in Freshworks by 89.9% during the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after buying an additional 1,704 shares in the last quarter. CWM LLC increased its position in Freshworks by 554.5% during the 2nd quarter. CWM LLC now owns 3,397 shares of the company’s stock valued at $43,000 after buying an additional 2,878 shares in the last quarter. Advisors Asset Management Inc. increased its position in Freshworks by 34.2% during the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock valued at $54,000 after buying an additional 757 shares in the last quarter. Finally, Quarry LP increased its position in Freshworks by 157.6% during the 2nd quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after buying an additional 2,645 shares in the last quarter. 75.58% of the stock is owned by institutional investors.

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.