Freshworks Inc. (NASDAQ:FRSH) Receives Average Recommendation of “Moderate Buy” from Brokerages

Freshworks Inc. (NASDAQ:FRSH) has been assigned a consensus rating of “Moderate Buy” from the fourteen analysts that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, four have given a hold recommendation and nine have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $19.07.

Several equities research analysts recently commented on the stock. Canaccord Genuity Group lifted their price target on shares of Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Wells Fargo & Company lowered shares of Freshworks from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $16.00 to $13.00 in a research note on Tuesday. Robert W. Baird dropped their price objective on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Piper Sandler lifted their price objective on shares of Freshworks from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, JMP Securities lifted their price objective 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.

Insider Buying and Selling

In other news, Director Barry L. Padgett sold 2,345 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $17.30, for a total value of $40,568.50. Following the completion of the transaction, the director now owns 26,957 shares of the company’s stock, valued at $466,356.10. The trade was a 8.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chairman now directly owns 551,137 shares of the company’s stock, 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. Over the last 90 days, insiders have sold 1,702,163 shares of company stock valued at $26,721,018. Corporate insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. increased its position in Freshworks by 1,987.3% during the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock worth $38,000 after purchasing an additional 2,822 shares during the last quarter. Covestor Ltd increased its position in Freshworks by 89.9% during the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after purchasing an additional 1,704 shares during the last quarter. Quarry LP increased its position in shares of Freshworks by 157.6% in the second quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after acquiring an additional 2,645 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Freshworks in the third quarter worth $57,000. Finally, Nisa Investment Advisors LLC increased its position in shares of Freshworks by 102.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock worth $71,000 after acquiring an additional 2,223 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

Freshworks Price Performance

Shares of NASDAQ:FRSH opened at $18.04 on Friday. The company’s fifty day moving average price is $16.23 and its 200 day moving average price is $13.51. Freshworks has a 12 month low of $10.81 and a 12 month high of $23.30. The firm has a market capitalization of $5.46 billion, a P/E ratio of -53.06 and a beta of 0.88.

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.