Freshworks (NASDAQ:FRSH) Price Target Raised to $23.00 at Canaccord Genuity Group

Freshworks (NASDAQ:FRSH) had its price target upped by equities research analysts at Canaccord Genuity Group from $19.00 to $23.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 28.78% from the stock’s previous close.

FRSH has been the topic of a number of other reports. Oppenheimer increased their price objective on shares of Freshworks from $22.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday. Robert W. Baird reduced their price target on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Piper Sandler upped their price objective on Freshworks from $20.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday. JPMorgan Chase & Co. lifted their target price on Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Finally, JMP Securities boosted their target price on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $20.57.

Freshworks Stock Down 2.4 %

FRSH opened at $17.86 on Wednesday. Freshworks has a 52 week low of $10.81 and a 52 week high of $22.14. The company has a market capitalization of $5.41 billion, a P/E ratio of -52.53 and a beta of 0.91. The stock’s fifty day moving average is $16.94 and its two-hundred day moving average is $14.05.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data 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 analysts anticipate that Freshworks will post -0.35 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $18.30, for a total value of $154,488.60. Following the sale, the director now owns 24,187 shares in the company, valued at $442,622.10. This represents a 25.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was 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 of the company’s stock, valued at $8,862,282.96. This represents a 60.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,727,211 shares of company stock valued at $27,224,746. Insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FRSH. JPMorgan Chase & Co. grew its holdings in Freshworks by 49.8% during the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock worth $60,503,000 after acquiring an additional 1,752,995 shares during the period. Vanguard Group Inc. boosted its holdings in Freshworks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company’s stock worth $405,283,000 after buying an additional 1,357,526 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Freshworks during the fourth quarter valued at $20,666,000. Artisan Partners Limited Partnership purchased a new position in Freshworks in the fourth quarter valued at $16,000,000. Finally, M&G PLC acquired a new position in shares of Freshworks in the third quarter worth about $9,094,000. 75.58% of the stock is currently owned by institutional investors and hedge funds.

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.