Freshworks Inc. (NASDAQ:FRSH) Receives $18.69 Consensus Price Target from Brokerages

Freshworks Inc. (NASDAQ:FRSH) has been assigned an average recommendation of “Moderate Buy” from the fourteen research firms that are presently covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $18.38.

Several brokerages recently commented on FRSH. JPMorgan Chase & Co. dropped their price target on shares of Freshworks from $19.00 to $17.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Scotiabank dropped their target price on shares of Freshworks from $18.00 to $16.00 and set a “sector perform” rating for the company in a research report on Wednesday, July 31st. StockNews.com cut shares of Freshworks from a “buy” rating to a “hold” rating in a research report on Saturday, June 22nd. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Freshworks in a research report on Wednesday, July 31st. Finally, Barclays dropped their target price on Freshworks from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 31st.

Freshworks Price Performance

Shares of NASDAQ FRSH opened at $11.47 on Wednesday. The company has a 50-day simple moving average of $11.39 and a 200-day simple moving average of $13.42. The company has a market cap of $3.43 billion, a PE ratio of -28.68 and a beta of 0.73. Freshworks has a 12 month low of $10.81 and a 12 month high of $24.98.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.02. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. The company had revenue of $174.13 million during the quarter, compared to the consensus estimate of $169.05 million. During the same period in the previous year, the firm posted ($0.12) EPS. Freshworks’s revenue was up 20.0% on a year-over-year basis. On average, analysts anticipate that Freshworks will post -0.38 EPS for the current year.

Insiders Place Their Bets

In related news, Director Jennifer H. Taylor sold 4,690 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $11.23, for a total value of $52,668.70. Following the completion of the sale, the director now directly owns 35,853 shares of the company’s stock, valued at $402,629.19. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Freshworks news, Director Roxanne S. Austin sold 6,303 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $11.22, for a total transaction of $70,719.66. Following the sale, the director now directly owns 223,106 shares of the company’s stock, valued at approximately $2,503,249.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jennifer H. Taylor sold 4,690 shares of Freshworks stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $11.23, for a total transaction of $52,668.70. Following the completion of the transaction, the director now directly owns 35,853 shares of the company’s stock, valued at $402,629.19. 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 47,245 shares of company stock valued at $533,811 in the last ninety days. Corporate insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

A number of large investors have recently bought and sold shares of the business. Advisors Asset Management Inc. raised its position in shares of Freshworks by 34.2% during the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock worth $54,000 after purchasing an additional 757 shares during the period. CWM LLC grew its position in shares of Freshworks by 554.5% during the second quarter. CWM LLC now owns 3,397 shares of the company’s stock worth $43,000 after acquiring an additional 2,878 shares during the last quarter. Quarry LP grew its position in shares of Freshworks by 157.6% during 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 during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Freshworks in the first quarter valued at approximately $82,000. Finally, International Assets Investment Management LLC bought a new stake in Freshworks during the 2nd quarter valued at $58,000. 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.