Piper Sandler Increases Freshworks (NASDAQ:FRSH) Price Target to $20.00

Freshworks (NASDAQ:FRSH) had its price target upped by equities research analysts at Piper Sandler from $18.00 to $20.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price target would suggest a potential upside of 24.46% from the stock’s previous close.

A number of other research firms have also recently commented on FRSH. Needham & Company LLC reissued a “buy” rating and set a $20.00 target price on shares of Freshworks in a research report on Tuesday, December 17th. Robert W. Baird decreased their price objective on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. JPMorgan Chase & Co. raised their price objective on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. Wells Fargo & Company upped their target price on Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Finally, JMP Securities raised their price target on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Freshworks has an average rating of “Moderate Buy” and a consensus price target of $18.85.

Freshworks Stock Performance

Shares of Freshworks stock opened at $16.07 on Monday. Freshworks has a one year low of $10.81 and a one year high of $23.93. The company has a market capitalization of $4.87 billion, a PE ratio of -47.26 and a beta of 0.90. The company has a 50-day simple moving average of $15.51 and a two-hundred day simple moving average of $13.15.

Insider Activity

In other news, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $16.08, for a total value of $13,426,800.00. Following the sale, the chairman now owns 551,137 shares in the company, valued at $8,862,282.96. This represents a 60.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jennifer H. Taylor sold 4,690 shares of Freshworks stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $11.06, for a total value of $51,871.40. Following the transaction, the director now owns 36,689 shares of the company’s stock, valued at approximately $405,780.34. This represents a 11.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,702,168 shares of company stock valued at $26,700,318 in the last ninety days. Insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

A number of hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. raised its position in shares of Freshworks by 1,987.3% in the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock worth $38,000 after acquiring an additional 2,822 shares during the period. Covestor Ltd increased its stake in shares of Freshworks by 89.9% in the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after purchasing an additional 1,704 shares in the last quarter. Quarry LP raised its holdings in Freshworks by 157.6% in the 2nd quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after purchasing an additional 2,645 shares during the period. Point72 Hong Kong Ltd purchased a new position in Freshworks during the third quarter worth approximately $57,000. Finally, Amalgamated Bank grew its holdings in Freshworks by 29.1% in the second quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock valued at $90,000 after purchasing an additional 1,588 shares during the period. 75.58% of the stock is owned by hedge funds and other 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.