Wells Fargo & Company Forecasts Strong Price Appreciation for Freshworks (NASDAQ:FRSH) Stock

Freshworks (NASDAQ:FRSH) had its target price upped by Wells Fargo & Company from $14.00 to $16.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

FRSH has been the topic of several other reports. JMP Securities lifted their price target 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. Canaccord Genuity Group lifted their target price on Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. 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. Needham & Company LLC reiterated a “buy” rating and set a $20.00 price objective on shares of Freshworks in a research note on Tuesday, December 17th. Finally, JPMorgan Chase & Co. increased their price objective on Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

Freshworks Stock Up 0.1 %

Shares of FRSH opened at $16.15 on Tuesday. The company has a 50 day moving average of $15.77 and a 200-day moving average of $13.23. The stock has a market capitalization of $4.89 billion, a P/E ratio of -47.50 and a beta of 0.88. Freshworks has a twelve month low of $10.81 and a twelve month high of $23.93.

Insider Buying and Selling

In other news, Director Barry L. Padgett sold 2,345 shares of the company’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 transaction of $40,568.50. Following the completion of the sale, the director now owns 26,957 shares of the company’s stock, valued at approximately $466,356.10. This represents a 8.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Mika Yamamoto sold 2,859 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $15.84, for a total value of $45,286.56. Following the completion of the sale, the insider now directly owns 400,249 shares in the company, valued at approximately $6,339,944.16. This represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,697,478 shares of company stock valued at $26,648,447. 19.15% of the stock is owned by company insiders.

Institutional Trading of Freshworks

Hedge funds have recently added to or reduced their stakes in the stock. Everence Capital Management Inc. acquired a new position in shares of Freshworks during the fourth quarter worth $190,000. JPMorgan Chase & Co. grew its position in Freshworks by 49.8% during the 3rd 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 last quarter. Franklin Resources Inc. increased its holdings in Freshworks by 18.1% in the 3rd quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock worth $44,934,000 after purchasing an additional 604,658 shares in the last quarter. Tidal Investments LLC bought a new position in Freshworks in the third quarter valued at about $534,000. Finally, Geode Capital Management LLC raised its position in Freshworks by 1.5% in the third quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company’s stock valued at $52,750,000 after purchasing an additional 66,342 shares during the last quarter. Institutional investors and hedge funds 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.