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

Freshworks Inc. (NASDAQ:FRSH) has been assigned an average rating of “Moderate Buy” from the fourteen brokerages that are presently covering the stock, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $18.69.

Several equities research analysts have recently commented on the stock. Canaccord Genuity Group raised their target price on shares of Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. JMP Securities raised their price objective 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. JPMorgan Chase & Co. lifted their price objective on Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Wells Fargo & Company increased their target price on Freshworks from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Finally, Piper Sandler lifted their price target on Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th.

Freshworks Stock Performance

FRSH opened at $15.33 on Monday. The stock’s 50 day moving average price is $14.59 and its 200-day moving average price is $12.91. Freshworks has a 52-week low of $10.81 and a 52-week high of $24.34. The stock has a market capitalization of $4.64 billion, a PE ratio of -45.09 and a beta of 0.90.

Insider Transactions at Freshworks

In other Freshworks news, Director Barry L. Padgett sold 2,345 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $17.30, for a total transaction of $40,568.50. Following the transaction, the director now owns 26,957 shares in the company, valued at approximately $466,356.10. This represents a 8.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Rathnagirish Mathrubootham sold 830,000 shares of Freshworks stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $15.33, for a total transaction of $12,723,900.00. Following the completion of the sale, the chairman now owns 551,137 shares of the company’s stock, valued at $8,448,930.21. This represents a 60.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,699,318 shares of company stock valued at $26,614,569 in the last quarter. 19.15% of the stock is owned by insiders.

Institutional Investors Weigh In On Freshworks

Several institutional investors and hedge funds have recently added to or reduced their stakes in FRSH. Amalgamated Bank raised its stake in Freshworks by 29.1% during the 2nd quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock valued at $90,000 after buying an additional 1,588 shares during the last quarter. Covestor Ltd grew its holdings in shares of Freshworks by 89.9% in the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after acquiring an additional 1,704 shares during the period. Quarry LP increased its position in Freshworks by 157.6% during the second quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after acquiring an additional 2,645 shares during the last quarter. 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 valued at $38,000 after acquiring an additional 2,822 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Freshworks by 8.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 40,229 shares of the company’s stock valued at $462,000 after acquiring an additional 3,182 shares during the period. Hedge funds and other 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.