Freshworks (NASDAQ:FRSH) Given New $19.00 Price Target at Morgan Stanley

Freshworks (NASDAQ:FRSH) had its price objective upped by Morgan Stanley from $18.00 to $19.00 in a report published on Monday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Several other research firms have also recently commented on FRSH. Robert W. Baird cut their price target on Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. JPMorgan Chase & Co. boosted their price target on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Freshworks in a report on Tuesday, December 17th. JMP Securities boosted their price objective on Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Thursday, November 7th. Finally, Piper Sandler boosted their price objective on Freshworks from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $19.08.

Freshworks Stock Performance

NASDAQ:FRSH opened at $15.60 on Monday. Freshworks has a one year low of $10.81 and a one year high of $23.64. The business’s 50-day simple moving average is $15.93 and its 200 day simple moving average is $13.29. The stock has a market cap of $4.72 billion, a price-to-earnings ratio of -45.88 and a beta of 0.88.

Insider Activity

In related news, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $12.19, for a total value of $102,798.27. Following the completion of the sale, the director now owns 23,497 shares of the company’s stock, valued at $286,428.43. This represents a 26.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Barry L. Padgett sold 2,345 shares of the company’s stock in a transaction dated Tuesday, December 17th. The stock was 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 directly owns 26,957 shares of the company’s stock, valued at $466,356.10. The trade was a 8.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,702,163 shares of company stock valued at $26,721,018. 19.15% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Freshworks

Several institutional investors have recently bought and sold shares of FRSH. Blue Trust Inc. lifted its holdings in 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 purchasing an additional 2,822 shares during the period. Covestor Ltd lifted its holdings in Freshworks by 89.9% in the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after purchasing an additional 1,704 shares during the period. Quarry LP lifted its holdings in Freshworks by 157.6% in the second 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 acquired a new stake in Freshworks in the 3rd quarter valued at about $57,000. Finally, Amalgamated Bank lifted its holdings in Freshworks by 29.1% in the 2nd quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock valued at $90,000 after acquiring an additional 1,588 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.