Scotiabank Boosts Freshworks (NASDAQ:FRSH) Price Target to $18.00

Freshworks (NASDAQ:FRSH) had its price objective hoisted by research analysts at Scotiabank from $14.00 to $18.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “sector perform” rating on the stock. Scotiabank’s price target points to a potential upside of 24.31% from the company’s current price.

Other analysts have also recently issued reports about the stock. UBS Group set a $22.00 price objective on shares of Freshworks in a research note on Thursday, February 6th. Canaccord Genuity Group lifted their price target on Freshworks from $19.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Morgan Stanley dropped their price objective on shares of Freshworks from $21.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 16th. JMP Securities restated a “market outperform” rating and set a $27.00 price target on shares of Freshworks in a research report on Wednesday. Finally, Wells Fargo & Company cut their price target on Freshworks from $13.00 to $11.00 and set an “underweight” rating for the company in a research note on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Freshworks presently has an average rating of “Moderate Buy” and an average price target of $20.43.

Freshworks Stock Performance

NASDAQ:FRSH opened at $14.48 on Wednesday. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $19.77. The company’s 50-day simple moving average is $14.40 and its 200-day simple moving average is $15.37. The stock has a market capitalization of $4.37 billion, a P/E ratio of -45.25 and a beta of 0.98.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.13 by $0.05. Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. The firm had revenue of $196.27 million during the quarter, compared to analyst estimates of $191.90 million. During the same period last year, the firm posted $0.10 EPS. Freshworks’s revenue was up 18.9% on a year-over-year basis. On average, research analysts forecast that Freshworks will post -0.19 EPS for the current year.

Insider Activity

In other Freshworks news, insider Mika Yamamoto sold 2,859 shares of Freshworks stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $18.29, for a total value of $52,291.11. Following the sale, the insider now owns 397,390 shares in the company, valued at $7,268,263.10. The trade was a 0.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Johanna Flower sold 1,450 shares of the firm’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $18.01, for a total value of $26,114.50. Following the sale, the director now directly owns 41,491 shares of the company’s stock, valued at $747,252.91. The trade was a 3.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,177 shares of company stock valued at $498,042. 19.15% of the stock is currently owned by insiders.

Institutional Trading of Freshworks

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Freshworks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company’s stock worth $405,283,000 after acquiring an additional 1,357,526 shares during the period. Eminence Capital LP acquired a new stake in Freshworks in the 4th quarter valued at about $86,002,000. JPMorgan Chase & Co. boosted its stake in shares of Freshworks by 49.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock valued at $60,503,000 after buying an additional 1,752,995 shares during the period. Geode Capital Management LLC grew its position in shares of Freshworks by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 4,673,600 shares of the company’s stock worth $75,588,000 after buying an additional 79,388 shares in the last quarter. Finally, TPG GP A LLC increased its stake in shares of Freshworks by 28.7% during the fourth quarter. TPG GP A LLC now owns 4,346,855 shares of the company’s stock worth $70,289,000 after buying an additional 969,283 shares during the period. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Freshworks Company Profile

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.