Freshworks (NASDAQ:FRSH) Price Target Raised to $18.00

Freshworks (NASDAQ:FRSH) had its target price upped by Morgan Stanley from $14.00 to $18.00 in a report issued on Thursday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

FRSH has been the subject of several other reports. Barclays upped their price objective on Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 12th. Oppenheimer reduced their price target on Freshworks from $24.00 to $19.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. Piper Sandler reaffirmed an “overweight” rating and set a $22.00 price objective (up from $20.00) on shares of Freshworks in a research report on Wednesday. UBS Group set a $22.00 target price on shares of Freshworks in a report on Thursday, February 6th. Finally, Scotiabank lifted their price target on shares of Freshworks from $14.00 to $18.00 and gave the company a “sector perform” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.21.

Freshworks Stock Performance

FRSH stock opened at $14.70 on Thursday. The business’s 50-day moving average is $14.35 and its two-hundred day moving average is $15.42. The company has a market cap of $4.43 billion, a price-to-earnings ratio of -45.94 and a beta of 0.98. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $19.77.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $196.27 million for the quarter, compared to the consensus estimate of $191.90 million. During the same quarter last year, the firm posted $0.10 earnings per share. The firm’s revenue was up 18.9% compared to the same quarter last year. Equities analysts predict that Freshworks will post -0.19 earnings per share for the current year.

Insider Activity at Freshworks

In other news, insider Mika Yamamoto sold 2,859 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $18.29, for a total transaction of $52,291.11. Following the completion of the transaction, the insider now directly owns 397,390 shares in the company, valued at approximately $7,268,263.10. This represents a 0.71 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $18.30, for a total transaction of $154,488.60. Following the completion of the transaction, the director now directly owns 24,187 shares of the company’s stock, valued at approximately $442,622.10. This trade represents a 25.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 29,177 shares of company stock valued at $498,042. Insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Avion Wealth purchased a new stake in Freshworks during the fourth quarter valued at approximately $26,000. Blue Trust Inc. lifted its position in Freshworks by 32.2% in the fourth quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock worth $63,000 after buying an additional 954 shares during the last quarter. National Bank of Canada FI boosted its stake in Freshworks by 1,385.8% during the fourth quarter. National Bank of Canada FI now owns 3,967 shares of the company’s stock worth $64,000 after buying an additional 3,700 shares during the period. FNY Investment Advisers LLC bought a new position in Freshworks during the first quarter valued at $70,000. Finally, Nisa Investment Advisors LLC raised its stake in shares of Freshworks by 102.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock valued at $71,000 after acquiring an additional 2,223 shares during the period. 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.