Freshworks (NASDAQ:FRSH) Upgraded by Wall Street Zen to Strong-Buy Rating

Freshworks (NASDAQ:FRSH) was upgraded by equities researchers at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a note issued to investors on Saturday.

FRSH has been the subject of a number of other research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Freshworks in a research report on Wednesday, October 8th. Piper Sandler cut their price objective on Freshworks from $25.00 to $20.00 and set an “overweight” rating on the stock in a research note on Friday. Canaccord Genuity Group reduced their target price on Freshworks from $23.00 to $19.00 and set a “buy” rating for the company in a report on Thursday. JMP Securities reaffirmed a “market outperform” rating and set a $27.00 target price on shares of Freshworks in a research report on Friday, September 12th. Finally, Morgan Stanley lowered their price target on Freshworks from $18.00 to $16.00 and set an “equal weight” rating on the stock in a report on Friday, September 12th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Freshworks has a consensus rating of “Moderate Buy” and an average price target of $19.38.

Freshworks Stock Up 3.1%

FRSH stock opened at $11.19 on Friday. The firm has a 50 day moving average of $11.91 and a two-hundred day moving average of $13.53. Freshworks has a 12 month low of $10.51 and a 12 month high of $19.77. The company has a market capitalization of $3.26 billion, a price-to-earnings ratio of -111.89 and a beta of 0.90.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Thursday, September 11th. The company reported $0.18 earnings per share (EPS) for the quarter. The business had revenue of $204.68 million during the quarter. Freshworks had a negative net margin of 3.65% and a negative return on equity of 0.37%. On average, research analysts expect that Freshworks will post -0.19 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Mika Yamamoto sold 4,289 shares of the firm’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $13.18, for a total value of $56,529.02. Following the sale, the insider owned 533,993 shares in the company, valued at approximately $7,038,027.74. This trade represents a 0.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jennifer H. Taylor sold 4,690 shares of the business’s stock in a transaction on Monday, August 11th. The stock was sold at an average price of $12.53, for a total transaction of $58,765.70. Following the transaction, the director directly owned 44,218 shares in the company, valued at $554,051.54. This trade represents a 9.59% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 27,828 shares of company stock valued at $358,968. Corporate insiders own 11.17% of the company’s stock.

Institutional Trading of Freshworks

A number of hedge funds have recently bought and sold shares of the stock. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of Freshworks during the 2nd quarter worth about $25,000. Meeder Asset Management Inc. bought a new stake in shares of Freshworks in the third quarter valued at about $27,000. Rothschild Investment LLC grew its position in Freshworks by 560.0% during the third quarter. Rothschild Investment LLC now owns 2,277 shares of the company’s stock worth $27,000 after buying an additional 1,932 shares in the last quarter. SBI Securities Co. Ltd. increased its stake in Freshworks by 136.2% during the third quarter. SBI Securities Co. Ltd. now owns 2,745 shares of the company’s stock valued at $32,000 after acquiring an additional 1,583 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in Freshworks by 427.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,479 shares of the company’s stock valued at $67,000 after acquiring an additional 3,630 shares in the last quarter. 75.58% of the stock is owned by institutional investors.

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.