Freshworks Inc. (NASDAQ:FRSH) Receives $25.00 Average PT from Analysts

Shares of Freshworks Inc. (NASDAQ:FRSH) have been given a consensus recommendation of “Moderate Buy” by the seventeen ratings firms that are covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and twelve have assigned a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $25.29.

A number of research analysts recently issued reports on FRSH shares. Needham & Company LLC boosted their price objective on shares of Freshworks from $25.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, December 28th. Morgan Stanley reduced their price target on shares of Freshworks from $24.00 to $22.00 and set an “equal weight” rating for the company in a report on Wednesday, April 17th. Jefferies Financial Group upgraded shares of Freshworks from a “hold” rating to a “buy” rating and upped their price target for the company from $20.00 to $30.00 in a report on Friday, January 5th. JMP Securities upped their price target on shares of Freshworks from $25.00 to $29.00 and gave the company a “market outperform” rating in a report on Wednesday, February 7th. Finally, Wolfe Research upgraded shares of Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 price target for the company in a report on Tuesday, February 20th.

Freshworks Stock Performance

Shares of NASDAQ FRSH opened at $18.35 on Wednesday. The stock has a market cap of $5.47 billion, a P/E ratio of -39.04 and a beta of 0.90. The firm has a 50 day moving average price of $18.87 and a 200 day moving average price of $20.06. Freshworks has a 52-week low of $12.22 and a 52-week high of $24.98.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.04. The firm had revenue of $160.11 million during the quarter, compared to analysts’ expectations of $158.11 million. Freshworks had a negative net margin of 23.04% and a negative return on equity of 12.55%. Analysts predict that Freshworks will post -0.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Jennifer H. Taylor sold 7,035 shares of the stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $18.08, for a total transaction of $127,192.80. Following the completion of the transaction, the director now owns 19,991 shares in the company, valued at $361,437.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Freshworks news, Director Johanna Flower sold 4,800 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $19.05, for a total transaction of $91,440.00. Following the sale, the director now directly owns 23,451 shares of the company’s stock, valued at $446,741.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jennifer H. Taylor sold 7,035 shares of the company’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $18.08, for a total transaction of $127,192.80. Following the sale, the director now directly owns 19,991 shares in the company, valued at $361,437.28. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 460,792 shares of company stock worth $9,408,403. 26.66% of the stock is owned by insiders.

Institutional Trading of Freshworks

Several institutional investors and hedge funds have recently added to or reduced their stakes in FRSH. Vanguard Group Inc. raised its position in Freshworks by 14.6% during the third quarter. Vanguard Group Inc. now owns 18,530,801 shares of the company’s stock worth $369,134,000 after acquiring an additional 2,363,550 shares in the last quarter. Norges Bank bought a new position in shares of Freshworks in the fourth quarter valued at about $44,919,000. Lord Abbett & CO. LLC bought a new position in shares of Freshworks in the third quarter valued at about $34,644,000. Ninety One UK Ltd bought a new position in shares of Freshworks in the fourth quarter valued at about $36,303,000. Finally, Acadian Asset Management LLC raised its position in shares of Freshworks by 511.2% in the third quarter. Acadian Asset Management LLC now owns 1,312,016 shares of the company’s stock valued at $26,118,000 after purchasing an additional 1,097,369 shares during the period. 75.58% of the stock is owned by institutional investors.

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.