Freshworks (NASDAQ:FRSH) Upgraded at Zacks Research

Freshworks (NASDAQ:FRSH) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Thursday, Zacks reports.

A number of other research analysts have also weighed in on FRSH. Wall Street Zen raised shares of Freshworks from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Guggenheim began coverage on shares of Freshworks in a research note on Wednesday, July 22nd. They set a “buy” rating and a $25.00 price objective for the company. Wells Fargo & Company reiterated an “overweight” rating on shares of Freshworks in a research report on Thursday. UBS Group lifted their price objective on shares of Freshworks from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Weiss Ratings upgraded shares of Freshworks from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, September 29th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, Freshworks currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.92.

Freshworks Stock Performance

Shares of NASDAQ:FRSH opened at $12.11 on Thursday. The firm’s fifty day moving average is $13.45 and its 200-day moving average is $10.50. The firm has a market cap of $3.16 billion, a PE ratio of 78.94, a price-to-earnings-growth ratio of 9.47 and a beta of 0.80. Freshworks has a 52 week low of $6.79 and a 52 week high of $15.51.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.04. The company had revenue of $245.43 million for the quarter, compared to analysts’ expectations of $245.06 million. Freshworks had a net margin of 20.49% and a return on equity of 5.52%. Freshworks’s quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.16 earnings per share. Sell-side analysts forecast that Freshworks will post 0.06 EPS for the current year.

Insiders Place Their Bets

In related news, CAO Philippa Lawrence sold 52,767 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $13.25, for a total transaction of $699,162.75. Following the completion of the transaction, the chief accounting officer owned 389,296 shares of the company’s stock, valued at approximately $5,158,172. The trade was a 11.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 8.54% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of FRSH. Nykredit A S acquired a new stake in Freshworks during the 2nd quarter worth approximately $28,000. Provenance Wealth Advisors LLC acquired a new stake in Freshworks in the 3rd quarter valued at approximately $28,000. Root Financial Partners LLC bought a new position in shares of Freshworks in the third quarter valued at about $29,000. Summit Securities Group LLC raised its stake in Freshworks by 186.3% during the 1st quarter. Summit Securities Group LLC now owns 6,043 shares of the company’s stock worth $49,000 after buying an additional 3,932 shares during the period. Finally, Meeder Asset Management Inc. boosted its holdings in shares of Freshworks by 164.0% in the 1st quarter. Meeder Asset Management Inc. now owns 6,156 shares of the company’s stock valued at $49,000 after buying an additional 3,824 shares during the last quarter. 75.58% of the stock is owned by institutional investors and hedge funds.

About Freshworks

Freshworks Inc (NASDAQ:FRSH) develops cloud-based customer and employee engagement software for businesses of various sizes. Its products are designed to help organizations manage customer support, IT service operations, sales activities, and marketing workflows through user-friendly, artificial intelligence-enabled applications.

The company’s product portfolio includes Freshdesk for customer service and support, Freshservice for IT and enterprise service management, Freshsales for customer relationship management, and Freshmarketer for marketing automation and customer engagement.