Freshworks (NASDAQ:FRSH) Price Target Raised to $15.00

Freshworks (NASDAQ:FRSH) had its target price boosted by Piper Sandler from $12.00 to $15.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

Other equities research analysts also recently issued reports about the stock. Wells Fargo & Company lifted their target price on shares of Freshworks from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 28th. Weiss Ratings upgraded shares of Freshworks from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, September 29th. Guggenheim initiated coverage on shares of Freshworks in a research report on Wednesday, July 22nd. They issued a “buy” rating and a $25.00 price target for the company. UBS Group raised their price target on shares of Freshworks from $11.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Finally, Zacks Research lowered shares of Freshworks from a “strong-buy” rating to a “hold” rating in a report on Friday, July 10th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, Freshworks has an average rating of “Moderate Buy” and a consensus target price of $15.92.

Freshworks Stock Down 4.6%

Freshworks stock traded down $0.59 during trading hours on Wednesday, hitting $12.11. The stock had a trading volume of 5,446,919 shares, compared to its average volume of 7,619,666. The business’s 50 day simple moving average is $13.45 and its 200-day simple moving average is $10.50. Freshworks has a one year low of $6.79 and a one year high of $15.51. The stock has a market cap of $3.16 billion, a price-to-earnings ratio of 16.59, a P/E/G ratio of 9.47 and a beta of 0.80.

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

Insider Buying and Selling at Freshworks

In other news, CAO Philippa Lawrence sold 3,492 shares of the firm’s stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $12.98, for a total transaction of $45,326.16. Following the completion of the transaction, the chief accounting officer directly owned 379,639 shares in the company, valued at $4,927,714.22. This trade represents a 0.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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. Insiders own 8.54% of the company’s stock.

Hedge Funds Weigh In On Freshworks

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Nykredit A S bought a new stake in Freshworks in the second quarter valued at approximately $28,000. Provenance Wealth Advisors LLC bought a new position in Freshworks during the 3rd quarter worth approximately $28,000. Root Financial Partners LLC bought a new position in Freshworks during the 3rd quarter worth approximately $29,000. Meeder Asset Management Inc. raised its holdings in Freshworks by 164.0% during the 1st quarter. Meeder Asset Management Inc. now owns 6,156 shares of the company’s stock worth $49,000 after purchasing an additional 3,824 shares during the last quarter. Finally, Summit Securities Group LLC lifted its position in shares of Freshworks by 186.3% in the 1st quarter. Summit Securities Group LLC now owns 6,043 shares of the company’s stock worth $49,000 after purchasing an additional 3,932 shares during the period. 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.