Freshworks Inc. (NASDAQ:FRSH) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Freshworks Inc. (NASDAQ:FRSH) have received a consensus recommendation of “Moderate Buy” from the eighteen ratings firms that are currently covering the stock, Marketbeat reports. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $25.00.

FRSH has been the subject of several recent analyst reports. JMP Securities raised their target price on shares of Freshworks from $25.00 to $29.00 and gave the stock a “market outperform” rating in a report on Wednesday, February 7th. Piper Sandler raised their target price on shares of Freshworks from $24.00 to $28.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Jefferies Financial Group upgraded shares of Freshworks from a “hold” rating to a “buy” rating and raised their target price for the stock from $20.00 to $30.00 in a report on Friday, January 5th. 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. Finally, Needham & Company LLC raised their price target on shares of Freshworks from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, December 28th.

Freshworks Trading Up 0.9 %

NASDAQ:FRSH opened at $18.09 on Friday. Freshworks has a twelve month low of $12.22 and a twelve month high of $24.98. The company has a 50-day moving average of $20.32 and a 200-day moving average of $20.30. The firm has a market cap of $5.39 billion, a price-to-earnings ratio of -38.49 and a beta of 0.93.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Tuesday, February 6th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.04. Freshworks had a negative net margin of 23.04% and a negative return on equity of 12.55%. The company had revenue of $160.11 million during the quarter, compared to analysts’ expectations of $158.11 million. On average, research analysts forecast that Freshworks will post -0.37 earnings per share for the current year.

Insider Activity at Freshworks

In other news, CEO Rathnagirish Mathrubootham sold 430,149 shares of Freshworks stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $20.44, for a total value of $8,792,245.56. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Rathnagirish Mathrubootham sold 430,149 shares of Freshworks stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $20.44, for a total value of $8,792,245.56. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Johanna Flower sold 4,800 shares of Freshworks stock in a transaction that occurred on Wednesday, January 10th. The shares were sold at an average price of $23.15, for a total transaction of $111,120.00. Following the completion of the transaction, the director now directly owns 23,451 shares in the company, valued at approximately $542,890.65. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 462,467 shares of company stock valued at $9,483,143. 26.66% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Freshworks

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Freshworks by 6.9% in the fourth quarter. Vanguard Group Inc. now owns 19,816,514 shares of the company’s stock worth $465,490,000 after acquiring an additional 1,285,713 shares during the last quarter. BlackRock Inc. grew its stake in shares of Freshworks by 210.2% in the second quarter. BlackRock Inc. now owns 11,984,191 shares of the company’s stock worth $210,682,000 after acquiring an additional 8,120,351 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of Freshworks by 35.0% in the second quarter. Alliancebernstein L.P. now owns 4,794,336 shares of the company’s stock worth $84,284,000 after acquiring an additional 1,243,205 shares during the last quarter. Morgan Stanley grew its stake in shares of Freshworks by 38.7% in the third quarter. Morgan Stanley now owns 3,988,906 shares of the company’s stock worth $79,459,000 after acquiring an additional 1,113,371 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Freshworks by 239.7% in the second quarter. State Street Corp now owns 3,294,195 shares of the company’s stock worth $57,912,000 after acquiring an additional 2,324,432 shares during the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

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.