Freshworks (NASDAQ:FRSH) Shares Gap Up on Analyst Upgrade

Shares of Freshworks Inc. (NASDAQ:FRSH) gapped up prior to trading on Wednesday after Cantor Fitzgerald raised their price target on the stock from $18.00 to $22.00. The stock had previously closed at $17.86, but opened at $18.76. Cantor Fitzgerald currently has an overweight rating on the stock. Freshworks shares last traded at $17.56, with a volume of 2,521,088 shares changing hands.

Other equities analysts have also recently issued reports about the company. JMP Securities boosted their price target on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Canaccord Genuity Group upped their target price on shares of Freshworks from $19.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday. Needham & Company LLC raised their price target on shares of Freshworks from $20.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday. JPMorgan Chase & Co. boosted their price objective on shares of Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Finally, Wells Fargo & Company cut Freshworks from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $16.00 to $13.00 in a report on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $20.86.

Insider Activity at Freshworks

In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $16.74, for a total value of $78,510.60. Following the completion of the transaction, the director now directly owns 36,689 shares of the company’s stock, valued at $614,173.86. This represents a 11.33 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Barry L. Padgett sold 2,345 shares of Freshworks stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total value of $40,568.50. Following the sale, the director now directly owns 26,957 shares in the company, valued at approximately $466,356.10. The trade was a 8.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,727,211 shares of company stock worth $27,224,746. Corporate insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

A number of hedge funds have recently bought and sold shares of FRSH. Vanguard Group Inc. increased its holdings in Freshworks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company’s stock valued at $405,283,000 after buying an additional 1,357,526 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Freshworks by 49.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock valued at $60,503,000 after acquiring an additional 1,752,995 shares during the last quarter. State Street Corp raised its position in shares of Freshworks by 7.1% during the 3rd quarter. State Street Corp now owns 4,729,093 shares of the company’s stock valued at $54,290,000 after acquiring an additional 313,982 shares in the last quarter. Geode Capital Management LLC lifted its stake in Freshworks by 1.5% during the third quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company’s stock worth $52,750,000 after purchasing an additional 66,342 shares during the last quarter. Finally, Franklin Resources Inc. lifted its position in shares of Freshworks by 18.1% in the 3rd quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock worth $44,934,000 after buying an additional 604,658 shares during the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

Freshworks Stock Performance

The firm has a market capitalization of $5.32 billion, a price-to-earnings ratio of -51.85 and a beta of 0.91. The company’s fifty day moving average price is $16.94 and its 200 day moving average price is $14.05.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative return on equity of 8.57% and a negative net margin of 14.80%. As a group, sell-side analysts expect that Freshworks Inc. will post -0.35 earnings per share for the current year.

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.