Wells Fargo & Company Issues Positive Forecast for Freshworks (NASDAQ:FRSH) Stock Price

Freshworks (NASDAQ:FRSH) had its target price hoisted by Wells Fargo & Company from $14.00 to $16.00 in a report released on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other analysts have also commented on the company. Canaccord Genuity Group lifted their price target on Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Needham & Company LLC reiterated a “buy” rating and set a $20.00 target price on shares of Freshworks in a research report on Tuesday, December 17th. JPMorgan Chase & Co. lifted their target price on shares of Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. JMP Securities raised their price objective on Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Thursday, November 7th. Finally, Piper Sandler upped their target price on Freshworks from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Freshworks has a consensus rating of “Moderate Buy” and an average target price of $19.00.

Freshworks Stock Performance

FRSH stock opened at $16.13 on Tuesday. Freshworks has a 52 week low of $10.81 and a 52 week high of $23.93. The company’s 50-day simple moving average is $15.68 and its 200 day simple moving average is $13.21. The company has a market capitalization of $4.89 billion, a PE ratio of -47.44 and a beta of 0.88.

Insider Activity

In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the company’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $11.06, for a total transaction of $51,871.40. Following the completion of the sale, the director now owns 36,689 shares in the company, valued at $405,780.34. This represents a 11.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $16.08, for a total value of $13,426,800.00. Following the transaction, the chairman now directly owns 551,137 shares in the company, valued at approximately $8,862,282.96. The trade was a 60.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,702,168 shares of company stock worth $26,700,318 over the last ninety days. Corporate insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

Institutional investors have recently bought and sold shares of the business. Blue Trust Inc. increased its holdings in shares of Freshworks by 1,987.3% in the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after purchasing an additional 2,822 shares during the last quarter. Covestor Ltd grew its holdings in shares of Freshworks by 89.9% in the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after purchasing an additional 1,704 shares during the period. Quarry LP grew its holdings in shares of Freshworks by 157.6% in the second quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after purchasing an additional 2,645 shares during the period. Point72 Hong Kong Ltd purchased a new position in Freshworks during the third quarter worth about $57,000. Finally, Amalgamated Bank boosted its holdings in Freshworks by 29.1% in the 2nd quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock valued at $90,000 after purchasing an additional 1,588 shares during the last quarter. 75.58% of the stock is owned by institutional investors and hedge funds.

Freshworks Company Profile

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.