Freshworks (NASDAQ:FRSH) Shares Up 5.2% – Still a Buy?

Shares of Freshworks Inc. (NASDAQ:FRSH) rose 5.2% during trading on Tuesday . The company traded as high as $18.56 and last traded at $18.92. Approximately 435,416 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 3,225,457 shares. The stock had previously closed at $17.99.

Analyst Ratings Changes

Several research analysts have recently issued reports on FRSH shares. JMP Securities increased their price target on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Thursday, November 7th. Morgan Stanley boosted their price target on shares of Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research report on Monday, January 13th. Wells Fargo & Company cut shares of Freshworks from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $16.00 to $13.00 in a report on Tuesday, January 21st. Piper Sandler boosted their target price on Freshworks from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, Oppenheimer upgraded Freshworks from a “market perform” rating to an “outperform” rating and set a $22.00 price target on the stock in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Freshworks has an average rating of “Moderate Buy” and an average price target of $19.07.

Freshworks Price Performance

The firm has a market capitalization of $5.84 billion, a price-to-earnings ratio of -56.72 and a beta of 0.88. The firm’s fifty day moving average is $16.37 and its 200 day moving average is $13.64.

Insider Activity

In related news, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $12.19, for a total value of $102,798.27. Following the completion of the sale, the director now directly owns 23,497 shares in the company, valued at approximately $286,428.43. This represents a 26.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Johanna Flower sold 21,400 shares of the stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $18.00, for a total value of $385,200.00. Following the transaction, the director now directly owns 41,491 shares in the company, valued at approximately $746,838. This represents a 34.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,723,563 shares of company stock worth $27,106,218 in the last ninety days. Corporate insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its holdings in shares of Freshworks by 10.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,428,755 shares of the company’s stock worth $30,821,000 after buying an additional 239,671 shares during the period. Amalgamated Bank increased its position in Freshworks by 29.1% during the second quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock worth $90,000 after acquiring an additional 1,588 shares during the period. Sei Investments Co. raised its stake in Freshworks by 191.9% during the 2nd quarter. Sei Investments Co. now owns 95,846 shares of the company’s stock valued at $1,216,000 after purchasing an additional 63,006 shares during the last quarter. Xponance Inc. bought a new stake in Freshworks in the 2nd quarter valued at $164,000. Finally, Marshall Wace LLP acquired a new stake in Freshworks in the 2nd quarter worth $1,740,000. Institutional investors and hedge funds own 75.58% of the company’s stock.

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.