Piper Sandler Forecasts Strong Price Appreciation for Freshworks (NASDAQ:FRSH) Stock

Freshworks (NASDAQ:FRSH) had its price objective raised by equities research analysts at Piper Sandler from $13.00 to $18.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price objective indicates a potential upside of 37.51% from the company’s current price.

Several other brokerages have also commented on FRSH. Barclays cut their price objective on Freshworks from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Wednesday, July 31st. Wells Fargo & Company assumed coverage on shares of Freshworks in a research report on Wednesday, October 16th. They set an “equal weight” rating and a $11.00 price objective on the stock. Cantor Fitzgerald reduced their target price on Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Scotiabank lowered their price target on Freshworks from $18.00 to $16.00 and set a “sector perform” rating on the stock in a research report on Wednesday, July 31st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $20.00 price objective on shares of Freshworks in a research report on Thursday. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $17.92.

Freshworks Trading Up 5.2 %

Shares of Freshworks stock opened at $13.09 on Thursday. The company’s 50-day moving average price is $11.45 and its 200-day moving average price is $12.60. Freshworks has a 12-month low of $10.81 and a 12-month high of $24.98. The company has a market cap of $3.95 billion, a price-to-earnings ratio of -37.40 and a beta of 0.72.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.01. The firm had revenue of $186.58 million during the quarter, compared to the consensus estimate of $181.50 million. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.08%. On average, sell-side analysts predict that Freshworks will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $11.04, for a total value of $93,199.68. Following the completion of the sale, the director now directly owns 23,497 shares of the company’s stock, valued at approximately $259,406.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Freshworks news, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $11.04, for a total transaction of $93,199.68. Following the completion of the transaction, the director now owns 23,497 shares of the company’s stock, valued at approximately $259,406.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Roxanne S. Austin sold 6,303 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $11.22, for a total transaction of $70,719.66. Following the completion of the transaction, the director now owns 223,106 shares of the company’s stock, valued at approximately $2,503,249.32. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,456 shares of company stock worth $530,102. 19.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. raised its position in shares of Freshworks by 34.2% in the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock worth $54,000 after purchasing an additional 757 shares during the last quarter. California State Teachers Retirement System increased its position in shares of Freshworks by 0.5% during the first quarter. California State Teachers Retirement System now owns 161,706 shares of the company’s stock valued at $2,945,000 after acquiring an additional 831 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Freshworks by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock worth $250,000 after acquiring an additional 1,160 shares during the last quarter. Amalgamated Bank lifted its position 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 acquiring an additional 1,588 shares in the last quarter. Finally, Covestor Ltd boosted its stake in Freshworks by 89.9% during the 3rd 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 last quarter. Hedge funds and other institutional investors 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.