Freshworks (NASDAQ:FRSH) Given New $20.00 Price Target at Piper Sandler

Freshworks (NASDAQ:FRSH) had its target price raised by Piper Sandler from $18.00 to $20.00 in a report released on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms have also recently commented on FRSH. JMP Securities boosted their target price on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. upped 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. Canaccord Genuity Group raised their target price on shares of Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Robert W. Baird lowered their price target on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Finally, Wells Fargo & Company raised their price objective on shares of Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.00.

Freshworks Stock Up 0.1 %

Shares of FRSH stock opened at $16.15 on Monday. The firm has a 50 day moving average of $15.68 and a two-hundred day moving average of $13.21. The stock has a market capitalization of $4.89 billion, a PE ratio of -47.50 and a beta of 0.88. Freshworks has a 52 week low of $10.81 and a 52 week high of $23.93.

Insider Activity at Freshworks

In related news, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $16.08, for a total value of $13,426,800.00. Following the completion of the sale, the chairman now owns 551,137 shares in the company, valued at $8,862,282.96. This represents a 60.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Zachary Nelson sold 8,433 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $12.19, for a total transaction of $102,798.27. Following the transaction, the director now directly owns 23,497 shares in the company, valued at $286,428.43. The trade was a 26.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,697,478 shares of company stock valued at $26,648,447 in the last three months. 19.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Freshworks

Hedge funds have recently made changes to their positions in the business. Everence Capital Management Inc. purchased a new stake in shares of Freshworks during the fourth quarter worth approximately $190,000. JPMorgan Chase & Co. raised its position in Freshworks by 49.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock worth $60,503,000 after buying an additional 1,752,995 shares during the last quarter. Franklin Resources Inc. lifted its stake 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 acquiring an additional 604,658 shares during the period. Tidal Investments LLC acquired a new position in shares of Freshworks during the third quarter worth about $534,000. Finally, Geode Capital Management LLC raised its holdings 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 in 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.