Freshworks (NASDAQ:FRSH) Given New $19.00 Price Target at Canaccord Genuity Group

Freshworks (NASDAQ:FRSH) had its price target upped by Canaccord Genuity Group from $17.00 to $19.00 in a research note released on Thursday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

FRSH has been the topic of several other research reports. Piper Sandler upped their price objective on Freshworks from $13.00 to $18.00 and gave the stock an “overweight” rating in a report on Thursday. JPMorgan Chase & Co. lowered their price objective on Freshworks from $19.00 to $17.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Jefferies Financial Group cut their target price on shares of Freshworks from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Scotiabank reduced their price objective on shares of Freshworks from $18.00 to $16.00 and set a “sector perform” rating on the stock in a research note on Wednesday, July 31st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $20.00 target price on shares of Freshworks in a research report on Thursday. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Freshworks presently has a consensus rating of “Moderate Buy” and an average target price of $18.69.

Freshworks Stock Performance

Shares of NASDAQ FRSH traded down $0.38 during mid-day trading on Thursday, reaching $16.44. 9,375,092 shares of the company traded hands, compared to its average volume of 2,787,160. The company’s fifty day moving average is $11.55 and its two-hundred day moving average is $12.63. The stock has a market cap of $4.97 billion, a PE ratio of -49.47 and a beta of 0.72. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $24.98.

Freshworks (NASDAQ:FRSH) last released its 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 analysts’ expectations of $181.50 million. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.08%. Research analysts forecast that Freshworks will post -0.38 earnings per share for the current year.

Insider Transactions at Freshworks

In related news, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $12.19, for a total value of $102,798.27. Following the sale, the director now directly owns 23,497 shares in the company, valued at $286,428.43. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $12.19, for a total transaction of $102,798.27. Following the completion of the sale, the director now directly owns 23,497 shares of the company’s stock, valued at $286,428.43. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jennifer H. Taylor sold 4,690 shares of Freshworks stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $11.06, for a total value of $51,871.40. Following the transaction, the director now owns 36,689 shares of the company’s stock, valued at $405,780.34. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 40,153 shares of company stock valued at $459,383. 19.15% of the stock is currently owned by insiders.

Institutional Trading of Freshworks

A number of institutional investors have recently modified their holdings of FRSH. Thompson Davis & CO. Inc. purchased a new position in Freshworks in the 3rd quarter valued at approximately $170,000. Cornercap Investment Counsel Inc. purchased a new position in shares of Freshworks in the third quarter valued at $250,000. GSA Capital Partners LLP raised its stake in shares of Freshworks by 89.4% during the 3rd quarter. GSA Capital Partners LLP now owns 97,910 shares of the company’s stock valued at $1,124,000 after purchasing an additional 46,204 shares during the period. Versor Investments LP purchased a new stake in Freshworks during the 3rd quarter worth about $383,000. Finally, State of New Jersey Common Pension Fund D boosted its stake in Freshworks by 19.9% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 163,392 shares of the company’s stock worth $1,876,000 after purchasing an additional 27,139 shares during the period. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

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.