Brokerages Set Freshworks Inc. (NASDAQ:FRSH) Target Price at $18.69

Freshworks Inc. (NASDAQ:FRSH) has been given an average recommendation of “Moderate Buy” by the fourteen ratings firms that are presently covering the stock, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $18.69.

A number of brokerages have recently commented on FRSH. Canaccord Genuity Group increased their target price on shares of Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Piper Sandler raised their target price on shares of Freshworks from $13.00 to $18.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Wells Fargo & Company upped their price target on Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Needham & Company LLC reiterated a “buy” rating and set a $20.00 price objective on shares of Freshworks in a research report on Tuesday, December 17th. Finally, JMP Securities upped their target price on Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Thursday, November 7th.

Freshworks Stock Performance

Shares of FRSH opened at $15.94 on Monday. The stock has a 50 day moving average price of $15.04 and a 200 day moving average price of $13.02. The stock has a market capitalization of $4.83 billion, a price-to-earnings ratio of -46.88 and a beta of 0.90. Freshworks has a one year low of $10.81 and a one year high of $24.15.

Insiders Place Their Bets

In related news, Director Barry L. Padgett sold 2,345 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $17.30, for a total transaction of $40,568.50. Following the sale, the director now directly owns 26,957 shares of the company’s stock, valued at $466,356.10. This represents a 8.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Rathnagirish Mathrubootham sold 830,000 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $15.33, for a total transaction of $12,723,900.00. Following the completion of the transaction, the chairman now directly owns 551,137 shares of the company’s stock, valued at $8,448,930.21. This represents a 60.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,699,318 shares of company stock worth $26,614,569 over the last ninety days. Corporate insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

Several hedge funds have recently modified their holdings of FRSH. Blue Trust Inc. grew its stake in Freshworks by 1,987.3% during the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock worth $38,000 after purchasing an additional 2,822 shares in the last quarter. Covestor Ltd boosted its stake in shares of Freshworks by 89.9% in the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after buying an additional 1,704 shares during the period. Quarry LP grew its position in shares of Freshworks by 157.6% during the second quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after buying an additional 2,645 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Freshworks during the third quarter worth approximately $57,000. Finally, International Assets Investment Management LLC acquired a new stake in Freshworks in the second quarter valued at approximately $58,000. 75.58% of the stock is currently 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.