Freshworks (NASDAQ:FRSH) Given New $23.00 Price Target at Canaccord Genuity Group

Freshworks (NASDAQ:FRSH) had its price target raised by Canaccord Genuity Group from $19.00 to $23.00 in a research note released on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts also recently issued research reports about the company. Barclays increased their price objective on Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a report on Wednesday. Needham & Company LLC increased their price target on shares of Freshworks from $20.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday. Morgan Stanley boosted their price objective on shares of Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. JMP Securities upped their price objective on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Finally, Robert W. Baird lowered their target price 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. One investment 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $21.07.

Freshworks Trading Down 0.3 %

NASDAQ FRSH opened at $17.80 on Wednesday. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $21.61. The stock has a 50 day simple moving average of $16.97 and a two-hundred day simple moving average of $14.08.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.10). Freshworks had a negative return on equity of 8.57% and a negative net margin of 14.80%. On average, sell-side analysts expect that Freshworks will post -0.35 earnings per share for the current year.

Insider Transactions at Freshworks

In related news, Director Barry L. Padgett sold 2,345 shares of the firm’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 value of $40,568.50. Following the sale, the director now owns 26,957 shares in the company, valued at approximately $466,356.10. This trade represents a 8.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $18.30, for a total transaction of $154,488.60. Following the completion of the sale, the director now directly owns 24,187 shares of the company’s stock, valued at approximately $442,622.10. This trade represents a 25.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,727,211 shares of company stock worth $27,224,746 over the last quarter. 19.15% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Freshworks

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wells Fargo & Company MN lifted its position in shares of Freshworks by 27.3% during the 4th quarter. Wells Fargo & Company MN now owns 146,276 shares of the company’s stock valued at $2,365,000 after buying an additional 31,405 shares in the last quarter. ExodusPoint Capital Management LP purchased a new position in Freshworks during the fourth quarter valued at approximately $1,750,000. Bryce Point Capital LLC bought a new position in shares of Freshworks in the fourth quarter worth approximately $571,000. Trexquant Investment LP increased its stake in shares of Freshworks by 364.6% in the fourth quarter. Trexquant Investment LP now owns 915,887 shares of the company’s stock worth $14,810,000 after purchasing an additional 718,763 shares in the last quarter. Finally, Headlands Technologies LLC bought a new stake in shares of Freshworks during the 4th quarter valued at $1,401,000. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

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.