Wells Fargo & Company Forecasts Strong Price Appreciation for Freshworks (NASDAQ:FRSH) Stock

Freshworks (NASDAQ:FRSH) had its price objective boosted by Wells Fargo & Company from $11.00 to $14.00 in a report issued on Thursday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other equities analysts have also commented on the company. Scotiabank lowered their price objective on Freshworks from $18.00 to $16.00 and set a “sector perform” rating on the stock in a research note on Wednesday, July 31st. Piper Sandler upped their price objective on Freshworks from $13.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday. Barclays dropped their target price on shares of Freshworks from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Wednesday, July 31st. JPMorgan Chase & Co. decreased their price target on shares of Freshworks from $19.00 to $17.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. Finally, Cantor Fitzgerald dropped their price objective on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.69.

Freshworks Trading Down 2.3 %

Shares of NASDAQ:FRSH traded down $0.38 on Thursday, reaching $16.44. 10,459,693 shares of the company’s stock were exchanged, compared to its average volume of 3,578,957. Freshworks has a twelve month low of $10.81 and a twelve month high of $24.98. The company has a fifty day moving average of $11.64 and a 200-day moving average of $12.57. The company has a market capitalization of $4.97 billion, a price-to-earnings ratio of -48.35 and a beta of 0.72.

Insider Buying and Selling

In other news, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $11.17, for a total transaction of $52,331.45. Following the completion of the transaction, the director now directly owns 35,853 shares in the company, valued at $400,478.01. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $11.23, for a total transaction of $52,668.70. Following the sale, the director now owns 35,853 shares of the company’s stock, valued at approximately $402,629.19. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jennifer H. Taylor sold 4,685 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $11.17, for a total value of $52,331.45. Following the sale, the director now owns 35,853 shares of the company’s stock, valued at approximately $400,478.01. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 40,153 shares of company stock valued at $459,383 over the last 90 days. 19.15% of the stock is owned by insiders.

Institutional Investors Weigh In On Freshworks

Several institutional investors and hedge funds have recently made changes to their positions in FRSH. Vanguard Group Inc. boosted its stake in Freshworks by 6.8% during the first quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock worth $385,525,000 after acquiring an additional 1,354,530 shares in the last quarter. Sei Investments Co. grew its stake in shares of Freshworks by 191.9% in the 2nd quarter. Sei Investments Co. now owns 95,846 shares of the company’s stock valued at $1,216,000 after buying an additional 63,006 shares during the period. ProShare Advisors LLC increased its position in Freshworks by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 29,127 shares of the company’s stock valued at $530,000 after buying an additional 2,293 shares in the last quarter. M&G PLC acquired a new position in Freshworks during the 3rd quarter worth approximately $9,094,000. Finally, Marshall Wace LLP bought a new position in Freshworks in the second quarter worth approximately $1,740,000. Institutional investors 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.