Freshworks Inc. (NASDAQ:FRSH) Receives Average Recommendation of “Moderate Buy” from Brokerages

Freshworks Inc. (NASDAQ:FRSH) has been assigned a consensus rating of “Moderate Buy” from the fourteen analysts that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $19.07.

Several research firms recently issued reports on FRSH. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price target on shares of Freshworks in a report on Wednesday, January 15th. Wells Fargo & Company lowered shares of Freshworks from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $16.00 to $13.00 in a research note on Tuesday. JMP Securities lifted their price target on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Thursday, November 7th. Piper Sandler upped their price objective on Freshworks from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. lifted their target price on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th.

Freshworks Price Performance

FRSH stock opened at $17.44 on Friday. The stock’s 50 day moving average is $16.22 and its two-hundred day moving average is $13.49. Freshworks has a 52-week low of $10.81 and a 52-week high of $23.30. The company has a market capitalization of $5.28 billion, a PE ratio of -51.29 and a beta of 0.88.

Insider Transactions at Freshworks

In related news, Director Jennifer H. Taylor sold 4,685 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $15.49, for a total value of $72,570.65. Following the completion of the transaction, the director now directly owns 37,286 shares of the company’s stock, valued at $577,560.14. This represents a 11.16 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction on Monday, November 4th. The shares were 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. The trade was a 26.41 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,702,163 shares of company stock worth $26,721,018. Insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Several large investors have recently bought and sold shares of the stock. Quantbot Technologies LP increased its stake in shares of Freshworks by 80.1% during the third quarter. Quantbot Technologies LP now owns 426,432 shares of the company’s stock valued at $4,895,000 after acquiring an additional 189,616 shares during the period. Barclays PLC increased its position in shares of Freshworks by 33.4% during the 3rd quarter. Barclays PLC now owns 337,621 shares of the company’s stock valued at $3,875,000 after purchasing an additional 84,568 shares during the period. Sei Investments Co. raised 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 worth $1,216,000 after buying an additional 63,006 shares in the last quarter. Edgestream Partners L.P. acquired a new stake in shares of Freshworks in the third quarter valued at $1,193,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in Freshworks by 806.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company’s stock valued at $2,699,000 after buying an additional 209,194 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

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.