Wells Fargo & Company Begins Coverage on Freshworks (NASDAQ:FRSH)

Wells Fargo & Company started coverage on shares of Freshworks (NASDAQ:FRSH) in a report issued on Wednesday morning, Marketbeat reports. The brokerage issued an equal weight rating and a $11.00 target price on the stock.

Several other research analysts also recently commented on the stock. JPMorgan Chase & Co. decreased their target price on shares of Freshworks from $19.00 to $17.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Jefferies Financial Group lowered their price objective on shares of Freshworks from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Scotiabank cut their target price 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. Cantor Fitzgerald reduced their price target on Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price objective on shares of Freshworks in a report on Wednesday, July 31st. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $17.86.

Freshworks Stock Performance

FRSH stock opened at $11.30 on Wednesday. The firm has a market cap of $3.38 billion, a P/E ratio of -28.25 and a beta of 0.73. The firm’s fifty day moving average is $11.40 and its 200 day moving average is $13.15. Freshworks has a 52 week low of $10.81 and a 52 week high of $24.98.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Tuesday, July 30th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.06 by $0.02. The firm had revenue of $174.13 million for the quarter, compared to the consensus estimate of $169.05 million. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. The company’s quarterly revenue was up 20.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.12) earnings per share. As a group, analysts forecast that Freshworks will post -0.38 EPS for the current year.

Insider Buying and Selling

In related news, Director Zachary Nelson sold 8,442 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $11.60, for a total transaction of $97,927.20. Following the sale, the director now owns 22,530 shares of the company’s stock, valued at $261,348. 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. In related news, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $11.60, for a total transaction of $97,927.20. Following the completion of the transaction, the director now owns 22,530 shares of the company’s stock, valued at $261,348. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jennifer H. Taylor sold 4,690 shares of Freshworks stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $11.23, for a total value of $52,668.70. Following the completion of the transaction, the director now directly owns 35,853 shares of the company’s stock, valued at approximately $402,629.19. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 47,245 shares of company stock worth $533,811 in the last three months. 19.15% of the stock is owned by corporate 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. lifted its position in Freshworks by 6.8% in the 1st quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock valued at $385,525,000 after acquiring an additional 1,354,530 shares in the last quarter. Clearbridge Investments LLC lifted its holdings in shares of Freshworks by 107.4% during the first quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock valued at $73,764,000 after purchasing an additional 2,097,280 shares in the last quarter. Capital International Investors purchased a new stake in shares of Freshworks during the first quarter valued at $59,311,000. Renaissance Technologies LLC increased its holdings in Freshworks by 7.6% in the 2nd quarter. Renaissance Technologies LLC now owns 3,134,600 shares of the company’s stock worth $39,778,000 after buying an additional 221,900 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Freshworks by 10.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,428,755 shares of the company’s stock worth $30,821,000 after buying an additional 239,671 shares during the last quarter. Institutional investors 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.