Freshworks (NASDAQ:FRSH) Shares Gap Up After Analyst Upgrade

Freshworks Inc. (NASDAQ:FRSH) shares gapped up prior to trading on Wednesday after Scotiabank raised their price target on the stock from $17.00 to $19.00. The stock had previously closed at $17.86, but opened at $18.76. Scotiabank currently has a sector perform rating on the stock. Freshworks shares last traded at $17.56, with a volume of 2,521,088 shares traded.

Several other equities analysts also recently commented on FRSH. Canaccord Genuity Group upped their price target on shares of Freshworks from $19.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday. Piper Sandler raised their price target on Freshworks from $20.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday. JMP Securities upped their price objective on Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research report on Thursday, November 7th. 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 research note on Thursday, November 7th. Finally, Needham & Company LLC upped their price target on shares of Freshworks from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.07.

Insider Activity

In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the business’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $16.74, for a total value of $78,510.60. Following the completion of the transaction, the director now directly owns 36,689 shares in the company, valued at approximately $614,173.86. The trade was a 11.33 % 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 8,433 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $15.85, for a total transaction of $133,663.05. Following the sale, the director now directly owns 24,187 shares of the company’s stock, valued at approximately $383,363.95. The trade was a 25.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,727,211 shares of company stock worth $27,224,746. 19.15% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership purchased a new position in Freshworks in the fourth quarter worth $61,530,000. Norges Bank acquired a new stake in shares of Freshworks in the 4th quarter worth $57,527,000. JPMorgan Chase & Co. grew its stake in Freshworks by 49.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock worth $60,503,000 after buying an additional 1,752,995 shares during the last quarter. Vanguard Group Inc. increased its position in Freshworks by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company’s stock valued at $405,283,000 after buying an additional 1,357,526 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Freshworks in the fourth quarter valued at about $20,666,000. Institutional investors own 75.58% of the company’s stock.

Freshworks Stock Down 0.3 %

The company has a market capitalization of $5.39 billion, a PE ratio of -52.35 and a beta of 0.91. The business has a 50 day simple moving average of $16.97 and a 200 day simple moving average of $14.08.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative net margin of 14.80% and a negative return on equity of 8.57%. Equities analysts expect that Freshworks Inc. will post -0.35 EPS for the current fiscal year.

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.