Freshworks (NASDAQ:FRSH) Stock Rating Upgraded by StockNews.com

Freshworks (NASDAQ:FRSH) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday.

Other research analysts have also recently issued reports about the company. Needham & Company LLC raised their price objective on Freshworks from $20.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday. JPMorgan Chase & Co. raised their price objective on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Barclays raised their price objective on Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Piper Sandler raised their price objective on Freshworks from $20.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Oppenheimer raised their price objective on Freshworks from $22.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $21.07.

Freshworks Stock Performance

Freshworks stock opened at $17.05 on Thursday. The stock has a 50-day moving average of $17.00 and a two-hundred day moving average of $14.13. Freshworks has a one year low of $10.81 and a one year high of $21.61. The stock has a market cap of $5.16 billion, a PE ratio of -50.15 and a beta of 0.91.

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

Insider Buying and Selling at Freshworks

In other news, Chairman Rathnagirish Mathrubootham sold 830,000 shares of Freshworks stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $15.33, for a total value of $12,723,900.00. Following the sale, the chairman now directly owns 551,137 shares of the company’s stock, valued at $8,448,930.21. The trade was a 60.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Barry L. Padgett sold 2,345 shares of Freshworks stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total value of $40,568.50. Following the completion of the sale, the director now directly owns 26,957 shares in the company, valued at $466,356.10. This represents a 8.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,727,211 shares of company stock valued at $27,224,746. Company insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

Institutional investors have recently made changes to their positions in the company. Avion Wealth acquired a new stake in shares of Freshworks in the fourth quarter worth approximately $26,000. Blue Trust Inc. boosted its stake in shares of Freshworks by 1,987.3% in the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock worth $38,000 after acquiring an additional 2,822 shares during the last quarter. Covestor Ltd boosted its stake in shares of Freshworks by 89.9% in the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after acquiring an additional 1,704 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Freshworks in the third quarter worth approximately $57,000. Finally, National Bank of Canada FI boosted its stake in shares of Freshworks by 1,385.8% in the fourth quarter. National Bank of Canada FI now owns 3,967 shares of the company’s stock worth $64,000 after acquiring an additional 3,700 shares during the last quarter. 75.58% of the stock is owned by institutional investors and hedge funds.

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.