Freshworks Inc. (NASDAQ:FRSH) Given Average Rating of “Moderate Buy” by Brokerages

Freshworks Inc. (NASDAQ:FRSH) has been given an average recommendation of “Moderate Buy” by the fourteen ratings firms that are currently covering the firm, MarketBeat reports. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $19.29.

A number of equities research analysts recently weighed in on FRSH shares. Piper Sandler raised their price objective on Freshworks from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Morgan Stanley increased their price target on shares of Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research report on Monday. Oppenheimer raised shares of Freshworks from a “market perform” rating to an “outperform” rating and set a $22.00 price objective on the stock in a research report on Thursday. JPMorgan Chase & Co. increased their target price on shares of Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Finally, Robert W. Baird cut their price target on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th.

Freshworks Trading Up 4.1 %

Shares of NASDAQ FRSH opened at $17.46 on Friday. Freshworks has a 12-month low of $10.81 and a 12-month high of $23.30. The stock’s fifty day simple moving average is $16.16 and its two-hundred day simple moving average is $13.38. The stock has a market capitalization of $5.29 billion, a PE ratio of -51.35 and a beta of 0.88.

Insider Transactions at Freshworks

In other news, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $16.08, for a total value of $13,426,800.00. Following the completion of the transaction, the chairman now directly owns 551,137 shares in the company, valued at $8,862,282.96. This trade represents a 60.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director now owns 23,497 shares in the company, valued at approximately $286,428.43. This represents a 26.41 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,702,163 shares of company stock worth $26,721,018. Company insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Blue Trust Inc. lifted its position in Freshworks by 1,987.3% during the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after purchasing an additional 2,822 shares during the period. Covestor Ltd raised its stake in shares of Freshworks by 89.9% during the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after buying an additional 1,704 shares during the last quarter. Quarry LP raised its stake in shares of Freshworks by 157.6% during the 2nd quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after buying an additional 2,645 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Freshworks in the 3rd quarter valued at about $57,000. Finally, Amalgamated Bank boosted its stake in shares of Freshworks by 29.1% in the second quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock worth $90,000 after buying an additional 1,588 shares during 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.