Freshworks (NASDAQ:FRSH) Stock Price Expected to Rise, Scotiabank Analyst Says

Freshworks (NASDAQ:FRSH) had its target price hoisted by Scotiabank from $14.00 to $18.00 in a report released on Wednesday,Benzinga reports. The firm currently has a sector perform rating on the stock.

Several other equities research analysts have also weighed in on FRSH. Cantor Fitzgerald boosted their target price on Freshworks from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Wells Fargo & Company decreased their price objective on shares of Freshworks from $13.00 to $11.00 and set an “underweight” rating for the company in a report on Tuesday, April 22nd. Jefferies Financial Group dropped their target price on shares of Freshworks from $22.00 to $20.00 and set a “hold” rating on the stock in a report on Monday, March 31st. StockNews.com upgraded shares of Freshworks from a “hold” rating to a “buy” rating in a report on Thursday, February 13th. Finally, Canaccord Genuity Group lifted their price objective on Freshworks from $19.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Freshworks presently has an average rating of “Moderate Buy” and a consensus target price of $20.21.

Freshworks Stock Up 1.5 %

FRSH stock opened at $14.70 on Wednesday. The firm has a 50 day moving average of $14.35 and a two-hundred day moving average of $15.40. Freshworks has a 12 month low of $10.81 and a 12 month high of $19.77. The company has a market capitalization of $4.43 billion, a price-to-earnings ratio of -45.94 and a beta of 0.98.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.05. Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. The firm had revenue of $196.27 million during the quarter, compared to analysts’ expectations of $191.90 million. During the same period in the prior year, the company posted $0.10 earnings per share. Freshworks’s revenue for the quarter was up 18.9% on a year-over-year basis. On average, research analysts expect that Freshworks will post -0.19 EPS for the current fiscal year.

Insider Activity

In related news, insider Mika Yamamoto sold 2,859 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $18.29, for a total value of $52,291.11. Following the sale, the insider now owns 397,390 shares of the company’s stock, valued at $7,268,263.10. The trade was a 0.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $18.30, for a total transaction of $154,488.60. Following the transaction, the director now owns 24,187 shares of the company’s stock, valued at approximately $442,622.10. This represents a 25.87 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 29,177 shares of company stock worth $498,042. Company insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

A number of hedge funds have recently modified their holdings of the stock. Eminence Capital LP acquired a new position in Freshworks during the fourth quarter worth $86,002,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Freshworks during the 4th quarter worth about $61,530,000. Norges Bank bought a new position in Freshworks during the 4th quarter valued at about $57,527,000. Fuller & Thaler Asset Management Inc. bought a new stake in Freshworks during the fourth quarter worth about $49,946,000. Finally, JPMorgan Chase & Co. increased its holdings in shares of Freshworks by 49.8% during the third 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 in 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.