Freshworks Inc. (FRSH) – What Are Investment Firms Thinking About This Stock?

Freshworks Inc. (NASDAQ:FRSH) has been assigned an average rating of “Moderate Buy” from the sixteen brokerages that are currently covering the company, Marketbeat Ratings reports. Eight investment analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $14.85.

Several equities analysts recently commented on the stock. Zacks Research lowered shares of Freshworks from a “strong-buy” rating to a “hold” rating in a report on Friday, July 10th. UBS Group increased their price objective on Freshworks from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Weiss Ratings raised shares of Freshworks from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, September 29th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Freshworks in a research note on Tuesday, October 13th. Finally, Wells Fargo & Company increased their price target on shares of Freshworks from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 28th.

Freshworks Price Performance

Shares of NASDAQ FRSH opened at $14.21 on Thursday. The business’s fifty day moving average price is $13.45 and its 200-day moving average price is $10.46. Freshworks has a one year low of $6.79 and a one year high of $15.51. The stock has a market capitalization of $3.71 billion, a PE ratio of 85.44, a P/E/G ratio of 10.25 and a beta of 0.90.

Freshworks (NASDAQ:FRSH) last posted its earnings results on Tuesday, August 4th. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.04. Freshworks had a net margin of 20.49% and a return on equity of 5.52%. The business had revenue of $237.38 million for the quarter, compared to analysts’ expectations of $233.62 million. During the same period in the prior year, the company posted $0.18 EPS. The business’s revenue for the quarter was up 16.0% compared to the same quarter last year. As a group, equities analysts expect that Freshworks will post 0.05 EPS for the current fiscal year.

Insider Activity

In related news, CAO Philippa Lawrence sold 52,767 shares of Freshworks stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $13.25, for a total value of $699,162.75. Following the completion of the sale, the chief accounting officer directly owned 389,296 shares in the company, valued at approximately $5,158,172. This trade represents a 11.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 8.54% of the stock is currently owned by insiders.

Institutional Trading of Freshworks

Large investors have recently made changes to their positions in the business. Renaissance Technologies LLC lifted its stake in Freshworks by 79.1% in the first quarter. Renaissance Technologies LLC now owns 4,576,000 shares of the company’s stock worth $36,745,000 after purchasing an additional 2,021,412 shares during the last quarter. Wellington Management Group LLP increased its position in Freshworks by 9.7% during the 2nd quarter. Wellington Management Group LLP now owns 4,000,543 shares of the company’s stock valued at $40,485,000 after purchasing an additional 353,714 shares during the period. Bank of America Corp DE raised its stake in Freshworks by 1.4% in the first quarter. Bank of America Corp DE now owns 2,128,268 shares of the company’s stock worth $17,090,000 after buying an additional 30,395 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Freshworks by 403.4% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,444,124 shares of the company’s stock valued at $11,596,000 after buying an additional 1,157,277 shares during the last quarter. Finally, Walleye Capital LLC boosted its stake in Freshworks by 2,480.8% in the first quarter. Walleye Capital LLC now owns 1,247,655 shares of the company’s stock valued at $10,019,000 after acquiring an additional 1,199,311 shares in the last quarter. 75.58% of the stock is currently owned by institutional investors.

About Freshworks

Freshworks Inc (NASDAQ:FRSH) develops cloud-based customer and employee engagement software for businesses of various sizes. Its products are designed to help organizations manage customer support, IT service operations, sales activities, and marketing workflows through user-friendly, artificial intelligence-enabled applications.

The company’s product portfolio includes Freshdesk for customer service and support, Freshservice for IT and enterprise service management, Freshsales for customer relationship management, and Freshmarketer for marketing automation and customer engagement.