Brokerages Set Freshworks Inc. (NASDAQ:FRSH) Price Target at $22.60

Shares of Freshworks Inc. (NASDAQ:FRSH – Get Rating) have earned an average recommendation of “Hold” from the twelve research firms that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and five have issued a buy recommendation on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $18.23.

A number of research analysts recently weighed in on the company. Canaccord Genuity Group reduced their price objective on Freshworks from $21.00 to $17.00 and set a “buy” rating for the company in a research report on Thursday. Oppenheimer reduced their price objective on Freshworks from $26.00 to $18.00 and set an “outperform” rating for the company in a research report on Wednesday. Jefferies Financial Group reduced their target price on Freshworks from $18.00 to $17.00 in a report on Monday, May 23rd. Needham & Company LLC reduced their target price on Freshworks from $40.00 to $25.00 in a report on Wednesday, May 4th. Finally, StockNews.com raised Freshworks to a “sell” rating in a report on Monday, May 9th.

Freshworks Stock Down 0.6 %

FRSH opened at $15.31 on Monday. Freshworks has a 52 week low of $10.51 and a 52 week high of $53.36. The stock has a market cap of $4.35 billion and a PE ratio of -0.60. The business has a 50 day moving average of $13.47 and a 200-day moving average of $16.73.

Freshworks (NASDAQ:FRSH – Get Rating) last posted its quarterly earnings data on Tuesday, May 3rd. The company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.01. Freshworks had a negative return on equity of 24.02% and a negative net margin of 68.69%. The company had revenue of $114.64 million during the quarter, compared to analyst estimates of $108.24 million. During the same quarter last year, the company earned ($0.02) EPS. The firm’s revenue for the quarter was up 42.3% on a year-over-year basis. Equities analysts anticipate that Freshworks will post -0.72 EPS for the current year.

Insider Buying and Selling

In related news, Director Jennifer H. Taylor sold 4,690 shares of Freshworks stock in a transaction on Friday, June 10th. The stock was sold at an average price of $12.31, for a total value of $57,733.90. Following the completion of the sale, the director now owns 809 shares of the company’s stock, valued at $9,958.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Johanna Flower sold 4,700 shares of Freshworks stock in a transaction on Tuesday, May 10th. The stock was sold at an average price of $14.33, for a total transaction of $67,351.00. Following the transaction, the director now directly owns 903 shares in the company, valued at $12,939.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jennifer H. Taylor sold 4,690 shares of Freshworks stock in a transaction on Friday, June 10th. The shares were sold at an average price of $12.31, for a total value of $57,733.90. Following the transaction, the director now owns 809 shares in the company, valued at $9,958.79. The disclosure for this sale can be found here. Insiders sold 293,938 shares of company stock valued at $3,624,058 over the last 90 days. Company insiders own 29.12% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Several institutional investors and hedge funds have recently bought and sold shares of FRSH. Ward Ferry Management BVI Ltd lifted its position in Freshworks by 119.5% during the first quarter. Ward Ferry Management BVI Ltd now owns 6,729,186 shares of the company’s stock valued at $120,587,000 after purchasing an additional 3,663,500 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Freshworks by 34,332.5% during the fourth quarter. JPMorgan Chase & Co. now owns 3,443,252 shares of the company’s stock valued at $90,420,000 after purchasing an additional 3,433,252 shares in the last quarter. SC US Ttgp LTD. purchased a new position in Freshworks during the first quarter valued at $51,705,000. Capital Research Global Investors lifted its position in Freshworks by 147.6% during the fourth quarter. Capital Research Global Investors now owns 4,098,097 shares of the company’s stock valued at $107,616,000 after purchasing an additional 2,443,144 shares in the last quarter. Finally, Soros Fund Management LLC purchased a new position in Freshworks during the first quarter valued at $34,883,000. 24.86% of the stock is currently owned by hedge funds and other institutional investors.

Freshworks Company Profile

(Get Rating)

Freshworks Inc, a software development company, provides modern software-as-a-service products worldwide. Freshworks Inc was formerly known as Freshdesk Inc and changed its name to Freshworks Inc in June 2017. The company was incorporated in 2010 and is headquartered in San Mateo, California.