JMP Securities Issues Positive Forecast for Freshworks (NASDAQ:FRSH) Stock Price

Freshworks (NASDAQ:FRSH) had its price target boosted by JMP Securities from $21.00 to $24.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “market outperform” rating on the stock. JMP Securities’ target price indicates a potential upside of 43.54% from the stock’s current price.

A number of other brokerages have also issued reports on FRSH. Cantor Fitzgerald lowered their price target on Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. JPMorgan Chase & Co. lowered their price target on Freshworks from $19.00 to $17.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price target on shares of Freshworks in a report on Thursday. Wells Fargo & Company boosted their price objective on shares of Freshworks from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, Scotiabank reduced their price target on Freshworks from $18.00 to $16.00 and set a “sector perform” rating on the stock in a research report on Wednesday, July 31st. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Freshworks currently has an average rating of “Moderate Buy” and a consensus target price of $18.69.

Freshworks Stock Performance

Shares of FRSH stock traded up $3.63 on Thursday, reaching $16.72. The stock had a trading volume of 8,569,795 shares, compared to its average volume of 2,714,785. The stock has a market cap of $5.05 billion, a P/E ratio of -47.54 and a beta of 0.72. Freshworks has a 1 year low of $10.81 and a 1 year high of $24.98. The company has a 50 day simple moving average of $11.45 and a 200 day simple moving average of $12.60.

Freshworks (NASDAQ:FRSH) last released its earnings results on Wednesday, November 6th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.01. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. The company had revenue of $186.58 million for the quarter, compared to the consensus estimate of $181.50 million. On average, equities research analysts anticipate that Freshworks will post -0.38 earnings per share for the current fiscal year.

Insider Activity at Freshworks

In related news, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $11.17, for a total transaction of $52,331.45. Following the transaction, the director now directly owns 35,853 shares of the company’s stock, valued at approximately $400,478.01. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Freshworks news, Director Roxanne S. Austin sold 6,303 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $11.22, for a total value of $70,719.66. Following the sale, the director now owns 223,106 shares of the company’s stock, valued at $2,503,249.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jennifer H. Taylor sold 4,685 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $11.17, for a total transaction of $52,331.45. Following the transaction, the director now owns 35,853 shares in the company, valued at approximately $400,478.01. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 46,456 shares of company stock worth $530,102 in the last ninety days. 19.15% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FRSH. Blue Trust Inc. grew its stake in shares of Freshworks by 1,987.3% during the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock worth $38,000 after acquiring an additional 2,822 shares in the last quarter. Covestor Ltd grew 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 worth $41,000 after acquiring an additional 1,704 shares in the last quarter. CWM LLC grew its stake in shares of Freshworks by 554.5% during the 2nd quarter. CWM LLC now owns 3,397 shares of the company’s stock worth $43,000 after acquiring an additional 2,878 shares in the last quarter. Advisors Asset Management Inc. grew its stake in shares of Freshworks by 34.2% during the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock worth $54,000 after acquiring an additional 757 shares in the last quarter. Finally, Quarry LP grew 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 worth $55,000 after acquiring an additional 2,645 shares in the last quarter. 75.58% of the stock is currently 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.