Freshworks (NASDAQ:FRSH) Given New $14.00 Price Target at Wells Fargo & Company

Freshworks (NASDAQ:FRSH) had its price target hoisted by Wells Fargo & Company from $11.00 to $14.00 in a research report released on Thursday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other brokerages also recently issued reports on FRSH. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Freshworks in a research note on Thursday. Scotiabank dropped their price objective on Freshworks from $18.00 to $16.00 and set a “sector perform” rating on the stock in a research note on Wednesday, July 31st. Cantor Fitzgerald dropped their price objective on Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Piper Sandler boosted their price objective on Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Jefferies Financial Group decreased their target price on Freshworks from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.69.

Freshworks Price Performance

Shares of NASDAQ FRSH traded down $0.38 during mid-day trading on Thursday, hitting $16.44. 10,458,698 shares of the stock traded hands, compared to its average volume of 2,787,160. Freshworks has a twelve month low of $10.81 and a twelve month high of $24.98. The company has a market cap of $4.97 billion, a PE ratio of -49.47 and a beta of 0.72. The firm has a 50 day simple moving average of $11.55 and a two-hundred day simple moving average of $12.63.

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

Insiders Place Their Bets

In other Freshworks news, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $11.17, for a total transaction of $52,331.45. Following the completion of the sale, 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $12.19, for a total value of $102,798.27. Following the transaction, the director now owns 23,497 shares in the company, valued at $286,428.43. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $11.17, for a total value of $52,331.45. Following the completion of the transaction, the director now owns 35,853 shares in the company, valued at $400,478.01. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 40,153 shares of company stock valued at $459,383. Corporate insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Freshworks by 6.8% in the 1st quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock worth $385,525,000 after buying an additional 1,354,530 shares during the last quarter. Clearbridge Investments LLC lifted its stake in Freshworks by 107.4% in the first quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock valued at $73,764,000 after purchasing an additional 2,097,280 shares during the last quarter. Capital International Investors purchased a new position in Freshworks in the first quarter valued at approximately $59,311,000. Renaissance Technologies LLC lifted its stake in Freshworks by 7.6% in the second quarter. Renaissance Technologies LLC now owns 3,134,600 shares of the company’s stock valued at $39,778,000 after purchasing an additional 221,900 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Freshworks by 10.9% in the second quarter. Dimensional Fund Advisors LP now owns 2,428,755 shares of the company’s stock valued at $30,821,000 after purchasing an additional 239,671 shares during the last quarter. Hedge funds and other institutional investors 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.