Freshworks (NASDAQ:FRSH) Reaches New 1-Year High on Analyst Upgrade

Posted by Defense World Staff on Aug 1st, 2023

Freshworks Inc. (NASDAQ:FRSH – Get Free Report) shares hit a new 52-week high during mid-day trading on Monday after Piper Sandler raised their price target on the stock from $20.00 to $22.00. Piper Sandler currently has an overweight rating on the stock. Freshworks traded as high as $18.51 and last traded at $18.50, with a volume of 1300653 shares traded. The stock had previously closed at $17.62.

Several other research firms have also commented on FRSH. UBS Group initiated coverage on shares of Freshworks in a report on Thursday, July 20th. They issued a “buy” rating and a $21.00 price target for the company. FBN Securities initiated coverage on Freshworks in a research note on Thursday, April 20th. They issued an “outperform” rating and a $20.00 target price for the company. Robert W. Baird cut their price target on Freshworks from $20.00 to $18.00 in a report on Wednesday, May 3rd. StockNews.com started coverage on Freshworks in a research note on Thursday, May 18th. They set a “hold” rating for the company. Finally, JPMorgan Chase & Co. raised their target price on Freshworks from $16.00 to $18.00 and gave the company an “overweight” rating in a research note on Tuesday, July 25th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $18.68.

Insiders Place Their Bets

In other news, Director Barry L. Padgett sold 6,559 shares of the firm’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $15.45, for a total transaction of $101,336.55. Following the completion of the transaction, the director now owns 16,428 shares in the company, valued at approximately $253,812.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Freshworks news, Director Barry L. Padgett sold 6,559 shares of the business’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $15.45, for a total transaction of $101,336.55. Following the sale, the director now owns 16,428 shares in the company, valued at approximately $253,812.60. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Zachary Nelson sold 8,433 shares of the stock in a transaction on Thursday, May 4th. The shares were sold at an average price of $12.56, for a total value of $105,918.48. Following the completion of the sale, the director now owns 16,230 shares of the company’s stock, valued at approximately $203,848.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 83,914 shares of company stock worth $1,338,545. 26.66% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Freshworks

Institutional investors and hedge funds have recently modified their holdings of the stock. Amansa Capital PTE. LTD. acquired a new stake in Freshworks during the fourth quarter valued at $78,846,000. Vanguard Group Inc. lifted its holdings in shares of Freshworks by 37.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,599,434 shares of the company’s stock valued at $163,415,000 after buying an additional 3,460,129 shares during the last quarter. WestBridge Capital Management LLC grew its stake in shares of Freshworks by 26.6% in the 4th quarter. WestBridge Capital Management LLC now owns 13,764,371 shares of the company’s stock valued at $202,474,000 after buying an additional 2,893,759 shares in the last quarter. Soros Fund Management LLC bought a new stake in Freshworks in the first quarter worth $34,883,000. Finally, Ward Ferry Management BVI Ltd lifted its position in Freshworks by 11.0% during the 4th quarter. Ward Ferry Management BVI Ltd now owns 12,871,086 shares of the company’s stock worth $189,334,000 after acquiring an additional 1,275,200 shares during the last quarter. 46.03% of the stock is currently owned by hedge funds and other institutional investors.

Freshworks Stock Performance

The stock has a market cap of $5.43 billion, a price-to-earnings ratio of -23.92 and a beta of 0.85. The stock’s 50-day simple moving average is $16.53 and its two-hundred day simple moving average is $15.43.

Freshworks (NASDAQ:FRSH – Get Free Report) last released its earnings results on Tuesday, May 2nd. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.03. The firm had revenue of $137.69 million during the quarter, compared to analyst estimates of $134.08 million. Freshworks had a negative net margin of 43.32% and a negative return on equity of 20.67%. As a group, research analysts predict that Freshworks Inc. will post -0.6 earnings per share for the current year.

About Freshworks

(Get Free Report)

Freshworks Inc, a software development company, provides modern software-as-a-service products worldwide. It offers Freshdesk Support Desk that enables businesses to delight their customers at every service engagement touchpoint across traditional channels, including email, and modern channels, such as messaging and social media; Freshdesk Contact Center that offers agents with cloud-based telephony system to connect with customers that supports complex call-flows, number and call management, IVR, and routing needs, as well as live dashboard and reports; and Freshdesk Customer Success, which helps customer success managers at business to business (B2B) subscription companies.