Freshworks (NASDAQ:FRSH) Given New $24.00 Price Target at Morgan Stanley

Freshworks (NASDAQ:FRSH) had its target price boosted by research analysts at Morgan Stanley from $22.00 to $24.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 6.57% from the company’s current price.

Other equities research analysts have also recently issued reports about the stock. Robert W. Baird lifted their price target on shares of Freshworks from $24.00 to $28.00 and gave the company an “outperform” rating in a research report on Friday. Cantor Fitzgerald boosted their target price on Freshworks from $18.00 to $22.00 in a research report on Wednesday, August 2nd. Piper Sandler upped their price target on Freshworks from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Friday. JMP Securities lifted their price objective on Freshworks from $23.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday, August 2nd. Finally, Needham & Company LLC reissued a “buy” rating and set a $25.00 target price on shares of Freshworks in a research note on Wednesday, August 2nd. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Freshworks has an average rating of “Moderate Buy” and an average target price of $23.97.

Freshworks Trading Up 2.8 %

Freshworks stock traded up $0.62 during mid-day trading on Monday, hitting $22.52. The company’s stock had a trading volume of 705,502 shares, compared to its average volume of 2,221,229. Freshworks has a 1 year low of $11.92 and a 1 year high of $23.80. The firm has a market capitalization of $6.61 billion, a PE ratio of -34.20 and a beta of 0.82. The stock’s fifty day moving average is $19.82 and its two-hundred day moving average is $16.62.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings results on Tuesday, August 1st. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.04. The business had revenue of $145.08 million during the quarter, compared to analysts’ expectations of $141.22 million. Freshworks had a negative return on equity of 17.62% and a negative net margin of 35.18%. On average, equities analysts expect that Freshworks will post -0.53 EPS for the current fiscal year.

Insider Activity at Freshworks

In other Freshworks news, Director Barry L. Padgett sold 6,559 shares of Freshworks stock in a transaction on Friday, June 30th. The shares were sold at an average price of $17.58, for a total value of $115,307.22. Following the transaction, the director now directly owns 16,428 shares in the company, valued at $288,804.24. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Freshworks news, Director Barry L. Padgett sold 6,559 shares of the business’s stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $17.58, for a total transaction of $115,307.22. Following the transaction, the director now owns 16,428 shares in the company, valued at approximately $288,804.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Zachary Nelson sold 21,463 shares of the company’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $17.57, for a total transaction of $377,104.91. Following the transaction, the director now directly owns 14,924 shares in the company, valued at $262,214.68. The disclosure for this sale can be found here. Insiders sold a total of 428,749 shares of company stock valued at $8,838,233 in the last three months. 26.66% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Freshworks

A number of institutional investors and hedge funds have recently modified their holdings of the company. C M Bidwell & Associates Ltd. acquired a new stake in Freshworks in the first quarter valued at $35,000. Quarry LP purchased a new position in Freshworks during the 2nd quarter valued at about $35,000. UBS Group AG raised its position in Freshworks by 117.5% during the third quarter. UBS Group AG now owns 3,574 shares of the company’s stock worth $46,000 after acquiring an additional 1,931 shares during the last quarter. Quantbot Technologies LP purchased a new stake in shares of Freshworks in the first quarter valued at about $59,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Freshworks in the second quarter valued at approximately $65,000. Institutional investors and hedge funds own 57.35% of the company’s stock.

About Freshworks

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.