Freshworks Inc. (NASDAQ:FRSH) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Freshworks Inc. (NASDAQ:FRSH) have received a consensus recommendation of “Moderate Buy” from the eighteen ratings firms that are presently covering the company, MarketBeat reports. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $25.00.

Several equities analysts recently commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $25.00 price target on shares of Freshworks in a research report on Wednesday, February 7th. Needham & Company LLC upped their price target on shares of Freshworks from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, December 28th. JMP Securities boosted their price objective on shares of Freshworks from $25.00 to $29.00 and gave the stock a “market outperform” rating in a research note on Wednesday, February 7th. Wolfe Research upgraded shares of Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 price objective for the company in a research note on Tuesday, February 20th. Finally, Jefferies Financial Group upgraded shares of Freshworks from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $20.00 to $30.00 in a research note on Friday, January 5th.

Insider Buying and Selling

In related news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $20.44, for a total value of $8,792,245.56. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Jennifer H. Taylor sold 7,035 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $21.71, for a total value of $152,729.85. Following the completion of the transaction, the director now owns 19,490 shares in the company, valued at approximately $423,127.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Rathnagirish Mathrubootham sold 430,149 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $20.44, for a total transaction of $8,792,245.56. The disclosure for this sale can be found here. Insiders have sold a total of 460,792 shares of company stock valued at $9,408,403 in the last quarter. Company insiders own 26.66% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Several large investors have recently made changes to their positions in FRSH. BlackRock Inc. boosted its position in shares of Freshworks by 210.2% during the 2nd quarter. BlackRock Inc. now owns 11,984,191 shares of the company’s stock valued at $210,682,000 after purchasing an additional 8,120,351 shares in the last quarter. Vanguard Group Inc. boosted its position 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 purchasing an additional 3,460,129 shares in the last quarter. State Street Corp boosted its position in shares of Freshworks by 239.7% during the 2nd quarter. State Street Corp now owns 3,294,195 shares of the company’s stock valued at $57,912,000 after purchasing an additional 2,324,432 shares in the last quarter. Soros Fund Management LLC acquired a new position in shares of Freshworks in the first quarter worth about $34,883,000. Finally, Norges Bank acquired a new position in shares of Freshworks in the fourth quarter worth about $44,919,000. Institutional investors own 75.58% of the company’s stock.

Freshworks Price Performance

NASDAQ:FRSH opened at $17.30 on Wednesday. The firm has a 50 day simple moving average of $19.16 and a 200-day simple moving average of $20.10. The firm has a market cap of $5.15 billion, a PE ratio of -36.81 and a beta of 0.90. Freshworks has a 1-year low of $12.22 and a 1-year high of $24.98.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.04. Freshworks had a negative net margin of 23.04% and a negative return on equity of 12.55%. The firm had revenue of $160.11 million during the quarter, compared to analyst estimates of $158.11 million. As a group, sell-side analysts expect that Freshworks will post -0.37 earnings per share for the current fiscal year.

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.