Freshworks (NASDAQ:FRSH) Given New $24.00 Price Target at Piper Sandler

Freshworks (NASDAQ:FRSH) had its price objective boosted by Piper Sandler from $20.00 to $24.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price objective would suggest a potential upside of 34.38% from the stock’s current price.

A number of other brokerages have also recently issued reports on FRSH. Wells Fargo & Company cut Freshworks from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $16.00 to $13.00 in a research note on Tuesday, January 21st. JPMorgan Chase & Co. upped their price target on shares of Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Barclays raised their price objective on shares of Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a report on Wednesday. Morgan Stanley boosted their target price on shares of Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. Finally, Robert W. Baird cut their price target on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $20.29.

Freshworks Stock Performance

Shares of FRSH stock opened at $17.86 on Wednesday. The firm has a market cap of $5.41 billion, a price-to-earnings ratio of -52.53 and a beta of 0.91. Freshworks has a 52 week low of $10.81 and a 52 week high of $22.14. The firm’s 50-day simple moving average is $16.94 and its two-hundred day simple moving average is $14.05.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative net margin of 14.80% and a negative return on equity of 8.57%. Analysts forecast that Freshworks will post -0.35 earnings per share for the current year.

Insider Buying and Selling at Freshworks

In related news, Director Jennifer H. Taylor sold 4,690 shares of the stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $16.74, for a total transaction of $78,510.60. Following the completion of the sale, the director now directly owns 36,689 shares in the company, valued at $614,173.86. This represents a 11.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $18.30, for a total value of $154,488.60. Following the transaction, the director now owns 24,187 shares in the company, valued at approximately $442,622.10. The trade was a 25.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,727,211 shares of company stock worth $27,224,746 over the last ninety days. Insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

Institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new position in shares of Freshworks during the third quarter valued at about $260,000. Sapient Capital LLC grew its position in shares of Freshworks by 42.9% in the 3rd quarter. Sapient Capital LLC now owns 14,326 shares of the company’s stock worth $164,000 after buying an additional 4,303 shares during the last quarter. Creative Planning purchased a new position in shares of Freshworks during the third quarter valued at approximately $482,000. Blue Trust Inc. boosted its holdings in Freshworks by 1,987.3% in the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after acquiring an additional 2,822 shares in the last quarter. Finally, Tempus Wealth Planning LLC bought a new position in Freshworks in the 3rd quarter worth $130,000. Hedge funds and other institutional investors own 75.58% of the company’s stock.

About Freshworks

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.