Freshworks (NASDAQ:FRSH) Price Target Raised to $17.00

Freshworks (NASDAQ:FRSH) had its price target lifted by UBS Group from $14.00 to $17.00 in a report published on Wednesday,Benzinga reports. UBS Group currently has a buy rating on the stock.

A number of other analysts have also weighed in on the stock. Needham & Company LLC reissued a “buy” rating and issued a $15.00 price objective on shares of Freshworks in a research report on Wednesday. Oppenheimer reaffirmed a “market perform” rating on shares of Freshworks in a research note on Wednesday. KeyCorp started coverage on Freshworks in a report on Monday, September 14th. They issued an “overweight” rating and a $18.00 price target on the stock. Wall Street Zen raised Freshworks from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Finally, Robert W. Baird set a $13.00 price target on Freshworks in a research note on Wednesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $15.92.

Freshworks Stock Performance

NASDAQ FRSH traded down $0.59 on Wednesday, hitting $12.11. 5,446,919 shares of the stock were exchanged, compared to its average volume of 7,619,666. Freshworks has a 52-week low of $6.79 and a 52-week high of $15.51. The firm has a market capitalization of $3.16 billion, a P/E ratio of 16.59, a P/E/G ratio of 9.47 and a beta of 0.80. The stock has a fifty day moving average price of $13.45 and a two-hundred day moving average price of $10.50.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Tuesday, November 3rd. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.04. The business had revenue of $245.43 million for the quarter, compared to the consensus estimate of $245.06 million. Freshworks had a net margin of 20.49% and a return on equity of 5.52%. The business’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.16 earnings per share. Sell-side analysts expect that Freshworks will post 0.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Freshworks news, CAO Philippa Lawrence sold 3,492 shares of the company’s stock in a transaction on Monday, October 5th. The stock was sold at an average price of $12.98, for a total value of $45,326.16. Following the completion of the sale, the chief accounting officer directly owned 379,639 shares in the company, valued at approximately $4,927,714.22. This represents a 0.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 8.54% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Freshworks

Institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP lifted its stake in Freshworks by 9.7% in the second quarter. Wellington Management Group LLP now owns 4,000,543 shares of the company’s stock worth $40,485,000 after acquiring an additional 353,714 shares during the period. Renaissance Technologies LLC increased its position in Freshworks by 79.1% during the 1st quarter. Renaissance Technologies LLC now owns 4,576,000 shares of the company’s stock valued at $36,745,000 after purchasing an additional 2,021,412 shares during the period. Bank of America Corp DE raised its holdings in shares of Freshworks by 1.4% in the 1st quarter. Bank of America Corp DE now owns 2,128,268 shares of the company’s stock valued at $17,090,000 after purchasing an additional 30,395 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Freshworks by 403.4% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,444,124 shares of the company’s stock valued at $11,596,000 after purchasing an additional 1,157,277 shares in the last quarter. Finally, Walleye Capital LLC lifted its position in shares of Freshworks by 2,480.8% in the 1st quarter. Walleye Capital LLC now owns 1,247,655 shares of the company’s stock worth $10,019,000 after purchasing an additional 1,199,311 shares during the period. Hedge funds and other institutional investors own 75.58% of the company’s stock.

About Freshworks

Freshworks Inc (NASDAQ:FRSH) develops cloud-based customer and employee engagement software for businesses of various sizes. Its products are designed to help organizations manage customer support, IT service operations, sales activities, and marketing workflows through user-friendly, artificial intelligence-enabled applications.

The company’s product portfolio includes Freshdesk for customer service and support, Freshservice for IT and enterprise service management, Freshsales for customer relationship management, and Freshmarketer for marketing automation and customer engagement.