Zacks Research Upgrades Freshworks (NASDAQ:FRSH) to Strong-Buy

Freshworks (NASDAQ:FRSH) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

Several other research analysts also recently weighed in on the company. Wall Street Zen downgraded Freshworks from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 20th. JMP Securities reaffirmed a “market outperform” rating and set a $27.00 price objective on shares of Freshworks in a report on Friday, September 12th. Canaccord Genuity Group decreased their price objective on shares of Freshworks from $23.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Needham & Company LLC reiterated a “buy” rating on shares of Freshworks in a research report on Monday, December 15th. Finally, Morgan Stanley decreased their price objective on Freshworks from $18.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Friday, September 12th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Freshworks has an average rating of “Moderate Buy” and a consensus price target of $19.23.

Freshworks Trading Up 1.3%

NASDAQ:FRSH opened at $11.77 on Monday. Freshworks has a twelve month low of $10.51 and a twelve month high of $19.77. The company has a market cap of $3.32 billion, a P/E ratio of -117.69 and a beta of 0.89. The company’s 50-day moving average price is $12.05 and its 200-day moving average price is $12.73.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data on Thursday, September 11th. The company reported $0.18 earnings per share (EPS) for the quarter. The firm had revenue of $204.68 million for the quarter. Freshworks had a negative net margin of 3.65% and a negative return on equity of 0.37%. On average, analysts expect that Freshworks will post -0.19 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Philippa Lawrence sold 5,846 shares of the stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $12.06, for a total transaction of $70,502.76. Following the completion of the sale, the chief accounting officer owned 392,711 shares in the company, valued at approximately $4,736,094.66. This represents a 1.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Dennis Woodside bought 176,100 shares of the company’s stock in a transaction dated Monday, November 10th. The stock was purchased at an average cost of $11.31 per share, for a total transaction of $1,991,691.00. Following the completion of the transaction, the chief executive officer owned 2,111,517 shares of the company’s stock, valued at $23,881,257.27. This represents a 9.10% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders sold 22,267 shares of company stock valued at $282,301. 11.17% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Freshworks

A number of hedge funds have recently added to or reduced their stakes in FRSH. Amundi boosted its stake in Freshworks by 1.3% during the 1st quarter. Amundi now owns 80,074 shares of the company’s stock valued at $1,049,000 after purchasing an additional 1,040 shares during the period. Verdence Capital Advisors LLC increased its position in shares of Freshworks by 7.4% during the 2nd quarter. Verdence Capital Advisors LLC now owns 15,547 shares of the company’s stock worth $232,000 after purchasing an additional 1,070 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Freshworks by 11.0% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 11,694 shares of the company’s stock worth $174,000 after acquiring an additional 1,160 shares in the last quarter. Inceptionr LLC increased its stake in shares of Freshworks by 3.6% in the third quarter. Inceptionr LLC now owns 33,583 shares of the company’s stock valued at $395,000 after buying an additional 1,174 shares in the last quarter. Finally, Covestor Ltd lifted its position in shares of Freshworks by 25.0% during the third quarter. Covestor Ltd now owns 7,393 shares of the company’s stock worth $87,000 after purchasing an additional 1,479 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

Freshworks Company Profile

Freshworks, Inc is a global provider of cloud-based customer engagement software designed to help businesses streamline customer support, sales, marketing, and IT service operations. The company’s integrated suite of solutions enables organizations of all sizes to deliver seamless experiences across multiple channels, including email, chat, phone, and social media. Freshworks’ platform is built on modern, user-friendly interfaces and offers native automation, AI-powered insights, and analytics to improve efficiency and customer satisfaction.

The company’s flagship product, Freshdesk, serves as a helpdesk solution for customer support teams, while Freshservice addresses IT service management needs.