StockNews.com Upgrades Freshworks (NASDAQ:FRSH) to “Buy” (2024)

Posted by ABMN Staff on Jun 16th, 2024

Freshworks (NASDAQ:FRSH – Get Free Report) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Friday.

Several other brokerages also recently weighed in on FRSH. Oppenheimer downgraded shares of Freshworks from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 2nd. Morgan Stanley dropped their target price on shares of Freshworks from $22.00 to $18.00 and set an “equal weight” rating for the company in a report on Thursday, May 2nd. Cantor Fitzgerald cut their price target on Freshworks from $25.00 to $19.00 and set an “overweight” rating for the company in a research note on Thursday, May 2nd. Canaccord Genuity Group dropped their target price on shares of Freshworks from $27.00 to $20.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Finally, Barclays reduced their price target on shares of Freshworks from $20.00 to $15.00 and set an “equal weight” rating on the stock in a report on Friday, May 3rd. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.00.

Read Our Latest Research Report on Freshworks

Freshworks Stock Down 0.1 %

Shares of Freshworks stock opened at $12.31 on Friday. The firm’s 50 day moving average is $15.08 and its two-hundred day moving average is $18.93. Freshworks has a 52 week low of $12.22 and a 52 week high of $24.98. The firm has a market capitalization of $3.68 billion, a P/E ratio of -30.77 and a beta of 0.74.

Freshworks (NASDAQ:FRSH – Get Free Report) last announced its earnings results on Wednesday, May 1st. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The business had revenue of $165.14 million for the quarter, compared to analyst estimates of $163.53 million. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. As a group, research analysts expect that Freshworks will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Freshworks

In other news, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $12.73, for a total value of $89,555.55. Following the transaction, the director now directly owns 19,991 shares of the company’s stock, valued at approximately $254,485.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Jennifer H. Taylor sold 7,035 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $12.73, for a total value of $89,555.55. Following the completion of the sale, the director now directly owns 19,991 shares in the company, valued at approximately $254,485.43. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Zachary Nelson sold 8,442 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $12.75, for a total transaction of $107,635.50. Following the completion of the sale, the director now directly owns 16,535 shares of the company’s stock, valued at approximately $210,821.25. The disclosure for this sale can be found here. Over the last three months, insiders sold 31,880 shares of company stock worth $456,665. 19.15% of the stock is owned by company insiders.

Hedge Funds Weigh In On Freshworks

A number of institutional investors have recently made changes to their positions in the business. California State Teachers Retirement System grew its position in shares of Freshworks by 0.5% in the 1st quarter. California State Teachers Retirement System now owns 161,706 shares of the company’s stock worth $2,945,000 after acquiring an additional 831 shares in the last quarter. Bayesian Capital Management LP lifted its position in shares of Freshworks by 83.1% in the 1st quarter. Bayesian Capital Management LP now owns 72,507 shares of the company’s stock worth $1,320,000 after buying an additional 32,900 shares during the last quarter. Quadrature Capital Ltd boosted its holdings in shares of Freshworks by 403.3% in the 1st quarter. Quadrature Capital Ltd now owns 67,473 shares of the company’s stock valued at $1,227,000 after buying an additional 54,068 shares during the period. Capital International Investors bought a new stake in shares of Freshworks during the 1st quarter valued at about $59,311,000. Finally, Advisors Asset Management Inc. raised its stake in Freshworks by 34.2% during the first quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock worth $54,000 after acquiring an additional 757 shares during the period. 75.58% of the stock is owned by institutional investors and hedge funds.

About Freshworks

(Get Free Report)

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.

StockNews.com Upgrades Freshworks (NASDAQ:FRSH) to “Buy” (2024)

Freshworks Stock Down 0.1 %

Insider Activity at Freshworks

Hedge Funds Weigh In On Freshworks

About Freshworks

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