Freshworks (NASDAQ:FRSH) Receives Overweight Rating from Cantor Fitzgerald

Freshworks (NASDAQ:FRSH)‘s stock had its “overweight” rating reiterated by research analysts at Cantor Fitzgerald in a research report issued on Monday, Benzinga reports. They presently have a $25.00 price objective on the stock. Cantor Fitzgerald’s price objective suggests a potential upside of 27.49% from the company’s current price.

FRSH has been the subject of a number of other reports. Piper Sandler lifted their price target on shares of Freshworks from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Friday, September 8th. Bank of America boosted their price objective on shares of Freshworks from $17.00 to $25.00 and gave the company a “neutral” rating in a research report on Thursday, August 3rd. StockNews.com started coverage on shares of Freshworks in a research report on Thursday, August 17th. They issued a “hold” rating for the company. Canaccord Genuity Group raised shares of Freshworks from a “hold” rating to a “buy” rating and boosted their price objective for the company from $15.00 to $25.00 in a research report on Wednesday, August 2nd. Finally, Morgan Stanley boosted their price objective on shares of Freshworks from $22.00 to $24.00 and gave the company an “equal weight” rating in a research report on Monday, September 11th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $24.14.

Freshworks Price Performance

Shares of Freshworks stock traded down $0.40 during trading hours on Monday, reaching $19.61. The company’s stock had a trading volume of 706,089 shares, compared to its average volume of 2,251,305. The firm has a 50 day moving average price of $20.24 and a 200-day moving average price of $16.84. Freshworks has a one year low of $11.92 and a one year high of $23.80. The stock has a market cap of $5.76 billion, a P/E ratio of -29.67 and a beta of 0.82.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings results on Tuesday, August 1st. The company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.04. Freshworks had a negative net margin of 35.18% and a negative return on equity of 17.62%. The firm had revenue of $145.08 million during the quarter, compared to analysts’ expectations of $141.22 million. As a group, sell-side analysts forecast that Freshworks will post -0.53 EPS for the current fiscal year.

Insider Buying and Selling

In other Freshworks news, insider Srinivasagopalan Ramamurthy sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $20.05, for a total transaction of $1,002,500.00. Following the transaction, the insider now owns 605,394 shares in the company, valued at approximately $12,138,149.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Barry L. Padgett sold 6,559 shares of the company’s stock in a transaction on Friday, June 30th. The shares were sold at an average price of $17.58, for a total value of $115,307.22. Following the sale, the director now directly owns 16,428 shares of the company’s stock, valued at approximately $288,804.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Srinivasagopalan Ramamurthy sold 50,000 shares of the company’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $20.05, for a total transaction of $1,002,500.00. Following the completion of the sale, the insider now directly owns 605,394 shares in the company, valued at $12,138,149.70. The disclosure for this sale can be found here. Insiders sold a total of 1,881,590 shares of company stock worth $38,697,384 in the last 90 days. 26.66% of the stock is owned by corporate insiders.

Institutional Trading of Freshworks

Several large investors have recently made changes to their positions in FRSH. Virginia Retirement Systems ET AL purchased a new stake in Freshworks during the second quarter worth $640,000. California State Teachers Retirement System boosted its holdings in Freshworks by 39.9% during the second quarter. California State Teachers Retirement System now owns 178,133 shares of the company’s stock worth $3,132,000 after buying an additional 50,759 shares in the last quarter. Nuveen Asset Management LLC purchased a new stake in Freshworks during the second quarter worth $18,152,000. Alliancebernstein L.P. boosted its holdings in Freshworks by 35.0% during the second quarter. Alliancebernstein L.P. now owns 4,794,336 shares of the company’s stock worth $84,284,000 after buying an additional 1,243,205 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in Freshworks by 129.1% during the second quarter. Wells Fargo & Company MN now owns 130,099 shares of the company’s stock valued at $2,287,000 after purchasing an additional 73,309 shares in the last quarter. 57.35% of the stock is owned by hedge funds and other institutional investors.

Freshworks Company Profile

Freshworks Inc, a software development company, provides modern software-as-a-service products worldwide. It offers Freshdesk Support Desk that enables businesses to delight their customers at every service engagement touchpoint across traditional channels, including email, and modern channels, such as messaging and social media; Freshdesk Contact Center that offers agents with cloud-based telephony system to connect with customers that supports complex call-flows, number and call management, IVR, and routing needs, as well as live dashboard and reports; and Freshdesk Customer Success, which helps customer success managers at business to business (B2B) subscription companies.