Wells Fargo & Company Raises Freshworks (NASDAQ:FRSH) Price Target to $16.00

Freshworks (NASDAQ:FRSH) had its target price increased by analysts at Wells Fargo & Company from $14.00 to $16.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential downside of 1.30% from the company’s current price.

A number of other equities analysts have also recently commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Piper Sandler boosted their price objective on Freshworks from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Monday. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of Freshworks in a report on Tuesday, December 17th. JMP Securities increased their price target on Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Thursday, November 7th. Finally, Canaccord Genuity Group raised their price target on Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Freshworks currently has an average rating of “Moderate Buy” and an average price target of $19.00.

Freshworks Price Performance

Shares of NASDAQ FRSH traded down $0.12 during midday trading on Tuesday, reaching $16.21. 577,856 shares of the stock traded hands, compared to its average volume of 2,572,679. The company’s 50 day moving average is $15.60 and its 200 day moving average is $13.18. Freshworks has a one year low of $10.81 and a one year high of $23.93. The stock has a market capitalization of $4.91 billion, a PE ratio of -47.68 and a beta of 0.88.

Insider Buying and Selling at Freshworks

In other news, Director Jennifer H. Taylor sold 4,690 shares of the stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $11.06, for a total transaction of $51,871.40. Following the transaction, the director now directly owns 36,689 shares in the company, valued at approximately $405,780.34. This trade represents a 11.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mika Yamamoto sold 5,718 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $16.95, for a total transaction of $96,920.10. Following the completion of the transaction, the insider now directly owns 403,108 shares of the company’s stock, valued at $6,832,680.60. This trade represents a 1.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,702,168 shares of company stock valued at $26,700,318 in the last ninety days. Corporate insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its stake in shares of Freshworks by 49.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock valued at $60,503,000 after buying an additional 1,752,995 shares during the last quarter. M&G PLC acquired a new stake in Freshworks during the third quarter worth about $9,094,000. Franklin Resources Inc. raised its position in Freshworks by 18.1% during the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock valued at $44,934,000 after acquiring an additional 604,658 shares in the last quarter. Invenomic Capital Management LP acquired a new position in Freshworks in the third quarter valued at approximately $5,260,000. Finally, State Street Corp grew its stake in shares of Freshworks by 7.1% during the 3rd quarter. State Street Corp now owns 4,729,093 shares of the company’s stock worth $54,290,000 after purchasing an additional 313,982 shares during the period. 75.58% of the stock is currently owned by institutional investors and hedge funds.

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.