Freshworks (NASDAQ:FRSH) Upgraded at Cantor Fitzgerald

Freshworks (NASDAQ:FRSH - Get Free Report) was upgraded by equities researchers at Cantor Fitzgerald to an "overweight" rating in a report issued on Tuesday, Marketbeat Ratings reports. The brokerage presently has a $20.00 price objective on the stock. Cantor Fitzgerald's price target would suggest a potential upside of 28.78% from the company's previous close.

Other analysts also recently issued reports about the company. Needham & Company LLC restated a "buy" rating and issued a $25.00 price objective on shares of Freshworks in a research report on Monday, March 17th. Morgan Stanley boosted their price objective on shares of Freshworks from $14.00 to $18.00 and gave the company an "equal weight" rating in a research report on Thursday, May 1st. Canaccord Genuity Group raised their target price on shares of Freshworks from $19.00 to $23.00 and gave the stock a "buy" rating in a research report on Wednesday, February 12th. Oppenheimer cut their price target on Freshworks from $24.00 to $19.00 and set an "outperform" rating for the company in a report on Wednesday, April 9th. Finally, Robert W. Baird set a $18.00 price objective on Freshworks in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.07.

Freshworks Stock Performance

NASDAQ FRSH traded down $0.06 during trading hours on Tuesday, reaching $15.53. The company's stock had a trading volume of 1,692,254 shares, compared to its average volume of 3,273,944. The company's 50-day moving average is $14.01 and its two-hundred day moving average is $15.69. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $19.77. The stock has a market cap of $4.58 billion, a PE ratio of -48.53 and a beta of 0.97.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.05. Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. The company had revenue of $196.27 million for the quarter, compared to the consensus estimate of $191.90 million. During the same quarter in the prior year, the firm earned $0.10 earnings per share. The company's revenue for the quarter was up 18.9% compared to the same quarter last year. Equities analysts expect that Freshworks will post -0.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction on Monday, May 12th. The shares were sold at an average price of $15.41, for a total transaction of $72,195.85. Following the transaction, the director now owns 37,895 shares in the company, valued at approximately $583,961.95. The trade was a 11.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mika Yamamoto sold 3,574 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $14.20, for a total value of $50,750.80. Following the completion of the sale, the insider now owns 611,604 shares of the company's stock, valued at approximately $8,684,776.80. This represents a 0.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,483 shares of company stock worth $480,056 over the last three months. 11.17% of the stock is owned by insiders.

Hedge Funds Weigh In On Freshworks

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Xponance Inc. increased its stake in Freshworks by 5.1% during the 1st quarter. Xponance Inc. now owns 15,605 shares of the company's stock worth $220,000 after buying an additional 758 shares during the period. Blue Trust Inc. increased its holdings in Freshworks by 32.2% during the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company's stock worth $63,000 after purchasing an additional 954 shares during the last quarter. Versor Investments LP raised its position in shares of Freshworks by 3.0% in the 4th quarter. Versor Investments LP now owns 34,400 shares of the company's stock valued at $556,000 after purchasing an additional 1,000 shares in the last quarter. Amundi boosted its stake in shares of 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 buying an additional 1,040 shares during the last quarter. Finally, Covestor Ltd grew its position in shares of Freshworks by 30.2% during the fourth quarter. Covestor Ltd now owns 4,686 shares of the company's stock worth $76,000 after buying an additional 1,087 shares in the last quarter. 75.58% of the stock is 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.