Piper Sandler Issues Positive Forecast for Freshworks (NASDAQ:FRSH) Stock Price

Key Points

• Piper Sandler has increased its price target for Freshworks (NASDAQ:FRSH) from $22.00 to $25.00, indicating a potential upside of 79.96% from the current stock price.
• Freshworks reported earnings of $0.18 per share, exceeding estimates, and experienced a 19.6% year-over-year increase in revenue.
• Currently, Freshworks has a consensus rating of "Moderate Buy" with a consensus price target of $20.29, reflecting varied analyst opinions on its stock performance.

Freshworks (NASDAQ:FRSH - Get Free Report) had its price target upped by equities researchers at Piper Sandler from $22.00 to $25.00 in a research note issued to investors on Wednesday, July 30th, MarketBeat reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's price objective suggests a potential upside of 85.74% from the company's previous close.

Several other research analysts also recently weighed in on FRSH. Morgan Stanley boosted their target price on shares of Freshworks from $14.00 to $18.00 and gave the company an "equal weight" rating in a research note on Thursday, May 1st. Cantor Fitzgerald upgraded Freshworks to an "overweight" rating and set a $20.00 price target for the company in a report on Tuesday, June 3rd. UBS Group lowered their price target on Freshworks from $22.00 to $19.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Scotiabank lifted their price target on Freshworks from $14.00 to $18.00 and gave the company a "sector perform" rating in a report on Wednesday, April 30th. Finally, Wall Street Zen upgraded Freshworks from a "buy" rating to a "strong-buy" rating in a report on Sunday, June 29th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $20.29.

Freshworks Stock Up 3.6%

NASDAQ:FRSH opened at $13.46 on Wednesday. The company has a market capitalization of $3.97 billion, a PE ratio of -74.77 and a beta of 0.94. Freshworks has a 52-week low of $10.81 and a 52-week high of $19.77. The stock has a fifty day simple moving average of $14.73 and a 200-day simple moving average of $15.22.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.06. Freshworks had a negative net margin of 7.02% and a negative return on equity of 2.56%. The firm had revenue of $204.68 million during the quarter, compared to the consensus estimate of $198.85 million. During the same quarter in the previous year, the company posted $0.08 EPS. The firm's revenue for the quarter was up 19.6% on a year-over-year basis. As a group, equities analysts anticipate that Freshworks will post -0.19 earnings per share for the current year.

Insider Activity at Freshworks

In related news, Director Jennifer H. Taylor sold 7,558 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $15.13, for a total transaction of $114,352.54. Following the sale, the director directly owned 44,218 shares of the company's stock, valued at approximately $669,018.34. This represents a 14.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Barry L. Padgett sold 7,558 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $15.14, for a total value of $114,428.12. Following the sale, the director directly owned 32,635 shares in the company, valued at approximately $494,093.90. This represents a 18.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 206,789 shares of company stock worth $3,207,515. 11.17% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Freshworks

Large investors have recently added to or reduced their stakes in the stock. National Bank of Canada FI increased its position in Freshworks by 1,385.8% in the fourth quarter. National Bank of Canada FI now owns 3,967 shares of the company's stock worth $64,000 after buying an additional 3,700 shares during the period. Covestor Ltd increased its position in Freshworks by 30.2% in 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 during the period. FNY Investment Advisers LLC acquired a new position in shares of Freshworks during the first quarter valued at $70,000. Quarry LP increased its holdings in shares of Freshworks by 47.8% during the fourth quarter. Quarry LP now owns 5,410 shares of the company's stock valued at $87,000 after purchasing an additional 1,750 shares during the period. Finally, DekaBank Deutsche Girozentrale increased its holdings in shares of Freshworks by 91.2% during the first quarter. DekaBank Deutsche Girozentrale now owns 5,899 shares of the company's stock valued at $84,000 after purchasing an additional 2,814 shares during the period. 75.58% of the stock is owned by institutional investors and hedge funds.

Freshworks Company Profile

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.