Wells Fargo & Company Issues Positive Forecast for Freshworks (NASDAQ:FRSH) Stock Price

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

Several other brokerages have also weighed in on FRSH. JMP Securities lifted their price objective on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Piper Sandler upped their price target on Freshworks from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Monday. Needham & Company LLC restated a “buy” rating and issued a $20.00 price objective on shares of Freshworks in a research report on Tuesday, December 17th. Robert W. Baird lowered their target price on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Finally, Canaccord Genuity Group boosted their price target on shares of Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.00.

Freshworks Price Performance

Shares of Freshworks stock traded down $0.12 on Tuesday, reaching $16.21. 577,856 shares of the company traded hands, compared to its average volume of 2,572,679. The company has a 50 day moving average of $15.60 and a 200 day moving average of $13.18. Freshworks has a 52 week low of $10.81 and a 52 week high of $23.93. The firm has a market capitalization of $4.91 billion, a PE ratio of -47.68 and a beta of 0.88.

Insider Activity at Freshworks

In other Freshworks news, Director Barry L. Padgett sold 2,345 shares of Freshworks stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total transaction of $40,568.50. Following the completion of the transaction, the director now owns 26,957 shares in the company, valued at approximately $466,356.10. The trade was a 8.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jennifer H. Taylor sold 4,690 shares of the business’s 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 of the company’s stock, valued at $405,780.34. The trade was a 11.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,702,168 shares of company stock worth $26,700,318 over the last 90 days. 19.15% of the stock is owned by company insiders.

Institutional Investors Weigh In On Freshworks

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

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.