Cantor Fitzgerald Upgrades Freshworks (NASDAQ:FRSH) to “Overweight”

Freshworks (NASDAQ:FRSH) was upgraded by equities research analysts at Cantor Fitzgerald to an “overweight” rating in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage currently has a $20.00 target price on the stock. Cantor Fitzgerald’s price target suggests a potential upside of 28.78% from the company’s current price.

A number of other brokerages have also commented on FRSH. Wells Fargo & Company upped their target price on Freshworks from $11.00 to $12.00 and gave the company an “underweight” rating in a research note on Wednesday, April 30th. Oppenheimer cut their target price on Freshworks from $24.00 to $19.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Wall Street Zen upgraded Freshworks from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. Robert W. Baird set a $18.00 price target on Freshworks in a research report on Wednesday, February 12th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $27.00 price target on shares of Freshworks in a research report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $20.07.

Freshworks Stock Down 0.4%

Shares of FRSH stock opened at $15.53 on Tuesday. Freshworks has a 12 month low of $10.81 and a 12 month high of $19.77. The firm has a market cap of $4.58 billion, a PE ratio of -48.53 and a beta of 0.97. The stock has a 50 day moving average of $14.03 and a 200-day moving average of $15.69.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Tuesday, April 29th. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.05. The business had revenue of $196.27 million during the quarter, compared to analyst estimates of $191.90 million. Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. Freshworks’s revenue was up 18.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.10 earnings per share. As a group, equities analysts predict that Freshworks will post -0.19 EPS for the current fiscal year.

Insider Transactions at Freshworks

In other news, insider Mika Yamamoto sold 3,574 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $14.20, for a total transaction of $50,750.80. Following the sale, the insider now owns 611,604 shares in the company, valued at approximately $8,684,776.80. This represents a 0.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Zachary Nelson sold 8,433 shares of the firm’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $14.69, for a total value of $123,880.77. Following the completion of the transaction, the director now owns 24,890 shares in the company, valued at approximately $365,634.10. This represents a 25.31% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,483 shares of company stock worth $480,056. Insiders own 11.17% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Several hedge funds have recently added to or reduced their stakes in FRSH. Avion Wealth bought a new position in Freshworks in the fourth quarter valued at about $26,000. Blue Trust Inc. boosted its holdings in Freshworks by 32.2% in the fourth quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock valued at $63,000 after acquiring an additional 954 shares during the last quarter. National Bank of Canada FI boosted its holdings 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 valued at $64,000 after acquiring an additional 3,700 shares during the last quarter. FNY Investment Advisers LLC bought a new position in Freshworks in the first quarter valued at about $70,000. Finally, Covestor Ltd lifted its stake in Freshworks by 30.2% in the fourth quarter. Covestor Ltd now owns 4,686 shares of the company’s stock valued at $76,000 after buying an additional 1,087 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.