Needham & Company LLC Reiterates “Buy” Rating for Freshworks (NASDAQ:FRSH)

Needham & Company LLC reissued their buy rating on shares of Freshworks (NASDAQ:FRSH) in a research report report published on Monday,Benzinga reports. The firm currently has a $25.00 target price on the stock.

Other equities analysts have also issued research reports about the stock. JMP Securities set a $27.00 price objective on shares of Freshworks in a research report on Wednesday, February 12th. Piper Sandler raised their target price on shares of Freshworks from $20.00 to $24.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Morgan Stanley raised their target price on shares of Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. Wells Fargo & Company cut shares of Freshworks from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $16.00 to $13.00 in a report on Tuesday, January 21st. Finally, UBS Group set a $22.00 target price on shares of Freshworks in a report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $21.14.

Freshworks Trading Up 2.3 %

NASDAQ:FRSH opened at $15.22 on Monday. Freshworks has a twelve month low of $10.81 and a twelve month high of $19.77. The company has a 50-day moving average of $17.07 and a 200-day moving average of $14.85. The firm has a market cap of $4.59 billion, a price-to-earnings ratio of -47.56 and a beta of 0.92.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. On average, research analysts forecast that Freshworks will post -0.19 earnings per share for the current year.

Insider Buying and Selling at Freshworks

In other news, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $16.08, for a total value of $13,426,800.00. Following the sale, the chairman now owns 551,137 shares in the company, valued at approximately $8,862,282.96. This trade represents a 60.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $15.49, for a total transaction of $72,570.65. Following the completion of the sale, the director now owns 37,286 shares in the company, valued at approximately $577,560.14. The trade was a 11.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,727,200 shares of company stock worth $27,223,721 over the last 90 days. Insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Blue Trust Inc. grew its stake in shares of Freshworks by 32.2% in the fourth quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock worth $63,000 after acquiring an additional 954 shares during the last quarter. Versor Investments LP boosted its stake in Freshworks by 3.0% during the fourth quarter. Versor Investments LP now owns 34,400 shares of the company’s stock worth $556,000 after buying an additional 1,000 shares in the last quarter. Covestor Ltd boosted its stake in 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. Arizona State Retirement System boosted its stake in Freshworks by 2.2% during the fourth quarter. Arizona State Retirement System now owns 51,704 shares of the company’s stock worth $836,000 after buying an additional 1,103 shares in the last quarter. Finally, Xponance Inc. boosted its stake in Freshworks by 10.2% during the fourth quarter. Xponance Inc. now owns 14,847 shares of the company’s stock worth $240,000 after buying an additional 1,369 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

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.