Freshworks (NASDAQ:FRSH) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Freshworks (NASDAQ:FRSH) in a research report sent to investors on Monday morning,Benzinga reports. They currently have a $25.00 price objective on the stock.

A number of other brokerages have also issued reports on FRSH. Robert W. Baird set a $18.00 price target on shares of Freshworks in a research note on Wednesday, February 12th. Piper Sandler lifted their price target on shares of Freshworks from $20.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Scotiabank lifted their price target on shares of Freshworks from $17.00 to $19.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 12th. UBS Group set a $22.00 price target on shares of Freshworks in a research note on Thursday, February 6th. Finally, Wells Fargo & Company lowered shares of Freshworks from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $16.00 to $13.00 in a research note on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $21.14.

Freshworks Trading Up 2.3 %

NASDAQ FRSH opened at $15.22 on Monday. The company’s fifty day simple moving average is $17.07 and its 200-day simple moving average is $14.85. Freshworks has a 52 week low of $10.81 and a 52 week high of $19.77. The stock has a market cap of $4.59 billion, a P/E ratio of -47.56 and a beta of 0.92.

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

Insider Buying and Selling

In related news, Director Johanna Flower sold 21,400 shares of the stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $18.00, for a total value of $385,200.00. Following the sale, the director now owns 41,491 shares of the company’s stock, valued at $746,838. This trade represents a 34.03 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $16.08, for a total transaction of $13,426,800.00. Following the completion of the sale, the chairman now directly owns 551,137 shares in the company, valued at approximately $8,862,282.96. This trade represents a 60.24 % 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 valued at $27,223,721 in the last quarter. Company insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

A number of large investors have recently modified their holdings of FRSH. Vanguard Group Inc. grew its position in Freshworks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company’s stock valued at $405,283,000 after buying an additional 1,357,526 shares in the last quarter. Eminence Capital LP bought a new position in Freshworks in the 4th quarter valued at about $86,002,000. JPMorgan Chase & Co. grew its position in Freshworks by 49.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock valued at $60,503,000 after buying an additional 1,752,995 shares in the last quarter. State Street Corp grew its position in Freshworks by 7.1% in the 3rd quarter. State Street Corp now owns 4,729,093 shares of the company’s stock valued at $54,290,000 after buying an additional 313,982 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Freshworks by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 4,673,600 shares of the company’s stock valued at $75,588,000 after buying an additional 79,388 shares in the last quarter. Institutional investors and hedge funds 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.