Freshworks’ (FRSH) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Freshworks (NASDAQ:FRSH) in a report issued on Wednesday,Benzinga reports. They currently have a $20.00 price objective on the stock.

Several other equities research analysts have also recently commented on FRSH. Canaccord Genuity Group boosted their price target on Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Robert W. Baird decreased their target price on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Wells Fargo & Company increased their price target on shares of Freshworks from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 7th. Morgan Stanley lifted their price objective on shares of Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. Finally, JMP Securities increased their target price on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.29.

Freshworks Trading Down 0.1 %

FRSH opened at $17.44 on Wednesday. The stock has a fifty day moving average price of $16.18 and a 200 day moving average price of $13.42. Freshworks has a 1 year low of $10.81 and a 1 year high of $23.30. The stock has a market cap of $5.28 billion, a price-to-earnings ratio of -51.29 and a beta of 0.88.

Insider Activity at Freshworks

In other Freshworks 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 directly owns 551,137 shares in the company, valued at $8,862,282.96. This trade represents a 60.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $12.19, for a total transaction of $102,798.27. Following the transaction, the director now directly owns 23,497 shares of the company’s stock, valued at $286,428.43. This represents a 26.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,702,163 shares of company stock worth $26,721,018 in the last 90 days. 19.15% of the stock is owned by company insiders.

Institutional Investors Weigh In On Freshworks

Institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its position 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 acquiring an additional 1,752,995 shares during the period. State Street Corp raised its stake in shares of Freshworks by 7.1% in the third quarter. State Street Corp now owns 4,729,093 shares of the company’s stock valued at $54,290,000 after purchasing an additional 313,982 shares in the last quarter. Geode Capital Management LLC lifted its position in Freshworks by 1.5% in the third quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company’s stock worth $52,750,000 after purchasing an additional 66,342 shares during the period. Franklin Resources Inc. lifted its position in 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 purchasing an additional 604,658 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in Freshworks by 7.6% during the second quarter. Renaissance Technologies LLC now owns 3,134,600 shares of the company’s stock worth $39,778,000 after buying an additional 221,900 shares in the last quarter. 75.58% of the stock is owned by institutional investors and hedge funds.

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.