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

Freshworks (NASDAQ:FRSH)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a report released on Wednesday, Benzinga reports. They presently have a $30.00 price objective on the stock. Needham & Company LLC’s price target would suggest a potential upside of 110.38% from the company’s previous close.

Several other equities analysts have also issued reports on FRSH. Piper Sandler cut their price target on Freshworks from $28.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday, May 2nd. Barclays cut their target price on shares of Freshworks from $20.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Friday, May 3rd. Oppenheimer cut shares of Freshworks from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 2nd. Wolfe Research upgraded shares of Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 price objective on the stock in a report on Tuesday, February 20th. Finally, JMP Securities reduced their price objective on shares of Freshworks from $29.00 to $21.00 and set a “market outperform” rating on the stock in a research note on Thursday, May 2nd. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Freshworks has an average rating of “Moderate Buy” and an average price target of $22.59.

Freshworks Trading Up 0.9 %

Shares of FRSH stock opened at $14.26 on Wednesday. Freshworks has a 1 year low of $13.01 and a 1 year high of $24.98. The firm’s 50 day moving average is $18.04 and its 200-day moving average is $19.92. The firm has a market capitalization of $4.25 billion, a price-to-earnings ratio of -35.65 and a beta of 0.88.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.04. The firm had revenue of $160.11 million for the quarter, compared to the consensus estimate of $158.11 million. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. On average, equities research analysts forecast that Freshworks will post -0.37 earnings per share for the current fiscal year.

Insider Transactions at Freshworks

In related news, Director Roxanne S. Austin sold 6,303 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $21.54, for a total value of $135,766.62. Following the completion of the transaction, the director now directly owns 88,431 shares in the company, valued at approximately $1,904,803.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Roxanne S. Austin sold 6,303 shares of the firm’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $21.54, for a total transaction of $135,766.62. Following the sale, the director now directly owns 88,431 shares in the company, valued at $1,904,803.74. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jennifer H. Taylor sold 7,035 shares of the company’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $18.08, for a total transaction of $127,192.80. Following the completion of the transaction, the director now directly owns 19,991 shares of the company’s stock, valued at $361,437.28. The disclosure for this sale can be found here. Insiders have sold a total of 460,792 shares of company stock valued at $9,408,403 over the last 90 days. 19.15% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Freshworks by 6.9% during the 4th quarter. Vanguard Group Inc. now owns 19,816,514 shares of the company’s stock worth $465,490,000 after acquiring an additional 1,285,713 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Freshworks by 6.5% in the fourth quarter. Franklin Resources Inc. now owns 3,175,334 shares of the company’s stock worth $74,589,000 after purchasing an additional 193,708 shares in the last quarter. FMR LLC boosted its holdings in Freshworks by 76.5% during the third quarter. FMR LLC now owns 2,222,907 shares of the company’s stock worth $44,280,000 after purchasing an additional 963,426 shares during the last quarter. Clearbridge Investments LLC grew its position in Freshworks by 8.3% in the fourth quarter. Clearbridge Investments LLC now owns 1,953,453 shares of the company’s stock valued at $45,887,000 after purchasing an additional 149,825 shares in the last quarter. Finally, Norges Bank bought a new position in Freshworks in the fourth quarter valued at $44,919,000. 75.58% of the stock is currently owned by institutional investors.

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.