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

Freshworks (NASDAQ:FRSH)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $20.00 target price on the stock. Needham & Company LLC’s price objective suggests a potential upside of 23.99% from the company’s current price.

Other equities research analysts have also issued research reports about the company. Robert W. Baird dropped their price objective on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Canaccord Genuity Group boosted their price target on shares of Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. JMP Securities increased their target price on Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Thursday, November 7th. Morgan Stanley upped their price objective on Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a report on Monday. Finally, Piper Sandler raised their price objective on Freshworks from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $19.08.

Freshworks Trading Up 3.4 %

Freshworks stock opened at $16.13 on Wednesday. Freshworks has a 1-year low of $10.81 and a 1-year high of $23.64. The firm has a market capitalization of $4.89 billion, a PE ratio of -47.44 and a beta of 0.88. The firm’s 50 day simple moving average is $16.07 and its 200 day simple moving average is $13.33.

Insider Activity at Freshworks

In related news, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction on Friday, January 10th. The shares were sold at an average price of $15.49, for a total value of $72,570.65. Following the sale, the director now owns 37,286 shares in the company, valued at $577,560.14. The trade was a 11.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $12.19, for a total transaction of $102,798.27. Following the completion of the transaction, the director now owns 23,497 shares of the company’s stock, valued at $286,428.43. This trade represents a 26.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,702,163 shares of company stock worth $26,721,018 in the last 90 days. Company insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Everence Capital Management Inc. bought a new stake in Freshworks during the 4th quarter valued at approximately $190,000. JPMorgan Chase & Co. boosted its position in shares of Freshworks by 49.8% during the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock valued at $60,503,000 after purchasing an additional 1,752,995 shares in the last quarter. Franklin Resources Inc. raised its holdings 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 in the last quarter. Tidal Investments LLC purchased a new position in shares of Freshworks during the third quarter valued at approximately $534,000. Finally, Geode Capital Management LLC boosted its stake in Freshworks by 1.5% in the 3rd 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 in the last quarter. Hedge funds and other 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.