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

Needham & Company LLC reissued their buy rating on shares of Freshworks (NASDAQ:FRSH - Free Report) in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has a $20.00 target price on the stock.

Several other research analysts have also recently commented on FRSH. JMP Securities raised their target price on shares of Freshworks from $21.00 to $24.00 and gave the stock a "market outperform" rating in a report on Thursday, November 7th. Morgan Stanley raised their price objective on Freshworks from $18.00 to $19.00 and gave the stock an "equal weight" rating in a research note on Monday. Robert W. Baird cut their target price on Freshworks from $16.00 to $15.00 and set a "neutral" rating for the company in a research report on Thursday, November 7th. Piper Sandler increased their target price on Freshworks from $18.00 to $20.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. Finally, 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. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $19.29.

Freshworks Stock Performance

Shares of FRSH stock traded up $0.69 on Wednesday, hitting $17.46. The company's stock had a trading volume of 3,399,351 shares, compared to its average volume of 2,990,564. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $23.30. The company has a market capitalization of $5.29 billion, a PE ratio of -51.35 and a beta of 0.88. The stock's 50 day moving average is $16.14 and its 200-day moving average is $13.35.

Insider Buying and Selling

In related news, 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 sale, the director now owns 37,286 shares of the company's stock, valued at $577,560.14. This trade represents a 11.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Mika Yamamoto sold 5,718 shares of the business's stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $16.95, for a total value of $96,920.10. Following the sale, the insider now owns 403,108 shares in the company, valued at $6,832,680.60. This represents a 1.40 % 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 three months. 19.15% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Freshworks

Large investors have recently bought and sold shares of the company. Blue Trust Inc. increased its stake in shares of Freshworks by 1,987.3% in the third quarter. Blue Trust Inc. now owns 2,964 shares of the company's stock valued at $38,000 after buying an additional 2,822 shares during the period. Covestor Ltd grew its holdings in Freshworks by 89.9% during the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company's stock worth $41,000 after acquiring an additional 1,704 shares during the last quarter. Quarry LP increased its position in Freshworks by 157.6% in the 2nd quarter. Quarry LP now owns 4,323 shares of the company's stock valued at $55,000 after acquiring an additional 2,645 shares during the period. Point72 Hong Kong Ltd acquired a new position in Freshworks in the 3rd quarter valued at approximately $57,000. Finally, Amalgamated Bank raised its stake in shares of Freshworks by 29.1% during the second quarter. Amalgamated Bank now owns 7,054 shares of the company's stock valued at $90,000 after acquiring an additional 1,588 shares during the last quarter. 75.58% of the stock is currently owned by institutional investors.

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.