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

Freshworks (NASDAQ:FRSH - Get Free Report)'s stock had its "buy" rating reaffirmed by Needham & Company LLC in a research report issued on Monday,Benzinga reports. They presently have a $25.00 price objective on the stock. Needham & Company LLC's price objective suggests a potential upside of 60.88% from the company's previous close.

FRSH has been the subject of several other reports. Piper Sandler raised their price objective on shares of Freshworks from $20.00 to $24.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Wells Fargo & Company downgraded shares of Freshworks from an "equal weight" rating to an "underweight" rating and cut their price target for the stock from $16.00 to $13.00 in a report on Tuesday, January 21st. UBS Group set a $22.00 price objective on Freshworks in a report on Thursday, February 6th. Oppenheimer raised their target price on Freshworks from $22.00 to $24.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. Finally, Canaccord Genuity Group upped their price target on Freshworks from $19.00 to $23.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $21.14.

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Freshworks Price Performance

NASDAQ FRSH traded up $0.25 during trading hours on Monday, hitting $15.54. 2,527,711 shares of the company's stock traded hands, compared to its average volume of 3,097,007. The company has a market capitalization of $4.69 billion, a PE ratio of -48.56 and a beta of 0.92. The firm's 50-day moving average is $17.02 and its 200-day moving average is $14.88. Freshworks has a 52-week low of $10.81 and a 52-week high of $19.77.

Freshworks (NASDAQ:FRSH - Get Free Report) last posted its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. Equities research analysts predict that Freshworks will post -0.19 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $16.72, for a total value of $140,999.76. Following the sale, the director now owns 24,187 shares of the company's stock, valued at $404,406.64. The trade was a 25.85 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mika Yamamoto sold 2,859 shares of the firm's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $15.84, for a total transaction of $45,286.56. Following the completion of the sale, the insider now owns 400,249 shares of the company's stock, valued at approximately $6,339,944.16. The trade was a 0.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 62,200 shares of company stock valued at $1,073,021 over the last quarter. 19.15% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Freshworks

Institutional investors have recently made changes to their positions in the stock. State of New Jersey Common Pension Fund D lifted its stake in shares of Freshworks by 19.9% in the third quarter. State of New Jersey Common Pension Fund D now owns 163,392 shares of the company's stock valued at $1,876,000 after purchasing an additional 27,139 shares during the period. Cornercap Investment Counsel Inc. acquired a new stake in shares of Freshworks in the third quarter valued at approximately $250,000. Thompson Davis & CO. Inc. purchased a new position in shares of Freshworks during the 3rd quarter worth approximately $170,000. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Freshworks by 806.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company's stock worth $2,699,000 after purchasing an additional 209,194 shares during the last quarter. Finally, AlpInvest Partners B.V. purchased a new stake in Freshworks in the 3rd quarter valued at approximately $803,000. 75.58% of the stock is currently owned by hedge funds and other 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.