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

Needham & Company LLC restated their buy rating on shares of Freshworks (NASDAQ:FRSH - Free Report) in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a $20.00 target price on the stock.

Several other equities analysts also recently issued reports on FRSH. Canaccord Genuity Group dropped their price target on shares of Freshworks from $20.00 to $17.00 and set a "buy" rating for the company in a research note on Wednesday, July 10th. Jefferies Financial Group reduced their price target on Freshworks from $25.00 to $20.00 and set a "buy" rating on the stock in a research report on Wednesday, July 31st. JPMorgan Chase & Co. lowered their price objective on Freshworks from $19.00 to $17.00 and set an "overweight" rating for the company in a research report on Wednesday, July 31st. Piper Sandler reduced their target price on Freshworks from $17.00 to $13.00 and set an "overweight" rating on the stock in a report on Thursday, October 10th. Finally, Barclays dropped their price objective on Freshworks from $15.00 to $14.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 31st. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $18.69.

Freshworks Stock Up 27.9 %

Shares of NASDAQ:FRSH traded up $3.65 during trading on Thursday, hitting $16.74. 12,816,298 shares of the company were exchanged, compared to its average volume of 2,734,445. Freshworks has a 1-year low of $10.81 and a 1-year high of $24.98. The company has a market capitalization of $5.06 billion, a P/E ratio of -47.54 and a beta of 0.72. The business's 50 day moving average is $11.45 and its 200-day moving average is $12.60.

Freshworks (NASDAQ:FRSH - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.10) by $0.01. The business had revenue of $186.58 million during the quarter, compared to analysts' expectations of $181.50 million. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. As a group, sell-side analysts anticipate that Freshworks will post -0.38 earnings per share for the current year.

Insider Activity

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction on 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Freshworks news, Director Roxanne S. Austin sold 6,303 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $11.22, for a total value of $70,719.66. Following the sale, the director now directly owns 223,106 shares in the company, valued at $2,503,249.32. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 directly owns 23,497 shares in the company, valued at approximately $286,428.43. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 46,456 shares of company stock worth $530,102 over the last 90 days. 19.15% of the stock is currently owned by corporate insiders.

Institutional Trading of Freshworks

Large investors have recently modified their holdings of the business. Blue Trust Inc. raised its stake in 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 purchasing an additional 2,822 shares in the last quarter. Covestor Ltd raised its position in shares of Freshworks by 89.9% during the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company's stock valued at $41,000 after buying an additional 1,704 shares in the last quarter. CWM LLC raised its position in shares of Freshworks by 554.5% during the 2nd quarter. CWM LLC now owns 3,397 shares of the company's stock valued at $43,000 after buying an additional 2,878 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of Freshworks by 34.2% during the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company's stock worth $54,000 after acquiring an additional 757 shares during the last quarter. Finally, Quarry LP increased its stake in Freshworks by 157.6% in the second 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 last quarter. Institutional investors own 75.58% of the company's stock.

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.