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Freshworks (NASDAQ:FRSH) Given Buy Rating at Needham & Company LLC

Freshworks logo with Computer and Technology background

Needham & Company LLC reiterated their buy rating on shares of Freshworks (NASDAQ:FRSH - Free Report) in a research report sent to investors on Tuesday,Benzinga reports. Needham & Company LLC currently has a $20.00 price objective on the stock.

Other equities research analysts have also issued research reports about the stock. Piper Sandler increased their price objective on shares of Freshworks from $13.00 to $18.00 and gave the stock an "overweight" rating in a report on Thursday, November 7th. JPMorgan Chase & Co. boosted their price objective on shares of Freshworks from $17.00 to $20.00 and gave the stock an "overweight" rating in a research report on Thursday, November 7th. Robert W. Baird decreased their price objective on Freshworks from $16.00 to $15.00 and set a "neutral" rating on the stock in a research report on Thursday, November 7th. Canaccord Genuity Group boosted their target price on Freshworks from $17.00 to $19.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Finally, JMP Securities lifted their price objective on Freshworks from $21.00 to $24.00 and gave the stock a "market outperform" rating in a research report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $18.69.

Read Our Latest Research Report on FRSH

Freshworks Stock Down 1.4 %

FRSH traded down $0.23 during trading on Tuesday, reaching $16.79. 3,100,522 shares of the company's stock were exchanged, compared to its average volume of 2,970,162. The business has a 50 day moving average price of $14.22 and a 200 day moving average price of $12.83. The company has a market capitalization of $5.08 billion, a P/E ratio of -49.38 and a beta of 0.90. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $24.98.

Insider Activity

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of the firm's stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $12.19, for a total value of $102,798.27. Following the completion of the transaction, the director now directly owns 23,497 shares in the company, valued at $286,428.43. This trade represents a 26.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jennifer H. Taylor sold 4,690 shares of Freshworks stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $11.06, for a total transaction of $51,871.40. Following the completion of the transaction, the director now directly owns 36,689 shares of the company's stock, valued at approximately $405,780.34. This trade represents a 11.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,255 shares of company stock worth $326,380 over the last three months. Corporate insiders own 19.15% of the company's stock.

Institutional Investors Weigh In On Freshworks

Several hedge funds have recently bought and sold shares of FRSH. Blue Trust Inc. lifted its position 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 last quarter. Covestor Ltd boosted its position in Freshworks by 89.9% during the third quarter. Covestor Ltd now owns 3,599 shares of the company's stock worth $41,000 after purchasing an additional 1,704 shares during the period. CWM LLC raised its position in shares of Freshworks by 554.5% in the second quarter. CWM LLC now owns 3,397 shares of the company's stock valued at $43,000 after purchasing an additional 2,878 shares during the period. Quarry LP lifted its stake in shares of Freshworks by 157.6% during the 2nd quarter. Quarry LP now owns 4,323 shares of the company's stock worth $55,000 after buying an additional 2,645 shares during the last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in Freshworks in the 3rd quarter valued at about $57,000. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Freshworks Company Profile

(Get Free Report)

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.

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