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

Needham & Company LLC reaffirmed their buy rating on shares of Freshworks (NASDAQ:FRSH - Free Report) in a report issued on Wednesday,Benzinga reports. They currently have a $20.00 price objective on the stock.

FRSH has been the subject of several other research reports. JMP Securities boosted their price objective on Freshworks from $21.00 to $24.00 and gave the company a "market outperform" rating in a research report on Thursday, November 7th. Robert W. Baird dropped their price target on shares of Freshworks from $16.00 to $15.00 and set a "neutral" rating for the company in a research report on Thursday, November 7th. Wells Fargo & Company boosted their price objective on shares of Freshworks from $14.00 to $16.00 and gave the company an "equal weight" rating in a research report on Tuesday, January 7th. Piper Sandler increased their target price on shares of Freshworks from $18.00 to $20.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. Finally, JPMorgan Chase & Co. boosted their price target on Freshworks from $17.00 to $20.00 and gave the company an "overweight" rating in a report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, Freshworks presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.08.

Freshworks Stock Up 4.0 %

Shares of FRSH traded up $0.64 during trading hours on Wednesday, hitting $16.77. The company had a trading volume of 3,438,341 shares, compared to its average volume of 2,945,049. Freshworks has a 52-week low of $10.81 and a 52-week high of $23.64. The stock's 50 day moving average price is $16.07 and its 200 day moving average price is $13.33. The firm has a market cap of $5.08 billion, a P/E ratio of -49.32 and a beta of 0.88.

Insider Activity at Freshworks

In other Freshworks news, Director Barry L. Padgett sold 2,345 shares of Freshworks stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total transaction of $40,568.50. Following the completion of the transaction, the director now owns 26,957 shares in the company, valued at approximately $466,356.10. The trade was a 8.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction dated 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 of the company's stock, valued at approximately $286,428.43. This represents a 26.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,702,163 shares of company stock worth $26,721,018 over the last ninety days. 19.15% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of FRSH. Everence Capital Management Inc. purchased a new stake in shares of Freshworks during the fourth quarter valued at approximately $190,000. JPMorgan Chase & Co. raised its stake in shares of Freshworks by 49.8% in the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company's stock worth $60,503,000 after buying an additional 1,752,995 shares during the period. Franklin Resources Inc. raised its stake in Freshworks by 18.1% during the 3rd quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company's stock worth $44,934,000 after acquiring an additional 604,658 shares during the period. Tidal Investments LLC purchased a new position in Freshworks during the third quarter valued at approximately $534,000. Finally, Geode Capital Management LLC boosted its position in shares of Freshworks by 1.5% in the third 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 during the period. 75.58% of the stock is owned by hedge funds and other institutional investors.

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.