Freshworks (NASDAQ:FRSH) Earns “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Freshworks (NASDAQ:FRSH) in a report issued on Thursday, Benzinga reports. Needham & Company LLC currently has a $30.00 price target on the stock.

A number of other research firms also recently issued reports on FRSH. JMP Securities raised their price objective on shares of Freshworks from $25.00 to $29.00 and gave the stock a market outperform rating in a report on Wednesday, February 7th. Wolfe Research upgraded shares of Freshworks from a peer perform rating to an outperform rating and set a $27.00 price target on the stock in a research note on Tuesday, February 20th. Robert W. Baird lowered Freshworks from an outperform rating to a neutral rating and reduced their price objective for the stock from $28.00 to $16.00 in a research note on Thursday. Oppenheimer downgraded Freshworks from an outperform rating to a market perform rating in a research report on Thursday. Finally, Jefferies Financial Group raised Freshworks from a hold rating to a buy rating and lifted their price objective for the company from $20.00 to $30.00 in a research report on Friday, January 5th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Freshworks currently has an average rating of Moderate Buy and an average price target of $22.59.

Freshworks Price Performance

FRSH stock traded down $0.64 during trading on Thursday, hitting $14.03. 6,974,887 shares of the stock traded hands, compared to its average volume of 3,264,107. Freshworks has a 1 year low of $12.22 and a 1 year high of $24.98. The firm’s 50 day moving average is $18.29 and its two-hundred day moving average is $19.98. The stock has a market cap of $4.18 billion, a price-to-earnings ratio of -35.07 and a beta of 0.88.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.04. The company had revenue of $160.11 million for the quarter, compared to the consensus estimate of $158.11 million. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. As a group, analysts anticipate that Freshworks will post -0.37 EPS for the current fiscal year.

Insider Transactions at Freshworks

In related news, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $18.08, for a total value of $127,192.80. Following the completion of the sale, the director now directly owns 19,991 shares in the company, valued at $361,437.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Jennifer H. Taylor sold 7,035 shares of the business’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $18.08, for a total transaction of $127,192.80. Following the sale, the director now owns 19,991 shares in the company, valued at $361,437.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Barry L. Padgett sold 4,690 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $20.22, for a total value of $94,831.80. Following the sale, the director now owns 17,387 shares in the company, valued at approximately $351,565.14. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 460,792 shares of company stock worth $9,408,403. 19.15% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Freshworks

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Freshworks by 6.9% during the fourth quarter. Vanguard Group Inc. now owns 19,816,514 shares of the company’s stock worth $465,490,000 after acquiring an additional 1,285,713 shares during the last quarter. Franklin Resources Inc. boosted its position in Freshworks by 6.5% in the fourth quarter. Franklin Resources Inc. now owns 3,175,334 shares of the company’s stock valued at $74,589,000 after buying an additional 193,708 shares during the last quarter. FMR LLC boosted its position in Freshworks by 76.5% in the third quarter. FMR LLC now owns 2,222,907 shares of the company’s stock valued at $44,280,000 after buying an additional 963,426 shares during the last quarter. Clearbridge Investments LLC boosted its position in Freshworks by 8.3% in the fourth quarter. Clearbridge Investments LLC now owns 1,953,453 shares of the company’s stock valued at $45,887,000 after buying an additional 149,825 shares during the last quarter. Finally, Norges Bank purchased a new stake in Freshworks in the fourth quarter valued at approximately $44,919,000. Hedge funds and other 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.