Freshworks’ (FRSH) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Freshworks (NASDAQ:FRSH) in a research note published on Wednesday morning, Benzinga reports. Needham & Company LLC currently has a $30.00 price objective on the stock.

Several other research firms have also recently commented on FRSH. JMP Securities lowered their price target on shares of Freshworks from $29.00 to $21.00 and set a market outperform rating for the company in a report on Thursday, May 2nd. Piper Sandler dropped their target price on Freshworks from $28.00 to $22.00 and set an overweight rating on the stock in a report on Thursday, May 2nd. Robert W. Baird downgraded Freshworks from an outperform rating to a neutral rating and decreased their price target for the stock from $28.00 to $16.00 in a report on Thursday, May 2nd. Canaccord Genuity Group dropped their price objective on Freshworks from $27.00 to $20.00 and set a buy rating on the stock in a report on Friday, May 3rd. Finally, Morgan Stanley cut their target price on Freshworks from $22.00 to $18.00 and set an equal weight rating on the stock in a research report on Thursday, May 2nd. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Freshworks currently has a consensus rating of Moderate Buy and an average target price of $22.59.

Freshworks Stock Up 1.5 %

NASDAQ FRSH traded up $0.21 during trading hours on Wednesday, hitting $14.03. 595,542 shares of the company were exchanged, compared to its average volume of 2,815,153. The firm has a market cap of $4.18 billion, a price-to-earnings ratio of -34.55 and a beta of 0.88. The company has a 50 day moving average of $17.91 and a two-hundred day moving average of $19.88. Freshworks has a 52-week low of $13.01 and a 52-week high of $24.98.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. The business had revenue of $160.11 million during the quarter, compared to the consensus estimate of $158.11 million. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. On average, equities research analysts predict that Freshworks will post -0.37 EPS for the current year.

Insider Activity

In related news, Director Roxanne S. Austin sold 6,303 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $21.54, for a total value of $135,766.62. Following the transaction, the director now owns 88,431 shares in the company, valued at approximately $1,904,803.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $18.08, for a total value of $127,192.80. Following the sale, the director now owns 19,991 shares of the company’s stock, valued at $361,437.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Roxanne S. Austin sold 6,303 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $21.54, for a total transaction of $135,766.62. Following the transaction, the director now owns 88,431 shares in the company, valued at $1,904,803.74. The disclosure for this sale can be found here. Over the last three months, insiders sold 461,572 shares of company stock valued at $9,419,393. Insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

A number of institutional investors have recently added to or reduced their stakes in FRSH. Board of Trustees of The Leland Stanford Junior University lifted its holdings in shares of Freshworks by 1.9% in the 4th quarter. Board of Trustees of The Leland Stanford Junior University now owns 35,019 shares of the company’s stock valued at $823,000 after buying an additional 638 shares during the period. Arizona State Retirement System raised its position in Freshworks by 2.6% in the third quarter. Arizona State Retirement System now owns 40,667 shares of the company’s stock worth $810,000 after acquiring an additional 1,020 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Freshworks by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock valued at $250,000 after acquiring an additional 1,160 shares during the period. Victory Capital Management Inc. boosted its position in shares of Freshworks by 12.1% during the 3rd quarter. Victory Capital Management Inc. now owns 16,215 shares of the company’s stock worth $323,000 after purchasing an additional 1,750 shares in the last quarter. Finally, ProShare Advisors LLC grew its stake in shares of Freshworks by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 29,127 shares of the company’s stock worth $530,000 after purchasing an additional 2,293 shares during the period. 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.