Freshworks (NASDAQ:FRSH) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Freshworks (NASDAQ:FRSH) had its target price increased by Needham & Company LLC from $20.00 to $25.00 in a report published on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also issued reports about the stock. Morgan Stanley boosted their price objective on shares of Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. Piper Sandler boosted their price objective on shares of Freshworks from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Canaccord Genuity Group lifted their target price on shares of Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. JMP Securities lifted their target price on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Finally, Robert W. Baird reduced their target price on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Freshworks has an average rating of “Moderate Buy” and a consensus target price of $21.07.

Freshworks Trading Down 2.2 %

Shares of FRSH stock opened at $17.05 on Wednesday. Freshworks has a 1 year low of $10.81 and a 1 year high of $21.61. The firm’s fifty day moving average price is $17.00 and its two-hundred day moving average price is $14.13. The firm has a market capitalization of $5.16 billion, a P/E ratio of -50.15 and a beta of 0.91.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative return on equity of 8.57% and a negative net margin of 14.80%. As a group, equities research analysts forecast that Freshworks will post -0.35 EPS for the current fiscal year.

Insider Buying and Selling at Freshworks

In other news, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $18.30, for a total transaction of $154,488.60. Following the completion of the sale, the director now owns 24,187 shares of the company’s stock, valued at approximately $442,622.10. This represents a 25.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $16.08, for a total transaction of $13,426,800.00. Following the sale, the chairman now directly owns 551,137 shares of the company’s stock, valued at approximately $8,862,282.96. This trade represents a 60.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,727,211 shares of company stock valued at $27,224,746 in the last quarter. Company insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Institutional investors have recently added to or reduced their stakes in the stock. Avion Wealth acquired a new position in Freshworks during the 4th quarter worth approximately $26,000. Blue Trust Inc. increased its position in Freshworks by 1,987.3% during the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock worth $38,000 after purchasing an additional 2,822 shares in the last quarter. Covestor Ltd increased its position in Freshworks by 89.9% during the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after purchasing an additional 1,704 shares in the last quarter. National Bank of Canada FI increased its position in Freshworks by 1,385.8% during the 4th quarter. National Bank of Canada FI now owns 3,967 shares of the company’s stock worth $64,000 after purchasing an additional 3,700 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its position in Freshworks by 102.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock worth $71,000 after purchasing an additional 2,223 shares in the last quarter. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Freshworks Company Profile

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.