Needham & Company LLC Reaffirms Buy Rating for Freshworks (NASDAQ:FRSH)

Needham & Company LLC reiterated their buy rating on shares of Freshworks (NASDAQ:FRSH) in a report published on Monday morning,Benzinga reports. Needham & Company LLC currently has a $25.00 target price on the stock.

A number of other equities analysts have also commented on the company. Morgan Stanley lifted their price objective on Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. StockNews.com raised Freshworks from a “hold” rating to a “buy” rating in a research note on Thursday, February 13th. UBS Group set a $22.00 price objective on Freshworks in a research note on Thursday, February 6th. Barclays lifted their target price on Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 12th. Finally, JMP Securities set a $27.00 target price on Freshworks in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $21.14.

Freshworks Trading Up 1.8 %

Shares of FRSH stock opened at $15.47 on Monday. The business’s 50-day moving average price is $17.04 and its 200-day moving average price is $14.88. Freshworks has a 12 month low of $10.81 and a 12 month high of $19.77. The firm has a market capitalization of $4.66 billion, a price-to-earnings ratio of -48.34 and a beta of 0.92.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.10). Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. On average, sell-side analysts predict that Freshworks will post -0.19 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Mika Yamamoto sold 2,859 shares of Freshworks stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $15.84, for a total transaction of $45,286.56. Following the transaction, the insider now owns 400,249 shares of the company’s stock, valued at $6,339,944.16. The trade was a 0.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Rathnagirish Mathrubootham sold 830,000 shares of Freshworks stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $15.33, for a total value of $12,723,900.00. Following the transaction, the chairman now directly owns 551,137 shares in the company, valued at approximately $8,448,930.21. The trade was a 60.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 892,200 shares of company stock worth $13,796,921 over the last quarter. 19.15% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Blue Trust Inc. lifted its position in shares of Freshworks by 32.2% during the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock valued at $63,000 after buying an additional 954 shares during the last quarter. Versor Investments LP increased its stake in Freshworks by 3.0% in the 4th quarter. Versor Investments LP now owns 34,400 shares of the company’s stock worth $556,000 after acquiring an additional 1,000 shares during the last quarter. Covestor Ltd increased its position in shares of Freshworks by 30.2% during the 4th quarter. Covestor Ltd now owns 4,686 shares of the company’s stock valued at $76,000 after purchasing an additional 1,087 shares during the last quarter. Arizona State Retirement System increased its position in shares of Freshworks by 2.2% during the 4th quarter. Arizona State Retirement System now owns 51,704 shares of the company’s stock valued at $836,000 after purchasing an additional 1,103 shares during the last quarter. Finally, Xponance Inc. boosted its holdings in Freshworks by 10.2% during the 4th quarter. Xponance Inc. now owns 14,847 shares of the company’s stock valued at $240,000 after acquiring an additional 1,369 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.