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

Freshworks (NASDAQ:FRSH)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a report released on Thursday, Benzinga reports. They presently have a $30.00 price target on the stock. Needham & Company LLC’s price target indicates a potential upside of 64.38% from the company’s previous close.

FRSH has been the topic of several other research reports. Jefferies Financial Group upgraded Freshworks from a “hold” rating to a “buy” rating and boosted their price target for the stock from $20.00 to $30.00 in a research note on Friday, January 5th. Piper Sandler reduced their target price on Freshworks from $28.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday. Wolfe Research upgraded shares of Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 price target for the company in a research note on Tuesday, February 20th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $25.00 price target on shares of Freshworks in a report on Wednesday, February 7th. Finally, Morgan Stanley decreased their price objective on shares of Freshworks from $24.00 to $22.00 and set an “equal weight” rating for the company in a report on Wednesday, April 17th. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $24.24.

Freshworks Stock Performance

Shares of NASDAQ:FRSH opened at $18.25 on Thursday. Freshworks has a 1 year low of $12.22 and a 1 year high of $24.98. The stock has a 50-day simple moving average of $18.53 and a 200-day simple moving average of $20.04. The stock has a market capitalization of $5.44 billion, a P/E ratio of -38.83 and a beta of 0.87.

Freshworks (NASDAQ:FRSH) last posted its earnings results on Tuesday, February 6th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. Freshworks had a negative net margin of 23.04% and a negative return on equity of 12.55%. The business had revenue of $160.11 million for the quarter, compared to analysts’ expectations of $158.11 million. Analysts predict that Freshworks will post -0.37 earnings per share for the current year.

Insider Activity

In related news, Director Jennifer H. Taylor sold 7,035 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $21.71, for a total transaction of $152,729.85. Following the completion of the transaction, the director now directly owns 19,490 shares in the company, valued at approximately $423,127.90. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Jennifer H. Taylor sold 7,035 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $21.71, for a total transaction of $152,729.85. Following the completion of the transaction, the director now owns 19,490 shares of the company’s stock, valued at $423,127.90. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Roxanne S. Austin sold 6,303 shares of the 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 completion of the sale, the director now directly owns 88,431 shares in the company, valued at approximately $1,904,803.74. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 460,792 shares of company stock valued at $9,408,403. 19.15% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Freshworks

Hedge funds and other institutional investors have recently made changes to their positions in the business. Neo Ivy Capital Management bought a new stake in shares of Freshworks during the third quarter valued at about $81,000. Quest Partners LLC acquired a new position in Freshworks during the 4th quarter valued at about $166,000. Northside Capital Management LLC bought a new stake in shares of Freshworks during the 4th quarter worth about $226,000. Xponance Inc. acquired a new stake in shares of Freshworks in the 4th quarter worth approximately $231,000. Finally, Jasper Ridge Partners L.P. bought a new position in shares of Freshworks in the third quarter valued at approximately $217,000. 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.