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

Freshworks (NASDAQ:FRSH)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $20.00 target price on the stock. Needham & Company LLC’s target price would indicate a potential upside of 27.71% from the company’s current price.

A number of other brokerages have also issued reports on FRSH. JPMorgan Chase & Co. boosted their target price on Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Canaccord Genuity Group boosted their price objective on Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Piper Sandler raised their target price on Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Wells Fargo & Company lifted their target price on Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Finally, JMP Securities increased their price target on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Freshworks currently has an average rating of “Moderate Buy” and a consensus target price of $18.69.

Freshworks Price Performance

Shares of FRSH opened at $15.66 on Tuesday. The firm has a 50-day simple moving average of $14.34 and a two-hundred day simple moving average of $12.85. The stock has a market cap of $4.74 billion, a PE ratio of -46.06 and a beta of 0.90. Freshworks has a 1-year low of $10.81 and a 1-year high of $24.98.

Insider Activity at Freshworks

In related news, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $11.04, for a total transaction of $93,199.68. Following the sale, the director now directly owns 23,497 shares in the company, valued at $259,406.88. This trade represents a 26.43 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jennifer H. Taylor sold 4,690 shares of the company’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $16.74, for a total transaction of $78,510.60. Following the completion of the transaction, the director now owns 36,689 shares of the company’s stock, valued at $614,173.86. This represents a 11.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,255 shares of company stock valued at $326,380 over the last quarter. 19.15% of the stock is owned by insiders.

Hedge Funds Weigh In On Freshworks

A number of hedge funds have recently modified their holdings of FRSH. Quantbot Technologies LP boosted its stake in Freshworks by 80.1% during the 3rd quarter. Quantbot Technologies LP now owns 426,432 shares of the company’s stock worth $4,895,000 after purchasing an additional 189,616 shares during the period. Sei Investments Co. boosted its stake in shares of Freshworks by 191.9% during the second quarter. Sei Investments Co. now owns 95,846 shares of the company’s stock worth $1,216,000 after buying an additional 63,006 shares during the period. Edgestream Partners L.P. purchased a new position in shares of Freshworks during the third quarter worth about $1,193,000. Intech Investment Management LLC acquired a new position in Freshworks in the 3rd quarter valued at about $867,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in Freshworks by 806.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company’s stock valued at $2,699,000 after acquiring an additional 209,194 shares during the last quarter. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

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.