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

Freshworks (NASDAQ:FRSH)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a research note issued on Monday,Benzinga reports. They presently have a $25.00 price objective on the stock. Needham & Company LLC’s price target indicates a potential upside of 68.01% from the company’s current price.

Several other equities research analysts have also issued reports on the company. Cantor Fitzgerald raised their price objective on Freshworks from $18.00 to $22.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Oppenheimer raised their price target on Freshworks from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. JMP Securities set a $27.00 price objective on shares of Freshworks in a research report on Wednesday, February 12th. UBS Group set a $22.00 target price on shares of Freshworks in a research note on Thursday, February 6th. Finally, Wells Fargo & Company cut shares of Freshworks from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $16.00 to $13.00 in a research note on Tuesday, January 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Freshworks presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.14.

Freshworks Stock Up 3.7 %

Freshworks stock opened at $14.88 on Monday. Freshworks has a 52-week low of $10.81 and a 52-week high of $19.77. The firm’s fifty day moving average is $17.10 and its 200 day moving average is $14.83. The company has a market cap of $4.49 billion, a price-to-earnings ratio of -46.50 and a beta of 0.92.

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

Insider Activity at Freshworks

In other Freshworks news, Director Barry L. Padgett sold 2,345 shares of Freshworks stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total transaction of $40,568.50. Following the completion of the sale, the director now directly owns 26,957 shares of the company’s stock, valued at $466,356.10. The trade was a 8.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $15.85, for a total value of $133,663.05. Following the completion of the sale, the director now owns 24,187 shares of the company’s stock, valued at $383,363.95. This represents a 25.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,735,263 shares of company stock worth $27,361,209. Company insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Avion Wealth purchased a new stake in shares of Freshworks in the 4th quarter worth approximately $26,000. Blue Trust Inc. raised its stake in Freshworks by 32.2% in the fourth quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock worth $63,000 after buying an additional 954 shares in the last quarter. National Bank of Canada FI lifted its holdings in Freshworks by 1,385.8% during the fourth quarter. National Bank of Canada FI now owns 3,967 shares of the company’s stock worth $64,000 after buying an additional 3,700 shares during the period. Nisa Investment Advisors LLC boosted 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 valued at $71,000 after acquiring an additional 2,223 shares in the last quarter. Finally, Covestor Ltd increased its holdings in shares of Freshworks by 30.2% in the 4th quarter. Covestor Ltd now owns 4,686 shares of the company’s stock valued at $76,000 after acquiring an additional 1,087 shares during the period. 75.58% of the stock is currently owned by institutional investors.

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.