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 issued on Tuesday morning,Benzinga reports. They currently have a $20.00 target price on the stock.

Several other equities analysts have also commented on the company. Piper Sandler raised their price target on Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. JMP Securities boosted their price target on shares of Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Thursday, November 7th. Canaccord Genuity Group upped their price target on shares of Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. lifted their price objective on shares of Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Finally, Wells Fargo & Company upped their target price on Freshworks from $11.00 to $14.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Seven 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 an average price target of $18.69.

Freshworks Stock Down 1.4 %

FRSH opened at $16.79 on Tuesday. The stock’s fifty day moving average is $14.22 and its two-hundred day moving average is $12.83. The company has a market capitalization of $5.08 billion, a P/E ratio of -49.38 and a beta of 0.90. Freshworks has a 52 week low of $10.81 and a 52 week high of $24.98.

Insider Activity

In related news, Director Jennifer H. Taylor sold 4,690 shares of the company’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $11.06, for a total value of $51,871.40. Following the transaction, the director now directly owns 36,689 shares of the company’s stock, valued at $405,780.34. This represents a 11.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $12.19, for a total value of $102,798.27. Following the sale, the director now directly owns 23,497 shares of the company’s stock, valued at approximately $286,428.43. This represents a 26.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,255 shares of company stock worth $326,380 over the last 90 days. 19.15% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Freshworks

A number of large investors have recently bought and sold shares of FRSH. Blue Trust Inc. lifted its stake in Freshworks by 1,987.3% during the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after acquiring an additional 2,822 shares during the period. CWM LLC lifted its position in Freshworks by 554.5% during the second quarter. CWM LLC now owns 3,397 shares of the company’s stock valued at $43,000 after purchasing an additional 2,878 shares during the period. Covestor Ltd boosted its holdings in Freshworks by 89.9% in the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after purchasing an additional 1,704 shares during the last quarter. Quarry LP grew its position in Freshworks by 157.6% during the 2nd quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after purchasing an additional 2,645 shares during the period. Finally, International Assets Investment Management LLC purchased a new position in shares of Freshworks during the 2nd quarter valued at about $58,000. 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.