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

Freshworks (NASDAQ:FRSH)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a note issued to investors on Wednesday, Benzinga reports. They presently have a $20.00 target price on the stock. Needham & Company LLC’s price target points to a potential upside of 67.08% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. Morgan Stanley lowered their price objective on shares of Freshworks from $22.00 to $18.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 2nd. Cantor Fitzgerald lowered their price objective on shares of Freshworks from $25.00 to $19.00 and set an “overweight” rating on the stock in a research report on Thursday, May 2nd. Piper Sandler lowered their price objective on shares of Freshworks from $22.00 to $17.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. StockNews.com downgraded shares of Freshworks from a “buy” rating to a “hold” rating in a research report on Saturday, June 22nd. Finally, Robert W. Baird downgraded shares of Freshworks from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $28.00 to $16.00 in a research report on Thursday, May 2nd. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Freshworks has a consensus rating of “Moderate Buy” and an average price target of $20.06.

Freshworks Trading Down 4.2 %

Shares of NASDAQ FRSH opened at $11.97 on Wednesday. The firm’s 50 day moving average price is $12.84 and its 200-day moving average price is $16.70. Freshworks has a 52-week low of $11.87 and a 52-week high of $24.98.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Wednesday, May 1st. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.02. The firm had revenue of $165.14 million for the quarter, compared to the consensus estimate of $163.53 million. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.18%. As a group, research analysts expect that Freshworks will post -0.34 earnings per share for the current year.

Insider Transactions at Freshworks

In other news, Director Jennifer H. Taylor sold 4,685 shares of the stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $12.28, for a total value of $57,531.80. Following the completion of the sale, the director now directly owns 35,853 shares of the company’s stock, valued at $440,274.84. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Jennifer H. Taylor sold 4,685 shares of the company’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $12.28, for a total transaction of $57,531.80. Following the completion of the transaction, the director now owns 35,853 shares in the company, valued at $440,274.84. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $12.75, for a total transaction of $107,635.50. Following the transaction, the director now owns 16,535 shares of the company’s stock, valued at approximately $210,821.25. The disclosure for this sale can be found here. Insiders sold a total of 34,296 shares of company stock valued at $443,630 over the last three months. Corporate insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Several institutional investors have recently bought and sold shares of FRSH. 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 last quarter. Advisors Asset Management Inc. lifted its position in Freshworks by 34.2% during the first quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock valued at $54,000 after purchasing an additional 757 shares during the last quarter. International Assets Investment Management LLC bought a new position in Freshworks during the second quarter valued at $58,000. EntryPoint Capital LLC bought a new position in Freshworks during the first quarter valued at $82,000. Finally, Hantz Financial Services Inc. bought a new position in Freshworks during the second quarter valued at $136,000. Institutional investors own 75.58% of the company’s stock.

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.