Freshworks (NASDAQ:FRSH) Given “Buy” Rating at Needham & Company LLC

Freshworks (NASDAQ:FRSH)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a report released on Thursday, Benzinga reports. They presently have a $20.00 price objective on the stock. Needham & Company LLC’s target price suggests a potential upside of 52.79% from the company’s current price.

A number of other analysts also recently commented on the stock. Scotiabank decreased their price objective on shares of Freshworks from $18.00 to $16.00 and set a “sector perform” rating on the stock in a report on Wednesday, July 31st. JPMorgan Chase & Co. reduced their price objective on Freshworks from $19.00 to $17.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Wells Fargo & Company assumed coverage on Freshworks in a research report on Wednesday, October 16th. They issued an “equal weight” rating and a $11.00 price target for the company. Cantor Fitzgerald decreased their price objective on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Finally, Canaccord Genuity Group lowered their price objective on shares of Freshworks from $20.00 to $17.00 and set a “buy” rating on the stock in a research note on Wednesday, July 10th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $17.92.

Freshworks Stock Up 5.2 %

Shares of NASDAQ:FRSH opened at $13.09 on Thursday. Freshworks has a 52 week low of $10.81 and a 52 week high of $24.98. The company has a 50-day moving average price of $11.45 and a 200 day moving average price of $12.60. The company has a market cap of $3.95 billion, a P/E ratio of -37.40 and a beta of 0.72.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.01. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. The business had revenue of $186.58 million during the quarter, compared to analysts’ expectations of $181.50 million. Analysts expect that Freshworks will post -0.38 EPS for the current year.

Insider Buying and Selling at Freshworks

In other news, Director Zachary Nelson sold 8,433 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $11.54, for a total value of $97,316.82. Following the transaction, the director now directly owns 22,530 shares in the company, valued at $259,996.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the firm’s stock in a transaction dated 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 trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $11.54, for a total value of $97,316.82. Following the completion of the sale, the director now owns 22,530 shares of the company’s stock, valued at approximately $259,996.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,456 shares of company stock valued at $530,102. Company insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

Hedge funds and other institutional investors have recently modified their holdings of the business. Blue Trust Inc. increased its holdings in Freshworks by 1,987.3% in the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after buying an additional 2,822 shares during the last quarter. Covestor Ltd grew its position in shares of Freshworks by 89.9% in the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after acquiring an additional 1,704 shares in the last quarter. CWM LLC increased its holdings in shares of Freshworks by 554.5% in the 2nd quarter. CWM LLC now owns 3,397 shares of the company’s stock valued at $43,000 after acquiring an additional 2,878 shares during the last quarter. Advisors Asset Management Inc. raised its position in shares of Freshworks by 34.2% during the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock valued at $54,000 after acquiring an additional 757 shares in the last quarter. Finally, Quarry LP lifted its stake in Freshworks by 157.6% during the second 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 last quarter. 75.58% of the stock is owned by hedge funds and other 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.