Freshworks (NASDAQ:FRSH) Earns Buy Rating from Needham & Company LLC

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

Several other analysts have also recently commented on FRSH. JMP Securities raised their price target on Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Thursday, November 7th. Robert W. Baird cut their price target on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Wells Fargo & Company raised their price objective on shares of Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Piper Sandler increased their target price on shares of Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. boosted their price target on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $18.69.

Freshworks Stock Down 6.7 %

Shares of NASDAQ:FRSH opened at $15.66 on Tuesday. 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 $14.34 and a 200 day moving average price of $12.85. The company has a market cap of $4.74 billion, a P/E ratio of -46.06 and a beta of 0.90.

Insider Buying and Selling

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

Institutional Trading of Freshworks

Several institutional investors have recently made changes to their positions in FRSH. M&G PLC acquired a new position in Freshworks in the third quarter valued at $9,094,000. Lake Street Advisors Group LLC acquired a new position in shares of Freshworks in the 2nd quarter valued at about $8,717,000. Franklin Resources Inc. lifted its stake in shares of Freshworks by 18.1% in the 3rd quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock valued at $44,934,000 after purchasing an additional 604,658 shares in the last quarter. Invenomic Capital Management LP purchased a new stake in shares of Freshworks during the 3rd quarter worth about $5,260,000. Finally, Bank of New York Mellon Corp increased its position in Freshworks by 35.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,588,968 shares of the company’s stock worth $20,164,000 after purchasing an additional 420,135 shares in the last quarter. 75.58% of the stock is 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.