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

Freshworks (NASDAQ:FRSH)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a research note issued on Thursday, Benzinga reports. They presently have a $30.00 price target on the stock. Needham & Company LLC’s price target points to a potential upside of 64.38% from the stock’s current price.

Other research analysts have also recently issued reports about the company. Piper Sandler lowered their target price on Freshworks from $28.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday. Cantor Fitzgerald reissued an “overweight” rating and set a $25.00 price objective on shares of Freshworks in a research note on Wednesday, February 7th. Oppenheimer downgraded Freshworks from an “outperform” rating to a “market perform” rating in a research note on Thursday. Robert W. Baird cut shares of Freshworks from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $28.00 to $16.00 in a research report on Thursday. Finally, Jefferies Financial Group raised shares of Freshworks from a “hold” rating to a “buy” rating and upped their price objective for the company from $20.00 to $30.00 in a report on Friday, January 5th. 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.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $24.24.

Freshworks Price Performance

Shares of Freshworks stock opened at $18.25 on Thursday. The stock has a market capitalization of $5.44 billion, a P/E ratio of -38.83 and a beta of 0.87. The business has a 50 day simple moving average of $18.53 and a two-hundred day simple moving average of $20.04. Freshworks has a 12 month low of $12.22 and a 12 month high of $24.98.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.04. The company had revenue of $160.11 million for the quarter, compared to analyst estimates of $158.11 million. Freshworks had a negative return on equity of 12.55% and a negative net margin of 23.04%. As a group, research analysts anticipate that Freshworks will post -0.37 EPS for the current fiscal year.

Insider Transactions at Freshworks

In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $18.08, for a total value of $127,192.80. Following the completion of the transaction, the director now directly owns 19,991 shares of the company’s stock, valued at approximately $361,437.28. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Roxanne S. Austin sold 6,303 shares of the stock in a transaction on Friday, February 9th. The stock was sold at an average price of $21.54, for a total value of $135,766.62. Following the sale, the director now directly owns 88,431 shares in the company, valued at $1,904,803.74. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $18.08, for a total value of $127,192.80. Following the completion of the transaction, the director now owns 19,991 shares of the company’s stock, valued at $361,437.28. The disclosure for this sale can be found here. Insiders sold a total of 460,792 shares of company stock worth $9,408,403 over the last ninety days. Company insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

A number of hedge funds have recently bought and sold shares of FRSH. Neo Ivy Capital Management acquired a new stake in shares of Freshworks in the 3rd quarter valued at $81,000. Quest Partners LLC purchased a new position in Freshworks in the fourth quarter valued at $166,000. Steph & Co. acquired a new stake in Freshworks in the first quarter valued at $201,000. Jasper Ridge Partners L.P. acquired a new stake in Freshworks in the third quarter valued at $217,000. Finally, Northside Capital Management LLC purchased a new stake in Freshworks during the 4th quarter worth about $226,000. Institutional investors and hedge funds 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.