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

Needham & Company LLC restated their buy rating on shares of Freshworks (NASDAQ:FRSH) in a report issued on Wednesday morning,Benzinga reports. They currently have a $20.00 price objective on the stock.

A number of other analysts also recently weighed in on the company. JMP Securities lifted their price target on Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Thursday, November 7th. Morgan Stanley upped their price target on shares of Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Monday. JPMorgan Chase & Co. raised their price objective on shares of Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Robert W. Baird lowered their target price on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Finally, Canaccord Genuity Group lifted their price target on shares of Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.29.

Freshworks Stock Up 4.0 %

Shares of NASDAQ:FRSH opened at $16.77 on Wednesday. The company has a 50-day moving average price of $16.14 and a 200 day moving average price of $13.35. Freshworks has a 52 week low of $10.81 and a 52 week high of $23.64. The company has a market cap of $5.08 billion, a P/E ratio of -49.32 and a beta of 0.88.

Insider Activity at Freshworks

In other Freshworks news, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $15.49, for a total value of $72,570.65. Following the completion of the transaction, the director now directly owns 37,286 shares in the company, valued at approximately $577,560.14. The trade was a 11.16 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $16.08, for a total value of $13,426,800.00. Following the sale, the chairman now owns 551,137 shares in the company, valued at $8,862,282.96. This trade represents a 60.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,702,163 shares of company stock valued at $26,721,018 over the last quarter. Insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Several large investors have recently added to or reduced their stakes in FRSH. Quantbot Technologies LP increased its stake in shares of Freshworks by 80.1% during the 3rd quarter. Quantbot Technologies LP now owns 426,432 shares of the company’s stock valued at $4,895,000 after acquiring an additional 189,616 shares during the last quarter. Sei Investments Co. increased its position in Freshworks by 191.9% during the second quarter. Sei Investments Co. now owns 95,846 shares of the company’s stock worth $1,216,000 after purchasing an additional 63,006 shares during the last quarter. Barclays PLC raised its stake in Freshworks by 33.4% during the third quarter. Barclays PLC now owns 337,621 shares of the company’s stock worth $3,875,000 after purchasing an additional 84,568 shares during the period. Edgestream Partners L.P. acquired a new position in shares of Freshworks in the 3rd quarter valued at $1,193,000. Finally, Intech Investment Management LLC purchased a new stake in shares of Freshworks during the 3rd quarter valued at $867,000. 75.58% of the stock is currently 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.