Freshworks (NASDAQ:FRSH) Price Target Raised to $25.00 at Needham & Company LLC

Freshworks (NASDAQ:FRSH) had its price objective raised by Needham & Company LLC from $20.00 to $25.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts have also issued reports on the company. Barclays increased their price target on Freshworks from $14.00 to $20.00 and gave the company an “equal weight” rating in a research note on Wednesday. Wells Fargo & Company lowered Freshworks from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $16.00 to $13.00 in a research note on Tuesday, January 21st. Oppenheimer raised their price objective on Freshworks from $22.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday. Morgan Stanley raised their price objective on Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. Finally, Piper Sandler raised their price objective on Freshworks from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $21.07.

Freshworks Price Performance

Shares of FRSH stock opened at $17.80 on Wednesday. Freshworks has a 12-month low of $10.81 and a 12-month high of $21.61. The business has a 50 day simple moving average of $16.97 and a 200 day simple moving average of $14.08.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.10). Freshworks had a negative return on equity of 8.57% and a negative net margin of 14.80%. Equities research analysts anticipate that Freshworks will post -0.35 EPS for the current year.

Insider Activity

In related news, insider Mika Yamamoto sold 2,859 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $18.29, for a total transaction of $52,291.11. Following the completion of the sale, the insider now directly owns 397,390 shares in the company, valued at approximately $7,268,263.10. This trade represents a 0.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Zachary Nelson sold 8,433 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $15.85, for a total value of $133,663.05. Following the sale, the director now owns 24,187 shares of the company’s stock, valued at approximately $383,363.95. This represents a 25.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,727,211 shares of company stock worth $27,224,746 over the last quarter. Corporate insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in Freshworks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company’s stock worth $405,283,000 after buying an additional 1,357,526 shares during the last quarter. JPMorgan Chase & Co. increased its position in Freshworks by 49.8% during the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock worth $60,503,000 after buying an additional 1,752,995 shares during the last quarter. State Street Corp increased its position in Freshworks by 7.1% during the third quarter. State Street Corp now owns 4,729,093 shares of the company’s stock worth $54,290,000 after buying an additional 313,982 shares during the last quarter. Geode Capital Management LLC increased its position in Freshworks by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 4,673,600 shares of the company’s stock worth $75,588,000 after buying an additional 79,388 shares during the last quarter. Finally, Franklin Resources Inc. increased its position in Freshworks by 18.1% during the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock worth $44,934,000 after buying an additional 604,658 shares during the last quarter. 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.