Needham & Company LLC Reaffirms Buy Rating for Freshworks (NASDAQ:FRSH)

Freshworks (NASDAQ:FRSH)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a research note issued to investors on Monday,Benzinga reports. They currently have a $25.00 price objective on the stock. Needham & Company LLC’s price objective points to a potential upside of 68.01% from the stock’s previous close.

Several other equities analysts also recently issued reports on the company. UBS Group set a $22.00 target price on Freshworks in a research report on Thursday, February 6th. Robert W. Baird set a $18.00 price objective on Freshworks in a report on Wednesday, February 12th. Cantor Fitzgerald raised their price objective on Freshworks from $18.00 to $22.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. StockNews.com upgraded Freshworks from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. Finally, Barclays raised their price target on shares of Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $21.14.

Freshworks Stock Performance

Shares of NASDAQ FRSH opened at $14.88 on Monday. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $19.77. The company has a market cap of $4.49 billion, a PE ratio of -46.50 and a beta of 0.92. The business has a 50-day simple moving average of $17.10 and a two-hundred day simple moving average of $14.83.

Freshworks (NASDAQ:FRSH) last released its earnings results on Tuesday, February 11th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.10). Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. On average, sell-side analysts predict that Freshworks will post -0.19 earnings per share for the current fiscal year.

Insider Activity at Freshworks

In other news, Director Barry L. Padgett sold 2,345 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total value of $40,568.50. Following the completion of the sale, the director now directly owns 26,957 shares in the company, valued at $466,356.10. The trade was a 8.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $18.30, for a total value of $154,488.60. Following the transaction, the director now directly owns 24,187 shares of the company’s stock, valued at approximately $442,622.10. The trade was a 25.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,735,263 shares of company stock worth $27,361,209 in the last three months. Company insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Smith Group Asset Management LLC purchased a new position in Freshworks during the fourth quarter valued at $589,000. Quantbot Technologies LP raised its position in shares of Freshworks by 80.1% during the 3rd quarter. Quantbot Technologies LP now owns 426,432 shares of the company’s stock worth $4,895,000 after purchasing an additional 189,616 shares during the last quarter. Barclays PLC lifted its stake in Freshworks by 33.4% in the 3rd quarter. Barclays PLC now owns 337,621 shares of the company’s stock valued at $3,875,000 after buying an additional 84,568 shares in the last quarter. Edgestream Partners L.P. acquired a new stake in Freshworks in the 3rd quarter worth about $1,193,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in Freshworks by 806.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company’s stock worth $2,699,000 after buying an additional 209,194 shares in the last quarter. Hedge funds and other institutional investors 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.