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

Needham & Company LLC restated their buy rating on shares of Freshworks (NASDAQ:FRSH) in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a $20.00 price target on the stock.

Other equities research analysts also recently issued research reports about the company. JPMorgan Chase & Co. upped their price target on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Robert W. Baird reduced their target price on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Piper Sandler lifted their price target on shares of Freshworks from $13.00 to $18.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Canaccord Genuity Group increased their price objective 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. Finally, JMP Securities lifted their price objective on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $18.69.

Freshworks Stock Down 1.7 %

NASDAQ:FRSH opened at $15.40 on Tuesday. The company has a market cap of $4.66 billion, a price-to-earnings ratio of -45.29 and a beta of 0.90. Freshworks has a 52 week low of $10.81 and a 52 week high of $24.59. The company has a fifty day simple moving average of $14.51 and a two-hundred day simple moving average of $12.89.

Insider Activity at Freshworks

In related news, Director Jennifer H. Taylor sold 4,690 shares of the firm’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $11.06, for a total value of $51,871.40. Following the completion of the sale, the director now owns 36,689 shares in the company, valued at $405,780.34. This trade represents a 11.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mika Yamamoto sold 5,718 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $16.95, for a total value of $96,920.10. Following the transaction, the insider now owns 403,108 shares in the company, valued at $6,832,680.60. The trade was a 1.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,318 shares of company stock worth $463,869 in the last three months. Insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

A number of institutional investors have recently modified their holdings of FRSH. State Street Corp lifted its holdings in Freshworks by 7.1% in the third quarter. State Street Corp now owns 4,729,093 shares of the company’s stock valued at $54,290,000 after acquiring an additional 313,982 shares during the period. Geode Capital Management LLC increased its holdings in shares of Freshworks by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company’s stock valued at $52,750,000 after purchasing an additional 66,342 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of Freshworks by 18.1% in the third 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 during the period. Renaissance Technologies LLC boosted its holdings in Freshworks by 7.6% during the second quarter. Renaissance Technologies LLC now owns 3,134,600 shares of the company’s stock worth $39,778,000 after buying an additional 221,900 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Freshworks by 10.9% during the second quarter. Dimensional Fund Advisors LP now owns 2,428,755 shares of the company’s stock worth $30,821,000 after buying an additional 239,671 shares during the period. 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.