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

Freshworks (NASDAQ:FRSH)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $25.00 price objective on the stock. Needham & Company LLC’s price objective suggests a potential upside of 64.58% from the company’s previous close.

A number of other brokerages also recently weighed in on FRSH. Robert W. Baird set a $18.00 target price on Freshworks in a report on Wednesday, February 12th. StockNews.com upgraded Freshworks from a “hold” rating to a “buy” rating in a report on Thursday, February 13th. Cantor Fitzgerald raised their price objective on Freshworks from $18.00 to $22.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Morgan Stanley raised their price objective on Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. Finally, Barclays raised their price objective on Freshworks from $14.00 to $20.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Freshworks currently has a consensus rating of “Moderate Buy” and an average price target of $21.14.

Freshworks Price Performance

Shares of FRSH opened at $15.19 on Monday. Freshworks has a 1 year low of $10.81 and a 1 year high of $19.77. The company has a market capitalization of $4.58 billion, a price-to-earnings ratio of -47.47 and a beta of 0.92. The business has a 50-day moving average of $17.06 and a 200-day moving average of $14.88.

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 6.63% and a negative net margin of 13.24%. As a group, sell-side analysts anticipate that Freshworks will post -0.19 EPS for the current year.

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 transaction, the director now owns 37,286 shares of the company’s stock, valued at approximately $577,560.14. The trade was a 11.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Rathnagirish Mathrubootham sold 830,000 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $15.33, for a total value of $12,723,900.00. Following the completion of the transaction, the chairman now directly owns 551,137 shares in the company, valued at approximately $8,448,930.21. This represents a 60.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 892,200 shares of company stock valued at $13,796,921 over the last 90 days. Insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Smith Group Asset Management LLC bought a new stake in shares of Freshworks in the fourth quarter valued at $589,000. Quantbot Technologies LP raised its stake in shares of Freshworks by 80.1% in the third quarter. Quantbot Technologies LP now owns 426,432 shares of the company’s stock valued at $4,895,000 after buying an additional 189,616 shares during the period. Barclays PLC raised its stake in shares of Freshworks by 33.4% in the third 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 during the period. Edgestream Partners L.P. bought a new stake in shares of Freshworks in the third quarter valued at $1,193,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Freshworks by 806.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company’s stock valued at $2,699,000 after buying an additional 209,194 shares during the period. 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.