Freshworks (NASDAQ:FRSH) Given New $25.00 Price Target at Needham & Company LLC

Freshworks (NASDAQ:FRSH) had its price target increased by research analysts at Needham & Company LLC from $20.00 to $25.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price would suggest a potential upside of 39.98% from the company’s previous close.

A number of other analysts also recently issued reports on FRSH. Robert W. Baird lowered their price target 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. Wells Fargo & Company downgraded shares of Freshworks from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $16.00 to $13.00 in a report on Tuesday, January 21st. JMP Securities increased their price target on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Piper Sandler increased their price objective on shares of Freshworks from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Finally, Morgan Stanley increased their price objective on shares of Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Freshworks currently has an average rating of “Moderate Buy” and an average target price of $20.29.

Freshworks Price Performance

NASDAQ:FRSH opened at $17.86 on Wednesday. The firm has a market capitalization of $5.41 billion, a P/E ratio of -52.53 and a beta of 0.91. Freshworks has a 1-year low of $10.81 and a 1-year high of $22.14. The company’s fifty day moving average price is $16.94 and its 200-day moving average price is $14.05.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results 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 analysts anticipate that Freshworks will post -0.35 EPS for the current fiscal year.

Insider Transactions at Freshworks

In related news, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $18.30, for a total transaction of $154,488.60. Following the completion of the sale, the director now directly owns 24,187 shares in the company, valued at approximately $442,622.10. This trade represents a 25.87 % 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, Director Barry L. Padgett sold 2,345 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total transaction of $40,568.50. Following the sale, the director now owns 26,957 shares of the company’s stock, valued at approximately $466,356.10. The trade was a 8.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,727,211 shares of company stock valued at $27,224,746. Corporate insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

Institutional investors have recently made changes to their positions in the stock. Avion Wealth acquired a new stake in shares of Freshworks during the fourth quarter valued at about $26,000. Blue Trust Inc. increased its position in shares of Freshworks by 1,987.3% during the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after acquiring an additional 2,822 shares during the last quarter. Covestor Ltd increased its position in shares of Freshworks by 89.9% during the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after acquiring an additional 1,704 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Freshworks by 102.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock valued at $71,000 after purchasing an additional 2,223 shares in the last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Freshworks in the third quarter valued at approximately $57,000. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Freshworks Company Profile

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.