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

Needham & Company LLC reiterated their buy rating on shares of Freshworks (NASDAQ:FRSH) in a report released on Thursday morning, Benzinga reports. Needham & Company LLC currently has a $30.00 target price on the stock.

Several other equities research analysts have also commented on FRSH. Oppenheimer lowered shares of Freshworks from an outperform rating to a market perform rating in a research report on Thursday. Cantor Fitzgerald reaffirmed an overweight rating and issued a $25.00 price target on shares of Freshworks in a report on Wednesday, February 7th. Piper Sandler dropped their price objective on shares of Freshworks from $28.00 to $22.00 and set an overweight rating for the company in a research note on Thursday. Morgan Stanley cut their price objective on Freshworks from $24.00 to $22.00 and set an equal weight rating for the company in a research report on Wednesday, April 17th. Finally, Wolfe Research upgraded Freshworks from a peer perform rating to an outperform rating and set a $27.00 target price on the stock in a report on Tuesday, February 20th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $22.59.

Freshworks Stock Down 4.4 %

Shares of Freshworks stock opened at $14.03 on Thursday. The company has a 50-day moving average of $18.29 and a two-hundred day moving average of $19.99. Freshworks has a 12-month low of $12.22 and a 12-month high of $24.98.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.04. The firm had revenue of $160.11 million during the quarter, compared to the consensus estimate of $158.11 million. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. As a group, equities research analysts forecast that Freshworks will post -0.37 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Jennifer H. Taylor sold 7,035 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $21.71, for a total transaction of $152,729.85. Following the completion of the transaction, the director now owns 19,490 shares of the company’s stock, valued at approximately $423,127.90. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction on Monday, February 12th. The shares were sold at an average price of $21.71, for a total value of $152,729.85. Following the transaction, the director now owns 19,490 shares in the company, valued at approximately $423,127.90. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Rathnagirish Mathrubootham sold 430,149 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $20.44, for a total value of $8,792,245.56. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 460,792 shares of company stock worth $9,408,403. 19.15% of the stock is owned by company insiders.

Hedge Funds Weigh In On Freshworks

A number of large investors have recently modified their holdings of FRSH. Vanguard Group Inc. grew its holdings in shares of Freshworks by 6.9% during the 4th quarter. Vanguard Group Inc. now owns 19,816,514 shares of the company’s stock worth $465,490,000 after purchasing an additional 1,285,713 shares during the period. Franklin Resources Inc. lifted its position in Freshworks by 6.5% during the fourth quarter. Franklin Resources Inc. now owns 3,175,334 shares of the company’s stock valued at $74,589,000 after buying an additional 193,708 shares in the last quarter. FMR LLC grew its stake in Freshworks by 76.5% during the third quarter. FMR LLC now owns 2,222,907 shares of the company’s stock worth $44,280,000 after buying an additional 963,426 shares during the period. Clearbridge Investments LLC increased its position in shares of Freshworks by 8.3% in the fourth quarter. Clearbridge Investments LLC now owns 1,953,453 shares of the company’s stock worth $45,887,000 after acquiring an additional 149,825 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Freshworks in the 4th quarter valued at $44,919,000. 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.