Freshworks (NASDAQ:FRSH) Receives “Buy” Rating from Needham & Company LLC

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

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

Freshworks Price Performance

Shares of Freshworks stock traded down $0.64 during trading on Thursday, hitting $14.03. 6,974,887 shares of the stock were exchanged, compared to its average volume of 3,264,107. The firm’s 50-day moving average price is $18.29 and its 200 day moving average price is $19.97. The stock has a market cap of $4.18 billion, a price-to-earnings ratio of -35.07 and a beta of 0.88. Freshworks has a 12-month low of $12.22 and a 12-month high of $24.98.

Freshworks (NASDAQ:FRSH) last posted its earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.04. The firm had revenue of $160.11 million during the quarter, compared to analysts’ expectations 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, research analysts forecast that Freshworks will post -0.37 earnings per share for the current year.

Insider Transactions at Freshworks

In other Freshworks news, Director Roxanne S. Austin sold 6,303 shares of Freshworks stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $21.54, for a total value of $135,766.62. Following the sale, the director now owns 88,431 shares of the company’s stock, valued at approximately $1,904,803.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $20.44, for a total value of $8,792,245.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Roxanne S. Austin sold 6,303 shares of the firm’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $21.54, for a total transaction of $135,766.62. Following the completion of the sale, the director now owns 88,431 shares of the company’s stock, valued at approximately $1,904,803.74. The disclosure for this sale can be found here. Insiders have sold a total of 460,792 shares of company stock worth $9,408,403 over the last ninety days. 19.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of Freshworks by 14.6% during the 3rd quarter. Vanguard Group Inc. now owns 18,530,801 shares of the company’s stock worth $369,134,000 after acquiring an additional 2,363,550 shares in the last quarter. Norges Bank acquired a new position in Freshworks during the fourth quarter worth $44,919,000. Lord Abbett & CO. LLC purchased a new stake in Freshworks during the third quarter worth $34,644,000. Ninety One UK Ltd acquired a new stake in Freshworks in the fourth quarter valued at $36,303,000. Finally, Acadian Asset Management LLC grew its holdings in Freshworks by 511.2% in the third quarter. Acadian Asset Management LLC now owns 1,312,016 shares of the company’s stock valued at $26,118,000 after purchasing an additional 1,097,369 shares during the last quarter. 75.58% of the stock is 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.