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

Needham & Company LLC reissued their buy rating on shares of Freshworks (NASDAQ:FRSH) in a research note published on Thursday,Benzinga reports. They currently have a $20.00 price objective on the stock.

FRSH has been the topic of several other research reports. Jefferies Financial Group dropped their price objective on shares of Freshworks from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Cantor Fitzgerald dropped their price objective on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. Piper Sandler dropped their price objective on shares of Freshworks from $17.00 to $13.00 and set an “overweight” rating on the stock in a report on Thursday, October 10th. Scotiabank dropped their price objective on shares of Freshworks from $18.00 to $16.00 and set a “sector perform” rating on the stock in a report on Wednesday, July 31st. Finally, Wells Fargo & Company assumed coverage on shares of Freshworks in a report on Wednesday, October 16th. They set an “equal weight” rating and a $11.00 price objective on the stock. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $18.69.

Freshworks Trading Down 2.3 %

FRSH traded down $0.38 during trading on Thursday, hitting $16.44. The stock had a trading volume of 9,375,092 shares, compared to its average volume of 2,782,166. The firm has a market cap of $4.97 billion, a PE ratio of -49.47 and a beta of 0.72. Freshworks has a 12 month low of $10.81 and a 12 month high of $24.98. The company has a 50 day simple moving average of $11.55 and a 200-day simple moving average of $12.63.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Wednesday, November 6th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.01. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.08%. The firm had revenue of $186.58 million for the quarter, compared to the consensus estimate of $181.50 million. As a group, sell-side analysts anticipate that Freshworks will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $12.19, for a total value of $102,798.27. Following the transaction, the director now directly owns 23,497 shares in the company, valued at $286,428.43. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $11.23, for a total value of $52,668.70. Following the transaction, the director now directly owns 35,853 shares in the company, valued at $402,629.19. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $12.19, for a total transaction of $102,798.27. Following the completion of the transaction, the director now owns 23,497 shares in the company, valued at approximately $286,428.43. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 40,153 shares of company stock worth $459,383 over the last ninety days. Corporate insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Freshworks by 6.8% during the first quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock worth $385,525,000 after purchasing an additional 1,354,530 shares in the last quarter. Sei Investments Co. lifted its position in shares of Freshworks by 191.9% during the second quarter. Sei Investments Co. now owns 95,846 shares of the company’s stock worth $1,216,000 after purchasing an additional 63,006 shares in the last quarter. ProShare Advisors LLC lifted its position in shares of Freshworks by 8.5% during the first quarter. ProShare Advisors LLC now owns 29,127 shares of the company’s stock worth $530,000 after purchasing an additional 2,293 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Freshworks during the second quarter worth approximately $1,740,000. Finally, M&G PLC acquired a new position in shares of Freshworks during the third quarter worth approximately $9,094,000. 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.