Needham & Company LLC Reiterates “Buy” Rating for Freshworks (NASDAQ:FRSH)

Needham & Company LLC restated their buy rating on shares of Freshworks (NASDAQ:FRSH) in a report published on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a $20.00 target price on the stock.

Several other research analysts have also issued reports on FRSH. Morgan Stanley increased their price objective on Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. JMP Securities increased their target price on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Robert W. Baird cut their price target on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. JPMorgan Chase & Co. upped their price objective on shares of Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Finally, Wells Fargo & Company lifted their target price on shares of Freshworks from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 7th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Freshworks has an average rating of “Moderate Buy” and an average price target of $19.29.

Freshworks Trading Down 0.1 %

FRSH stock opened at $17.44 on Wednesday. The firm has a market cap of $5.28 billion, a P/E ratio of -51.29 and a beta of 0.88. Freshworks has a 1-year low of $10.81 and a 1-year high of $23.30. The business’s 50 day moving average is $16.18 and its 200-day moving average is $13.42.

Insider Activity

In other Freshworks news, Director Jennifer H. Taylor sold 4,685 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $15.49, for a total transaction of $72,570.65. Following the transaction, the director now directly owns 37,286 shares in the company, valued at approximately $577,560.14. This represents a 11.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $12.19, for a total transaction of $102,798.27. Following the sale, the director now owns 23,497 shares of the company’s stock, valued at approximately $286,428.43. This represents a 26.41 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,702,163 shares of company stock valued at $26,721,018. Company insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

Several institutional investors and hedge funds have recently made changes to their positions in the business. Blue Trust Inc. grew its stake 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 worth $38,000 after purchasing an additional 2,822 shares during the period. Covestor Ltd boosted its holdings in Freshworks by 89.9% during the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after buying an additional 1,704 shares during the last quarter. Quarry LP boosted its holdings in Freshworks by 157.6% during the second quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after buying an additional 2,645 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Freshworks during the 3rd quarter worth about $57,000. Finally, Nisa Investment Advisors LLC increased its stake in shares of Freshworks by 102.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock valued at $71,000 after acquiring an additional 2,223 shares during the last quarter. 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.