Freshworks (NASDAQ:FRSH) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Freshworks (NASDAQ:FRSH) in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has a $20.00 target price on the stock.

A number of other research firms have also weighed in on FRSH. Robert W. Baird dropped their price objective on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Wells Fargo & Company increased their price objective on shares of Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Canaccord Genuity Group boosted their target price on shares of Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. JMP Securities raised their target price on shares of Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Thursday, November 7th. Finally, JPMorgan Chase & Co. boosted their price target 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. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $18.69.

Freshworks Stock Performance

FRSH opened at $16.79 on Tuesday. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $24.98. The stock has a market cap of $5.08 billion, a price-to-earnings ratio of -49.38 and a beta of 0.90. The firm’s fifty day moving average is $14.22 and its 200 day moving average is $12.83.

Insider Activity

In other news, Director Jennifer H. Taylor sold 4,690 shares of the stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $16.74, for a total value of $78,510.60. Following the sale, the director now owns 36,689 shares of the company’s stock, valued at approximately $614,173.86. This represents a 11.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $11.04, for a total transaction of $93,199.68. Following the transaction, the director now directly owns 23,497 shares of the company’s stock, valued at approximately $259,406.88. This represents a 26.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,255 shares of company stock valued at $326,380 in the last ninety days. Insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FRSH. Blue Trust Inc. boosted 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 buying an additional 2,822 shares during the period. CWM LLC boosted its holdings in Freshworks by 554.5% during the 2nd quarter. CWM LLC now owns 3,397 shares of the company’s stock valued at $43,000 after acquiring an additional 2,878 shares during the period. Covestor Ltd grew its position in Freshworks by 89.9% in the 3rd 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. Quarry LP increased its stake in Freshworks by 157.6% in the second quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after purchasing an additional 2,645 shares during the period. Finally, International Assets Investment Management LLC bought a new stake in shares of Freshworks during the second quarter worth $58,000. 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.