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

Needham & Company LLC restated their buy rating on shares of Freshworks (NASDAQ:FRSH) in a research report sent to investors on Monday,Benzinga reports. Needham & Company LLC currently has a $25.00 target price on the stock.

A number of other research analysts have also recently issued reports on FRSH. Wells Fargo & Company cut Freshworks from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $16.00 to $13.00 in a report on Tuesday, January 21st. Piper Sandler lifted their price objective on Freshworks from $20.00 to $24.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Morgan Stanley lifted their price objective on Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. Barclays lifted their price objective on Freshworks from $14.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday, February 12th. Finally, UBS Group set a $22.00 price target on Freshworks in a report on Thursday, February 6th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $21.14.

Freshworks Price Performance

Shares of FRSH stock opened at $15.47 on Monday. The stock has a market cap of $4.66 billion, a P/E ratio of -48.34 and a beta of 0.92. Freshworks has a one year low of $10.81 and a one year high of $19.77. The stock has a fifty day moving average price of $17.04 and a 200 day moving average price of $14.88.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.10). Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. Equities research analysts anticipate that Freshworks will post -0.19 EPS for the current year.

Insider Activity

In related news, Chairman Rathnagirish Mathrubootham sold 830,000 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $15.33, for a total value of $12,723,900.00. Following the sale, the chairman now owns 551,137 shares in the company, valued at approximately $8,448,930.21. This represents a 60.10 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mika Yamamoto sold 2,859 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $15.84, for a total value of $45,286.56. Following the completion of the sale, the insider now owns 400,249 shares in the company, valued at approximately $6,339,944.16. This trade represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 892,200 shares of company stock valued at $13,796,921. 19.15% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in FRSH. Smith Group Asset Management LLC bought a new position in shares of Freshworks in the fourth quarter worth $589,000. Quantbot Technologies LP increased its position in shares of Freshworks by 80.1% in the third quarter. Quantbot Technologies LP now owns 426,432 shares of the company’s stock worth $4,895,000 after purchasing an additional 189,616 shares during the period. Barclays PLC increased its position in shares of Freshworks by 33.4% in the third quarter. Barclays PLC now owns 337,621 shares of the company’s stock worth $3,875,000 after purchasing an additional 84,568 shares during the period. Edgestream Partners L.P. bought a new position in shares of Freshworks in the third quarter worth $1,193,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in Freshworks by 806.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company’s stock valued at $2,699,000 after buying an additional 209,194 shares in 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.