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

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

Several other analysts have also commented on the company. Barclays dropped their target price on Freshworks from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 31st. Cantor Fitzgerald decreased their target price on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Piper Sandler lowered their price target 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. Canaccord Genuity Group lowered their target price on shares of Freshworks from $20.00 to $17.00 and set a “buy” rating on the stock in a research note on Wednesday, July 10th. Finally, Jefferies Financial Group cut their price target on Freshworks from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $18.69.

Freshworks Stock Down 2.3 %

NASDAQ:FRSH opened at $16.44 on Thursday. The firm’s fifty day moving average is $11.64 and its two-hundred day moving average is $12.53. Freshworks has a one year low of $10.81 and a one year high of $24.98.

Insider Activity at Freshworks

In other news, Director Zachary Nelson sold 8,433 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $11.54, for a total transaction of $97,316.82. Following the completion of the sale, the director now owns 22,530 shares in the company, valued at $259,996.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $11.17, for a total transaction of $52,331.45. Following the completion of the transaction, the director now directly owns 35,853 shares of the company’s stock, valued at approximately $400,478.01. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $11.54, for a total transaction of $97,316.82. Following the completion of the transaction, the director now owns 22,530 shares of the company’s stock, valued at $259,996.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,463 shares of company stock valued at $406,714. 19.15% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Freshworks by 6.8% in the first quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock valued at $385,525,000 after acquiring an additional 1,354,530 shares during the last quarter. Clearbridge Investments LLC increased its position in shares of Freshworks by 107.4% during the first quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock worth $73,764,000 after purchasing an additional 2,097,280 shares in the last quarter. Capital International Investors purchased a new stake in shares of Freshworks in the 1st quarter valued at about $59,311,000. Renaissance Technologies LLC boosted its position in shares of Freshworks by 7.6% in the 2nd quarter. Renaissance Technologies LLC now owns 3,134,600 shares of the company’s stock valued at $39,778,000 after purchasing an additional 221,900 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in Freshworks by 10.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,428,755 shares of the company’s stock worth $30,821,000 after buying an additional 239,671 shares during the last quarter. Institutional investors and hedge funds 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.