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

Freshworks (NASDAQ:FRSH)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a report released on Wednesday,Benzinga reports. They presently have a $20.00 target price on the stock. Needham & Company LLC’s target price points to a potential upside of 23.99% from the stock’s current price.

A number of other research analysts also recently weighed in on FRSH. Morgan Stanley increased their target price on Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a report on Monday. Piper Sandler lifted their price target on shares of Freshworks from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Robert W. Baird reduced 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 lifted their target price on Freshworks from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 7th. Finally, JMP Securities upped their price target on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Freshworks currently has a consensus rating of “Moderate Buy” and an average price target of $19.08.

Freshworks Price Performance

Freshworks stock opened at $16.13 on Wednesday. The business’s fifty day moving average is $16.07 and its 200 day moving average is $13.33. The stock has a market capitalization of $4.89 billion, a PE ratio of -47.44 and a beta of 0.88. Freshworks has a one year low of $10.81 and a one year high of $23.64.

Insider Activity at Freshworks

In other Freshworks news, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $16.08, for a total transaction of $13,426,800.00. Following the transaction, the chairman now owns 551,137 shares in the company, valued at $8,862,282.96. The trade was a 60.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Barry L. Padgett sold 2,345 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total transaction of $40,568.50. Following the completion of the sale, the director now owns 26,957 shares of the company’s stock, valued at $466,356.10. This trade represents a 8.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,702,163 shares of company stock valued at $26,721,018. 19.15% of the stock is owned by corporate insiders.

Institutional Trading of Freshworks

Several institutional investors have recently added to or reduced their stakes in FRSH. Everence Capital Management Inc. purchased a new stake in shares of Freshworks in the fourth quarter worth approximately $190,000. JPMorgan Chase & Co. grew its position in Freshworks by 49.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock valued at $60,503,000 after acquiring an additional 1,752,995 shares during the last quarter. Franklin Resources Inc. increased its stake in Freshworks by 18.1% in the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock worth $44,934,000 after purchasing an additional 604,658 shares during the period. Tidal Investments LLC purchased a new stake in Freshworks in the third quarter worth $534,000. Finally, Geode Capital Management LLC lifted its position in shares of Freshworks by 1.5% during the third quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company’s stock worth $52,750,000 after purchasing an additional 66,342 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.