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 note released on Wednesday morning, Benzinga reports. The firm currently has a $20.00 price target on the stock.

FRSH has been the topic of a number of other research reports. Piper Sandler cut their price target on shares of Freshworks from $22.00 to $17.00 and set an overweight rating on the stock in a research report on Friday, July 12th. Morgan Stanley cut their price target on shares of Freshworks from $22.00 to $18.00 and set an equal weight rating on the stock in a research report on Thursday, May 2nd. JMP Securities cut their price target on shares of Freshworks from $29.00 to $21.00 and set a market outperform rating on the stock in a research report on Thursday, May 2nd. Barclays cut their price target on shares of Freshworks from $20.00 to $15.00 and set an equal weight rating on the stock in a research report on Friday, May 3rd. Finally, Cantor Fitzgerald cut their price target on shares of Freshworks from $25.00 to $19.00 and set an overweight rating on the stock in a research report on Thursday, May 2nd. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $19.40.

Freshworks Stock Performance

Shares of NASDAQ:FRSH opened at $11.67 on Wednesday. The company has a fifty day moving average of $12.79 and a 200-day moving average of $16.59. The company has a market capitalization of $3.49 billion, a PE ratio of -29.17 and a beta of 0.74. Freshworks has a 52-week low of $11.24 and a 52-week high of $24.98.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. The business had revenue of $174.13 million during the quarter, compared to the consensus estimate of $169.05 million. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. Freshworks’s quarterly revenue was up 20.0% on a year-over-year basis. During the same period in the prior year, the business posted ($0.12) earnings per share. On average, equities analysts forecast that Freshworks will post -0.34 EPS for the current fiscal year.

Insider Transactions at Freshworks

In related news, Director Barry L. Padgett sold 5,546 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $12.77, for a total value of $70,822.42. Following the completion of the transaction, the director now directly owns 26,957 shares of the company’s stock, valued at approximately $344,240.89. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Barry L. Padgett sold 5,546 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $12.77, for a total value of $70,822.42. Following the completion of the transaction, the director now directly owns 26,957 shares of the company’s stock, valued at approximately $344,240.89. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jennifer H. Taylor sold 7,028 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $13.74, for a total transaction of $96,564.72. Following the completion of the transaction, the director now directly owns 19,991 shares of the company’s stock, valued at $274,676.34. The disclosure for this sale can be found here. Insiders sold a total of 42,738 shares of company stock worth $541,557 in the last quarter. Insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Freshworks by 6.8% in the 1st quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock valued at $385,525,000 after purchasing an additional 1,354,530 shares during the period. Clearbridge Investments LLC lifted its holdings in shares of Freshworks by 107.4% during the 1st quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock worth $73,764,000 after acquiring an additional 2,097,280 shares during the last quarter. Capital International Investors bought a new stake in shares of Freshworks during the 1st quarter worth $59,311,000. Franklin Resources Inc. raised its position in Freshworks by 6.5% in the 4th quarter. Franklin Resources Inc. now owns 3,175,334 shares of the company’s stock worth $74,589,000 after purchasing an additional 193,708 shares during the period. Finally, Norges Bank purchased a new position in Freshworks in the 4th quarter worth $44,919,000. 75.58% of the stock is owned by institutional investors.

Freshworks Company Profile

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.