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 report published on Wednesday, Benzinga reports. Needham & Company LLC currently has a $20.00 price target on the stock.

Several other brokerages also recently commented on FRSH. Oppenheimer downgraded Freshworks from an outperform rating to a market perform rating in a report on Thursday, May 2nd. Morgan Stanley dropped their price objective on Freshworks from $22.00 to $18.00 and set an equal weight rating on the stock in a research note on Thursday, May 2nd. JMP Securities dropped their price objective on Freshworks from $29.00 to $21.00 and set a market outperform rating on the stock in a research note on Thursday, May 2nd. Cantor Fitzgerald decreased their target price on Freshworks from $25.00 to $19.00 and set an overweight rating for the company in a research report on Thursday, May 2nd. Finally, Robert W. Baird downgraded Freshworks from an outperform rating to a neutral rating and cut their target price for the stock from $28.00 to $16.00 in a research note on Thursday, May 2nd. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $19.40.

Freshworks Trading Down 2.5 %

Shares of NASDAQ FRSH opened at $11.67 on Wednesday. The firm has a market cap of $3.49 billion, a P/E ratio of -29.17 and a beta of 0.74. Freshworks has a 1-year low of $11.24 and a 1-year high of $24.98. The business’s 50 day moving average is $12.79 and its 200-day moving average is $16.59.

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

Insiders Place Their Bets

In other Freshworks news, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $12.28, for a total value of $57,531.80. Following the completion of the sale, the director now directly owns 35,853 shares in the company, valued at $440,274.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $11.60, for a total transaction of $97,927.20. Following the transaction, the director now owns 22,530 shares in the company, valued at approximately $261,348. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $12.28, for a total transaction of $57,531.80. Following the completion of the sale, the director now owns 35,853 shares in the company, valued at approximately $440,274.84. The disclosure for this sale can be found here. Insiders sold 42,738 shares of company stock worth $541,557 over the last three months. Company insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

A number of large investors have recently made changes to their positions in the business. Board of Trustees of The Leland Stanford Junior University grew its holdings in Freshworks by 1.9% during the 4th quarter. Board of Trustees of The Leland Stanford Junior University now owns 35,019 shares of the company’s stock valued at $823,000 after purchasing an additional 638 shares during the last quarter. Advisors Asset Management Inc. grew its holdings in Freshworks by 34.2% during the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock valued at $54,000 after purchasing an additional 757 shares during the last quarter. California State Teachers Retirement System grew its holdings in Freshworks by 0.5% during the 1st quarter. California State Teachers Retirement System now owns 161,706 shares of the company’s stock valued at $2,945,000 after purchasing an additional 831 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Freshworks by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock valued at $250,000 after buying an additional 1,160 shares during the period. Finally, Arizona State Retirement System boosted its position in Freshworks by 3.6% in the 4th quarter. Arizona State Retirement System now owns 42,120 shares of the company’s stock valued at $989,000 after buying an additional 1,453 shares during the period. 75.58% of the stock is currently 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.