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

Needham & Company LLC reiterated their buy rating on shares of Freshworks (NASDAQ:FRSH) in a research note published on Wednesday morning,Benzinga reports. They currently have a $20.00 price objective on the stock.

A number of other brokerages also recently commented on FRSH. Robert W. Baird cut their target price on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. JPMorgan Chase & Co. boosted their price objective on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Morgan Stanley increased their target price on Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Monday. Piper Sandler boosted their price target on Freshworks from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, Wells Fargo & Company lifted their price objective on shares of Freshworks from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 7th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $19.29.

Freshworks Stock Performance

FRSH opened at $16.77 on Wednesday. Freshworks has a 1 year low of $10.81 and a 1 year high of $23.64. The firm has a 50 day moving average price of $16.14 and a 200 day moving average price of $13.35. The company has a market cap of $5.08 billion, a PE ratio of -49.32 and a beta of 0.88.

Insider Transactions at Freshworks

In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the business’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $16.74, for a total transaction of $78,510.60. Following the completion of the sale, the director now owns 36,689 shares in the company, valued at $614,173.86. The trade was a 11.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Zachary Nelson sold 8,433 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $12.19, for a total transaction of $102,798.27. Following the sale, the director now directly owns 23,497 shares in the company, valued at $286,428.43. This trade represents a 26.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,702,163 shares of company stock valued at $26,721,018. Insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

A number of institutional investors have recently modified their holdings of FRSH. Amalgamated Bank lifted its holdings in Freshworks by 29.1% in the second quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock worth $90,000 after acquiring an additional 1,588 shares during the last quarter. Covestor Ltd raised its position in shares of Freshworks by 89.9% during the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after purchasing an additional 1,704 shares during the period. Quarry LP lifted its holdings in shares of Freshworks by 157.6% in the 2nd quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after purchasing an additional 2,645 shares during the last quarter. Blue Trust Inc. boosted its position in Freshworks by 1,987.3% during the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after purchasing an additional 2,822 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Freshworks by 8.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 40,229 shares of the company’s stock valued at $462,000 after acquiring an additional 3,182 shares during the period. 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.