Freshworks (NASDAQ:FRSH) Rating Reiterated by Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Freshworks (NASDAQ:FRSH - Free Report) in a research note issued to investors on Thursday, Benzinga reports. They currently have a $30.00 target price on the stock.

Other equities research analysts have also recently issued reports about the stock. Robert W. Baird cut shares of Freshworks from an outperform rating to a neutral rating and decreased their price objective for the stock from $28.00 to $16.00 in a report on Thursday. Wolfe Research upgraded shares of Freshworks from a peer perform rating to an outperform rating and set a $27.00 price objective for the company in a report on Tuesday, February 20th. Jefferies Financial Group upgraded shares of Freshworks from a hold rating to a buy rating and upped their price objective for the stock from $20.00 to $30.00 in a report on Friday, January 5th. Piper Sandler cut their price objective on shares of Freshworks from $28.00 to $22.00 and set an overweight rating for the company in a research report on Thursday. Finally, Oppenheimer lowered shares of Freshworks from an outperform rating to a market perform rating in a research report on Thursday. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $23.18.

Freshworks Trading Down 19.6 %

NASDAQ:FRSH traded down $3.58 during trading hours on Thursday, hitting $14.67. 22,937,941 shares of the stock traded hands, compared to its average volume of 2,771,706. The firm has a 50 day moving average price of $18.53 and a 200 day moving average price of $20.04. Freshworks has a fifty-two week low of $12.22 and a fifty-two week high of $24.98. The firm has a market cap of $4.37 billion, a price-to-earnings ratio of -30.79 and a beta of 0.87.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.04. Freshworks had a negative net margin of 23.04% and a negative return on equity of 12.55%. The company had revenue of $160.11 million for the quarter, compared to the consensus estimate of $158.11 million. Research analysts predict that Freshworks will post -0.37 EPS for the current year.

Insider Activity at Freshworks

In other Freshworks news, Director Barry L. Padgett sold 4,690 shares of Freshworks stock in a transaction on Friday, March 1st. The shares were sold at an average price of $20.22, for a total transaction of $94,831.80. Following the completion of the sale, the director now owns 17,387 shares of the company's stock, valued at approximately $351,565.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Rathnagirish Mathrubootham sold 430,149 shares of Freshworks stock in a transaction on Monday, February 26th. The shares were sold at an average price of $20.44, for a total transaction of $8,792,245.56. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Barry L. Padgett sold 4,690 shares of Freshworks stock in a transaction on Friday, March 1st. The stock was sold at an average price of $20.22, for a total transaction of $94,831.80. Following the transaction, the director now directly owns 17,387 shares in the company, valued at $351,565.14. The disclosure for this sale can be found here. Insiders sold a total of 460,792 shares of company stock valued at $9,408,403 over the last quarter. Corporate insiders own 19.15% of the company's stock.

Institutional Investors Weigh In On Freshworks

Several institutional investors have recently added to or reduced their stakes in FRSH. Private Advisor Group LLC acquired a new position in Freshworks in the 1st quarter valued at about $685,000. Allspring Global Investments Holdings LLC grew its stake 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 last quarter. Steph & Co. acquired a new position in Freshworks in the 1st quarter valued at about $201,000. Renaissance Capital LLC grew its stake in Freshworks by 3.0% in the 1st quarter. Renaissance Capital LLC now owns 105,697 shares of the company's stock valued at $1,925,000 after buying an additional 3,071 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in Freshworks by 6.9% in the 4th quarter. Vanguard Group Inc. now owns 19,816,514 shares of the company's stock valued at $465,490,000 after buying an additional 1,285,713 shares during the last quarter. 75.58% of the stock is owned by institutional investors.

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.