Needham & Company LLC Issues Positive Forecast for Freshworks (NASDAQ:FRSH) Stock Price

Freshworks (NASDAQ:FRSH) had its price target lifted by Needham & Company LLC from $20.00 to $25.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective indicates a potential upside of 43.43% from the company’s previous close.

FRSH has been the subject of several other research reports. Oppenheimer upped their target price on shares of Freshworks from $22.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday. Canaccord Genuity Group boosted their price target on shares of Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Barclays boosted their price target on shares of Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Morgan Stanley boosted their price target on shares of Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. Finally, JMP Securities boosted their price target on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $21.07.

Freshworks Stock Performance

Shares of Freshworks stock opened at $17.43 on Wednesday. The company has a market capitalization of $5.28 billion, a P/E ratio of -51.26 and a beta of 0.91. The company has a fifty day moving average of $16.97 and a 200 day moving average of $14.08. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $21.61.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative return on equity of 8.57% and a negative net margin of 14.80%. Analysts forecast that Freshworks will post -0.35 EPS for the current year.

Insider Activity

In other Freshworks news, Director Barry L. Padgett sold 2,345 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $17.30, for a total value 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jennifer H. Taylor sold 4,690 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was 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 directly owns 36,689 shares of the company’s stock, valued at approximately $614,173.86. The trade was a 11.33 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,727,211 shares of company stock worth $27,224,746. 19.15% of the stock is currently owned by corporate insiders.

Institutional Trading of Freshworks

Several institutional investors have recently added to or reduced their stakes in FRSH. Arrowstreet Capital Limited Partnership bought a new stake in Freshworks in the fourth quarter worth about $61,530,000. Norges Bank bought a new stake in Freshworks in the fourth quarter worth about $57,527,000. JPMorgan Chase & Co. lifted its stake in Freshworks by 49.8% in the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock worth $60,503,000 after purchasing an additional 1,752,995 shares during the last quarter. Vanguard Group Inc. lifted its stake in Freshworks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company’s stock worth $405,283,000 after purchasing an additional 1,357,526 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Freshworks in the fourth quarter worth about $20,666,000. Institutional investors own 75.58% of the company’s stock.

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.