Needham & Company LLC Lowers Freshworks (NASDAQ:FRSH) Price Target to $20.00

Freshworks (NASDAQ:FRSH) had its price target reduced by Needham & Company LLC from $30.00 to $20.00 in a report published on Monday, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also recently commented on FRSH. 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 report on Friday, May 3rd. Cantor Fitzgerald decreased their price target on Freshworks from $25.00 to $19.00 and set an overweight rating for the company in a research note on Thursday, May 2nd. Wolfe Research raised Freshworks from a peer perform rating to an outperform rating and set a $27.00 price target on the stock in a report on Tuesday, February 20th. JMP Securities reduced their price objective on Freshworks from $29.00 to $21.00 and set a market outperform rating for the company in a report on Thursday, May 2nd. Finally, Piper Sandler lowered their target price on shares of Freshworks from $28.00 to $22.00 and set an overweight rating on the stock in a research note on Thursday, May 2nd. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $22.00.

Freshworks Price Performance

NASDAQ:FRSH opened at $13.75 on Monday. The firm has a market capitalization of $4.11 billion, a P/E ratio of -34.37 and a beta of 0.88. The company’s 50-day simple moving average is $16.85 and its 200 day simple moving average is $19.58. Freshworks has a one year low of $13.01 and a one year high of $24.98.

Freshworks (NASDAQ:FRSH) last released its earnings results on Wednesday, May 1st. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The firm had revenue of $165.14 million for the quarter, compared to analysts’ expectations of $163.53 million. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. On average, equities research analysts expect that Freshworks will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jennifer H. Taylor sold 7,028 shares of the firm’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $13.74, for a total transaction of $96,564.72. Following the sale, the director now directly owns 19,991 shares in the company, valued at approximately $274,676.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Freshworks news, Director Jennifer H. Taylor sold 7,028 shares of the company’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 value of $96,564.72. Following the completion of the transaction, the director now directly owns 19,991 shares in the company, valued at approximately $274,676.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Rathnagirish Mathrubootham sold 430,149 shares of the stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders sold a total of 455,262 shares of company stock worth $9,227,461 over the last three months. 19.15% of the stock is currently owned by company insiders.

Institutional Trading of Freshworks

Several hedge funds have recently bought and sold shares of FRSH. Vanguard Group Inc. grew its position in shares of Freshworks by 6.8% during the first 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 in the last quarter. Clearbridge Investments LLC boosted its stake in Freshworks by 107.4% during the first quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock valued at $73,764,000 after buying an additional 2,097,280 shares during the last quarter. Capital International Investors purchased a new position in Freshworks during the 1st quarter valued at approximately $59,311,000. Franklin Resources Inc. increased its stake 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 acquiring an additional 193,708 shares during the last quarter. Finally, FMR LLC raised its holdings in shares of Freshworks by 76.5% during the 3rd quarter. FMR LLC now owns 2,222,907 shares of the company’s stock worth $44,280,000 after acquiring an additional 963,426 shares in the last quarter. Hedge funds and other 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.