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

Freshworks (NASDAQ:FRSH) had its price target lowered by Needham & Company LLC from $30.00 to $20.00 in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms have also issued reports on FRSH. Piper Sandler decreased their price target on shares of Freshworks from $28.00 to $22.00 and set an overweight rating on the stock in a research report on Thursday, May 2nd. Barclays reduced their price target on shares of Freshworks from $20.00 to $15.00 and set an equal weight rating for the company in a research report on Friday, May 3rd. Cantor Fitzgerald lowered their price target on Freshworks from $25.00 to $19.00 and set an overweight rating on the stock in a report on Thursday, May 2nd. Morgan Stanley lowered their target price 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. Finally, Oppenheimer cut shares of Freshworks from an outperform rating to a market perform rating in a report on Thursday, May 2nd. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Freshworks has an average rating of Moderate Buy and an average target price of $22.00.

Freshworks Trading Up 0.1 %

Shares of Freshworks stock opened at $13.75 on Monday. Freshworks has a twelve month low of $13.01 and a twelve month high of $24.98. The stock has a market capitalization of $4.11 billion, a price-to-earnings ratio of -34.37 and a beta of 0.88. The business’s 50 day simple moving average is $16.85 and its 200-day simple moving average is $19.58.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.02. The company had revenue of $165.14 million for the quarter, compared to analyst estimates of $163.53 million. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. Sell-side analysts predict that Freshworks will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In other Freshworks news, Director Barry L. Padgett sold 4,690 shares of Freshworks stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $20.22, for a total value of $94,831.80. Following the transaction, the director now directly owns 17,387 shares of the company’s stock, valued at approximately $351,565.14. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Johanna Flower sold 4,800 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $19.05, for a total transaction of $91,440.00. Following the transaction, the director now directly owns 23,451 shares in the company, valued at $446,741.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 sale, the director now owns 17,387 shares in the company, valued at approximately $351,565.14. The disclosure for this sale can be found here. In the last 90 days, insiders sold 455,262 shares of company stock valued at $9,227,461. Insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC acquired a new position in shares of Freshworks in the 3rd quarter worth approximately $327,000. Teacher Retirement System of Texas raised its stake in Freshworks by 135.9% during the third quarter. Teacher Retirement System of Texas now owns 25,211 shares of the company’s stock worth $502,000 after acquiring an additional 14,526 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Freshworks by 1,641.8% during the third quarter. Principal Financial Group Inc. now owns 333,310 shares of the company’s stock valued at $6,640,000 after acquiring an additional 314,174 shares during the period. AlpInvest Partners B.V. boosted its stake in shares of Freshworks by 89.9% in the 3rd quarter. AlpInvest Partners B.V. now owns 58,410 shares of the company’s stock valued at $1,164,000 after purchasing an additional 27,651 shares in the last quarter. Finally, Ieq Capital LLC grew its holdings in shares of Freshworks by 39.5% in the 3rd quarter. Ieq Capital LLC now owns 532,363 shares of the company’s stock worth $10,605,000 after purchasing an additional 150,852 shares during the last quarter. Institutional investors and hedge funds 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.