Freshworks price target raised to $25 from $20 at Needham

Needham analyst Scott Berg raised the firm’s price target on Freshworks (FRSH) to $25 from $20 and keeps a Buy rating on the shares. The company reported Q4 outperformance across the board, with Device42 continuing to provide win rate support, even though FX served as a subtle headwind to revenues but more materially to metrics, driving lower large customer additions than recently seen, the analyst tells investors in a research note. On the other hand, total customer net additions hit a 4-year high as free-to-paid conversions ramped in Q4, driving new monetization, Needham added.