Freshworks (NASDAQ:FRSH) Price Target Cut to $14.00

Freshworks (NASDAQ:FRSH) had its target price decreased by Barclays from $15.00 to $14.00 in a research note released on Wednesday morning, Benzinga reports. Barclays currently has an equal weight rating on the stock.

Other equities research analysts also recently issued reports about the stock. Needham & Company LLC reaffirmed a buy rating and issued a $20.00 price target on shares of Freshworks in a research note on Wednesday. Canaccord Genuity Group decreased their price target on shares of Freshworks from $20.00 to $17.00 and set a buy rating for the company in a research note on Wednesday, July 10th. Jefferies Financial Group decreased their price target on shares of Freshworks from $25.00 to $20.00 and set a buy rating for the company in a research note on Wednesday. JMP Securities decreased their price target on shares of Freshworks from $29.00 to $21.00 and set a market outperform rating for the company in a research note on Thursday, May 2nd. Finally, StockNews.com downgraded shares of Freshworks from a buy rating to a hold rating in a research note on Saturday, June 22nd. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $19.40.

Freshworks Stock Performance

FRSH stock opened at $11.67 on Wednesday. The company has a fifty day moving average price of $12.79 and a 200-day moving average price of $16.59. The company has a market capitalization of $3.49 billion, a P/E ratio of -29.17 and a beta of 0.74. Freshworks has a 52-week low of $11.24 and a 52-week high of $24.98.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Tuesday, July 30th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.08%. The business had revenue of $174.13 million during the quarter, compared to the consensus estimate of $169.05 million. During the same quarter last year, the firm earned ($0.12) earnings per share. Freshworks’s quarterly revenue was up 20.0% on a year-over-year basis. As a group, sell-side analysts forecast that Freshworks will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Zachary Nelson sold 8,442 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $11.60, for a total transaction of $97,927.20. Following the transaction, the director now directly owns 22,530 shares in the company, valued at $261,348. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $12.73, for a total value of $89,555.55. Following the sale, the director now owns 19,991 shares of the company’s stock, valued at $254,485.43. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $11.60, for a total transaction of $97,927.20. Following the completion of the sale, the director now directly owns 22,530 shares in the company, valued at approximately $261,348. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,738 shares of company stock worth $541,557. 19.15% of the stock is owned by insiders.

Institutional Trading of Freshworks

Several hedge funds have recently added to or reduced their stakes in the stock. Board of Trustees of The Leland Stanford Junior University raised its position in Freshworks by 1.9% in the fourth quarter. Board of Trustees of The Leland Stanford Junior University now owns 35,019 shares of the company’s stock worth $823,000 after acquiring an additional 638 shares during the period. Advisors Asset Management Inc. raised its position in Freshworks by 34.2% in the first quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock worth $54,000 after acquiring an additional 757 shares during the period. California State Teachers Retirement System raised its position in Freshworks by 0.5% in the first quarter. California State Teachers Retirement System now owns 161,706 shares of the company’s stock worth $2,945,000 after acquiring an additional 831 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Freshworks by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock valued at $250,000 after purchasing an additional 1,160 shares during the period. Finally, Arizona State Retirement System raised its position in shares of Freshworks by 3.6% in the fourth quarter. Arizona State Retirement System now owns 42,120 shares of the company’s stock valued at $989,000 after purchasing an additional 1,453 shares during the period. 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.