Freshworks (NASDAQ:FRSH) Price Target Raised to $20.00 at Barclays

Freshworks (NASDAQ:FRSH) had its price target increased by research analysts at Barclays from $14.00 to $20.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s target price suggests a potential upside of 11.98% from the company’s current price.

FRSH has been the subject of several other reports. Piper Sandler increased their price objective on Freshworks from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Wells Fargo & Company lowered Freshworks from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $16.00 to $13.00 in a research note on Tuesday, January 21st. Needham & Company LLC restated a “buy” rating and issued a $20.00 target price on shares of Freshworks in a research note on Wednesday, January 15th. Oppenheimer upped their target price on Freshworks from $22.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Morgan Stanley upped their target price on Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. One analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $20.29.

Freshworks Stock Down 2.4 %

Shares of Freshworks stock opened at $17.86 on Wednesday. Freshworks has a 12-month low of $10.81 and a 12-month high of $22.14. The stock has a market capitalization of $5.41 billion, a P/E ratio of -52.53 and a beta of 0.91. The stock has a 50 day moving average price of $16.94 and a two-hundred day moving average price of $14.05.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data 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 net margin of 14.80% and a negative return on equity of 8.57%. Sell-side analysts anticipate that Freshworks will post -0.35 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $18.30, for a total value of $154,488.60. Following the sale, the director now owns 24,187 shares of the company’s stock, valued at approximately $442,622.10. This trade represents a 25.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Rathnagirish Mathrubootham sold 830,000 shares of Freshworks stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $15.33, for a total value of $12,723,900.00. Following the completion of the sale, the chairman now directly owns 551,137 shares in the company, valued at approximately $8,448,930.21. This represents a 60.10 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,727,211 shares of company stock worth $27,224,746. Insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in FRSH. Avion Wealth acquired a new position in shares of Freshworks during the 4th quarter worth approximately $26,000. Blue Trust Inc. boosted its stake in shares of Freshworks by 1,987.3% during the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock worth $38,000 after acquiring an additional 2,822 shares during the period. Covestor Ltd boosted its stake in shares of Freshworks by 89.9% during the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after acquiring an additional 1,704 shares during the period. Point72 Hong Kong Ltd bought a new position in shares of Freshworks during the 3rd quarter worth approximately $57,000. Finally, Nisa Investment Advisors LLC boosted its stake in shares of Freshworks by 102.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock worth $71,000 after acquiring an additional 2,223 shares during the period. 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.