Barclays Trims Freshworks (NASDAQ:FRSH) Target Price to $14.00

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

A number of other brokerages have also recently weighed in on FRSH. Canaccord Genuity Group lowered their price target on Freshworks from $20.00 to $17.00 and set a buy rating on the stock in a research report on Wednesday, July 10th. Scotiabank cut their price target on shares of Freshworks from $18.00 to $16.00 and set a sector perform rating for the company in a report on Wednesday. JMP Securities decreased their price objective on shares of Freshworks from $29.00 to $21.00 and set a market outperform rating on the stock in a research note on Thursday, May 2nd. Needham & Company LLC reiterated a buy rating and issued a $20.00 target price on shares of Freshworks in a research note on Wednesday. Finally, JPMorgan Chase & Co. decreased their price target on Freshworks from $19.00 to $17.00 and set an overweight rating on the stock in a research report on Wednesday. Eight investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Freshworks presently has a consensus rating of Moderate Buy and an average price target of $19.75.

Freshworks Price Performance

FRSH opened at $11.67 on Wednesday. Freshworks has a fifty-two week low of $11.24 and a fifty-two week high of $24.98. The company has a market capitalization of $3.49 billion, a P/E ratio of -29.17 and a beta of 0.74. The firm’s fifty day moving average price is $12.82 and its two-hundred day moving average price is $16.67.

Freshworks (NASDAQ:FRSH) last announced its quarterly 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. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.18%. The firm had revenue of $165.14 million during the quarter, compared to analysts’ expectations of $163.53 million. On average, equities research analysts expect that Freshworks will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Freshworks

In other news, Director Jennifer H. Taylor sold 7,028 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $13.74, for a total transaction 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 through this link. In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of the stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $12.73, for a total value of $89,555.55. Following the completion of the sale, the director now directly owns 19,991 shares in the company, valued at $254,485.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jennifer H. Taylor sold 7,028 shares of Freshworks stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $13.74, for a total value of $96,564.72. Following the transaction, the director now owns 19,991 shares in the company, valued at approximately $274,676.34. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,738 shares of company stock valued at $541,557. 19.15% of the stock is currently owned by company insiders.

Institutional Trading of Freshworks

Hedge funds have recently bought and sold shares of the stock. Capital International Investors bought a new stake in shares of Freshworks during the first quarter worth $59,311,000. Clearbridge Investments LLC lifted its holdings in shares of Freshworks by 107.4% in the first quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock valued at $73,764,000 after purchasing an additional 2,097,280 shares in the last quarter. Norges Bank acquired a new position in shares of Freshworks during the fourth quarter worth about $44,919,000. Ninety One UK Ltd bought a new position in shares of Freshworks during the fourth quarter worth about $36,303,000. Finally, Vanguard Group Inc. raised its position in Freshworks by 6.8% in the 1st quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock valued at $385,525,000 after buying an additional 1,354,530 shares during the last quarter. 75.58% of the stock is currently owned by institutional investors and hedge funds.

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.