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

Freshworks (NASDAQ:FRSH) had its target price upped by Barclays from $14.00 to $20.00 in a research report released on Wednesday morning,Benzinga reports. Barclays currently has an equal weight rating on the stock.

A number of other research firms also recently issued reports on FRSH. Wells Fargo & Company downgraded shares of Freshworks from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $16.00 to $13.00 in a report on Tuesday, January 21st. Canaccord Genuity Group raised their price objective on shares of Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Piper Sandler raised their price objective on shares of Freshworks from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. JMP Securities raised their price objective on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Finally, Oppenheimer raised their price objective on shares of Freshworks from $22.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $21.07.

Freshworks Price Performance

Shares of FRSH stock opened at $17.05 on Wednesday. The firm has a 50-day moving average of $17.00 and a 200-day moving average of $14.13. The company has a market cap of $5.16 billion, a P/E ratio of -50.15 and a beta of 0.91. Freshworks has a one year low of $10.81 and a one year high of $21.61.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Tuesday, February 11th. The company reported ($0.02) EPS 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%. As a group, research analysts expect that Freshworks will post -0.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Freshworks

In other news, Director Zachary Nelson sold 8,442 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $18.30, for a total transaction of $154,488.60. Following the sale, the director now owns 24,187 shares in the company, valued at approximately $442,622.10. The trade was a 25.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $16.08, for a total transaction of $13,426,800.00. Following the completion of the transaction, the chairman now owns 551,137 shares in the company, valued at approximately $8,862,282.96. The trade was a 60.24 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,727,211 shares of company stock valued at $27,224,746. 19.15% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Freshworks

A number of hedge funds have recently bought and sold shares of the company. Avion Wealth purchased a new stake in shares of Freshworks during the 4th quarter valued at about $26,000. Blue Trust Inc. boosted its holdings 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 valued at $38,000 after acquiring an additional 2,822 shares during the last quarter. Covestor Ltd boosted its holdings in shares of Freshworks by 89.9% during the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after acquiring an additional 1,704 shares during the last quarter. National Bank of Canada FI boosted its holdings in shares of Freshworks by 1,385.8% during the 4th quarter. National Bank of Canada FI now owns 3,967 shares of the company’s stock valued at $64,000 after acquiring an additional 3,700 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its holdings 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 valued at $71,000 after acquiring an additional 2,223 shares during the last quarter. Institutional investors 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.