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

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

FRSH has been the subject of a number of other reports. Needham & Company LLC reaffirmed a buy rating and set a $20.00 price target on shares of Freshworks in a research note on Wednesday. Oppenheimer cut shares of Freshworks from an outperform rating to a market perform rating in a research note on Thursday, May 2nd. Morgan Stanley dropped their price target on shares of Freshworks from $22.00 to $18.00 and set an equal weight rating for the company in a research note on Thursday, May 2nd. Jefferies Financial Group decreased their price objective on shares of Freshworks from $25.00 to $20.00 and set a buy rating for the company in a report on Wednesday. Finally, Scotiabank decreased their price objective on shares of Freshworks from $18.00 to $16.00 and set a sector perform rating for the company in a report on Wednesday. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Freshworks presently has a consensus rating of Moderate Buy and an average price target of $19.40.

Freshworks Stock Performance

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

Freshworks (NASDAQ:FRSH) last posted its earnings results on Tuesday, July 30th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $174.13 million during the quarter, compared to analysts’ expectations of $169.05 million. During the same period last year, the company posted ($0.12) earnings per share. Freshworks’s quarterly revenue was up 20.0% on a year-over-year basis. On average, equities research analysts forecast that Freshworks will post -0.34 earnings per share for the current year.

Insiders Place Their Bets

In other Freshworks news, Director Zachary Nelson sold 8,442 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $11.60, for a total transaction of $97,927.20. Following the sale, the director now owns 22,530 shares of the company’s stock, valued at approximately $261,348. The transaction was disclosed in a legal 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 the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $12.73, for a total transaction of $89,555.55. Following the sale, the director now owns 19,991 shares of the company’s stock, valued at approximately $254,485.43. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Zachary Nelson sold 8,442 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $11.60, for a total transaction of $97,927.20. Following 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. In the last quarter, insiders have sold 42,738 shares of company stock valued at $541,557. Insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

Several large investors have recently made changes to their positions in the business. Capital International Investors acquired a new stake in Freshworks during the first quarter valued at $59,311,000. Clearbridge Investments LLC lifted its holdings in Freshworks by 107.4% during 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 purchased a new position in Freshworks during the fourth quarter valued at $44,919,000. Ninety One UK Ltd purchased a new position in Freshworks during the fourth quarter valued at $36,303,000. Finally, Vanguard Group Inc. lifted its holdings in Freshworks by 6.8% during the first quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock valued at $385,525,000 after purchasing an additional 1,354,530 shares in the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

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.