Barclays Trims Freshworks (NASDAQ:FRSH) Target Price to $15.00

Freshworks (NASDAQ:FRSH) had its price objective lowered by Barclays from $20.00 to $15.00 in a report published on Friday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other analysts have also recently commented on the stock. Oppenheimer cut shares of Freshworks from an outperform rating to a market perform rating in a research note on Thursday. Needham & Company LLC reissued a buy rating and issued a $30.00 price objective on shares of Freshworks in a report on Thursday. JMP Securities dropped their target price on Freshworks from $29.00 to $21.00 and set a market outperform rating on the stock in a research report on Thursday. Morgan Stanley cut their price target on shares of Freshworks from $22.00 to $18.00 and set an equal weight rating on the stock in a report on Thursday. Finally, Robert W. Baird cut shares of Freshworks from an outperform rating to a neutral rating and decreased their price objective for the company from $28.00 to $16.00 in a research note on Thursday. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Freshworks currently has a consensus rating of Moderate Buy and an average target price of $22.59.

Freshworks Trading Down 4.4 %

NASDAQ FRSH opened at $14.03 on Friday. Freshworks has a 52 week low of $12.22 and a 52 week high of $24.98. The company has a 50 day moving average price of $18.29 and a 200 day moving average price of $19.99.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.04. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. The firm had revenue of $160.11 million for the quarter, compared to the consensus estimate of $158.11 million. As a group, equities analysts forecast that Freshworks will post -0.37 EPS for the current year.

Insider Activity at Freshworks

In other Freshworks news, Director Barry L. Padgett sold 4,690 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $20.22, for a total value of $94,831.80. Following the transaction, the director now directly owns 17,387 shares of the company’s stock, valued at approximately $351,565.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Barry L. Padgett sold 4,690 shares of Freshworks stock in a transaction on Friday, March 1st. The stock was sold at an average price of $20.22, for a total value of $94,831.80. Following the completion of the transaction, the director now directly owns 17,387 shares in the company, valued at $351,565.14. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Roxanne S. Austin sold 6,303 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $21.54, for a total transaction of $135,766.62. Following the transaction, the director now owns 88,431 shares of the company’s stock, valued at approximately $1,904,803.74. The disclosure for this sale can be found here. In the last quarter, insiders sold 460,792 shares of company stock valued at $9,408,403. Corporate insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FRSH. SG Americas Securities LLC increased its position in Freshworks by 226.6% during the third quarter. SG Americas Securities LLC now owns 35,651 shares of the company’s stock worth $710,000 after buying an additional 24,735 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Freshworks by 13.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,734 shares of the company’s stock valued at $572,000 after purchasing an additional 3,385 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in Freshworks in the third quarter valued at $327,000. Jennison Associates LLC purchased a new stake in shares of Freshworks in the third quarter valued at about $582,000. Finally, Teacher Retirement System of Texas boosted its stake in shares of Freshworks by 135.9% during the third quarter. Teacher Retirement System of Texas now owns 25,211 shares of the company’s stock worth $502,000 after buying an additional 14,526 shares during the period. 75.58% of the stock is 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.