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

Freshworks (NASDAQ:FRSH) had its price objective increased by Barclays from $14.00 to $20.00 in a research report report published on Wednesday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

FRSH has been the subject of several other research reports. Piper Sandler increased their target price on shares of Freshworks from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Monday, January 6th. JPMorgan Chase & Co. raised their price objective on shares of Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. 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. Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Freshworks in a report on Wednesday, January 15th. Finally, Morgan Stanley raised their price objective on shares of Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $21.07.

Freshworks Stock Performance

FRSH opened at $17.80 on Wednesday. The company’s fifty day moving average price is $16.97 and its two-hundred day moving average price is $14.08. Freshworks has a 1-year low of $10.81 and a 1-year high of $21.61.

Freshworks (NASDAQ:FRSH) last released 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 return on equity of 8.57% and a negative net margin of 14.80%. Equities analysts forecast that Freshworks will post -0.35 earnings per share for the current year.

Insider Activity

In related news, insider Mika Yamamoto sold 5,718 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $16.95, for a total value of $96,920.10. Following the sale, the insider now directly owns 403,108 shares of the company’s stock, valued at $6,832,680.60. This trade represents a 1.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 24,187 shares in the company, valued at $442,622.10. This represents a 25.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,727,211 shares of company stock worth $27,224,746. 19.15% of the stock is owned by company insiders.

Institutional Investors Weigh In On Freshworks

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. raised its stake in Freshworks by 32.2% in the fourth quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock valued at $63,000 after purchasing an additional 954 shares in the last quarter. Versor Investments LP raised its stake in shares of Freshworks by 3.0% during the fourth quarter. Versor Investments LP now owns 34,400 shares of the company’s stock worth $556,000 after acquiring an additional 1,000 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Freshworks by 2.2% during the fourth quarter. Arizona State Retirement System now owns 51,704 shares of the company’s stock worth $836,000 after acquiring an additional 1,103 shares in the last quarter. Xponance Inc. raised its stake in shares of Freshworks by 10.2% during the fourth quarter. Xponance Inc. now owns 14,847 shares of the company’s stock worth $240,000 after acquiring an additional 1,369 shares in the last quarter. Finally, Avion Wealth purchased a new position in shares of Freshworks during the fourth quarter worth approximately $26,000. 75.58% of the stock is owned by hedge funds and other institutional investors.

About Freshworks

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.