Freshworks (NASDAQ:FRSH) Given New $20.00 Price Target at Barclays

Freshworks (NASDAQ:FRSH) had its target price increased by research analysts at Barclays from $14.00 to $20.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s target price would indicate a potential upside of 11.98% from the company’s previous close.

Several other brokerages have also recently weighed in on FRSH. Robert W. Baird dropped their price objective on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. JPMorgan Chase & Co. lifted their price objective on Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Oppenheimer lifted their price objective on Freshworks from $22.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday. Needham & Company LLC reissued a “buy” rating and set a $20.00 price target on shares of Freshworks in a report on Wednesday, January 15th. Finally, Morgan Stanley boosted their price target on 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 given a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $20.29.

Freshworks Price Performance

FRSH opened at $17.86 on Wednesday. The business has a fifty day simple moving average of $16.94 and a 200 day simple moving average of $14.05. The company has a market capitalization of $5.41 billion, a PE ratio of -52.53 and a beta of 0.91. Freshworks has a 1 year low of $10.81 and a 1 year high of $22.14.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share (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%. Equities analysts anticipate that Freshworks will post -0.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Freshworks

In related news, insider Mika Yamamoto sold 2,859 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $18.29, for a total transaction of $52,291.11. Following the sale, the insider now owns 397,390 shares in the company, valued at $7,268,263.10. This represents a 0.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $15.85, for a total value of $133,663.05. Following the sale, the director now owns 24,187 shares in the company, valued at approximately $383,363.95. The trade was a 25.85 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,727,211 shares of company stock worth $27,224,746. Insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

Several institutional investors and hedge funds have recently made changes to their positions in FRSH. Artisan Partners Limited Partnership bought a new position in Freshworks in the fourth quarter worth approximately $16,000,000. Pier Capital LLC bought a new position in Freshworks in the fourth quarter worth approximately $9,523,000. EntryPoint Capital LLC bought a new position in Freshworks in the fourth quarter worth approximately $241,000. Vanguard Group Inc. raised its stake in shares of Freshworks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company’s stock worth $405,283,000 after purchasing an additional 1,357,526 shares during the last quarter. Finally, LPL Financial LLC purchased a new stake in shares of Freshworks in the fourth quarter worth approximately $703,000. 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.