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

Freshworks (NASDAQ:FRSH) had its target price reduced by Barclays from $20.00 to $15.00 in a research report released on Friday, Benzinga reports. They currently have an equal weight rating on the stock.

Several other equities analysts have also recently issued reports on FRSH. Robert W. Baird cut Freshworks from an outperform rating to a neutral rating and lowered their price target for the company from $28.00 to $16.00 in a research report on Thursday. Cantor Fitzgerald reduced their price objective on Freshworks from $25.00 to $19.00 and set an overweight rating for the company in a research note on Thursday. Oppenheimer downgraded shares of Freshworks from an outperform rating to a market perform rating in a research report on Thursday. JMP Securities reduced their target price on shares of Freshworks from $29.00 to $21.00 and set a market outperform rating for the company in a research note on Thursday. Finally, Piper Sandler dropped their price target on shares of Freshworks from $28.00 to $22.00 and set an overweight rating on the stock in a research note on Thursday. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $22.59.

Freshworks Stock Down 4.4 %

NASDAQ FRSH opened at $14.03 on Friday. Freshworks has a one year low of $12.22 and a one year high of $24.98. The company has a 50-day simple moving average of $18.29 and a 200-day simple moving average of $19.99.

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

Insiders Place Their Bets

In related news, Director Barry L. Padgett sold 4,690 shares of the company’s 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $18.08, for a total transaction of $127,192.80. Following the sale, the director now directly owns 19,991 shares of the company’s stock, valued at $361,437.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Barry L. Padgett sold 4,690 shares of the company’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 completion of the sale, the director now owns 17,387 shares in the company, valued at $351,565.14. The disclosure for this sale can be found here. In the last quarter, insiders sold 460,792 shares of company stock worth $9,408,403. 19.15% of the stock is currently owned by company insiders.

Institutional Trading of Freshworks

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Freshworks by 14.6% in the 3rd quarter. Vanguard Group Inc. now owns 18,530,801 shares of the company’s stock worth $369,134,000 after acquiring an additional 2,363,550 shares in the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of Freshworks during the third quarter worth approximately $2,445,000. Ninety One North America Inc. bought a new stake in shares of Freshworks during the 4th quarter valued at $15,405,000. Neo Ivy Capital Management acquired a new position in Freshworks in the third quarter valued at about $81,000. Finally, Calamos Advisors LLC raised its holdings in Freshworks by 39.7% in the fourth quarter. Calamos Advisors LLC now owns 36,804 shares of the company’s stock worth $865,000 after purchasing an additional 10,465 shares during the period. Institutional investors and hedge funds 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.