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

Freshworks (NASDAQ:FRSH) had its price objective raised by stock analysts at Barclays from $14.00 to $20.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price target would indicate a potential upside of 14.74% from the company’s current price.

FRSH has been the subject of a number of other reports. Piper Sandler upped their target price on Freshworks from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Wells Fargo & Company downgraded Freshworks from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $16.00 to $13.00 in a research report on Tuesday, January 21st. Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Freshworks in a research report on Wednesday, January 15th. JMP Securities upped their price objective on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Finally, Oppenheimer upped their price objective on Freshworks from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $21.07.

Freshworks Stock Performance

NASDAQ:FRSH opened at $17.43 on Wednesday. The stock has a fifty day moving average price of $16.97 and a 200-day moving average price of $14.08. The company has a market cap of $5.28 billion, a price-to-earnings ratio of -51.26 and a beta of 0.91. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $21.61.

Freshworks (NASDAQ:FRSH) last released its earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.10). Freshworks had a negative net margin of 14.80% and a negative return on equity of 8.57%. Research analysts predict that Freshworks will post -0.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Chairman Rathnagirish Mathrubootham sold 830,000 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $15.33, for a total value of $12,723,900.00. Following the completion of the sale, the chairman now owns 551,137 shares of the company’s stock, valued at approximately $8,448,930.21. This represents a 60.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Zachary Nelson sold 8,442 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $18.30, for a total value of $154,488.60. Following the completion of the sale, the director now directly owns 24,187 shares of the company’s stock, valued at approximately $442,622.10. The trade was a 25.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,727,211 shares of company stock valued at $27,224,746 in the last 90 days. Corporate 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 the stock. Vanguard Group Inc. increased 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 valued at $405,283,000 after buying an additional 1,357,526 shares during the period. JPMorgan Chase & Co. grew its stake in Freshworks by 49.8% during the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock worth $60,503,000 after purchasing an additional 1,752,995 shares during the period. State Street Corp grew its stake in Freshworks by 7.1% during the third quarter. State Street Corp now owns 4,729,093 shares of the company’s stock worth $54,290,000 after purchasing an additional 313,982 shares during the period. Geode Capital Management LLC grew its stake in Freshworks by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 4,673,600 shares of the company’s stock worth $75,588,000 after purchasing an additional 79,388 shares during the period. Finally, Franklin Resources Inc. grew its stake in Freshworks by 18.1% during the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock worth $44,934,000 after purchasing an additional 604,658 shares during the period. Institutional investors and hedge funds own 75.58% of the company’s stock.

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.