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

Freshworks (NASDAQ:FRSH - Get Free Report) had its target price increased by research analysts at Barclays from $14.00 to $20.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Barclays's target price suggests a potential upside of 17.30% from the stock's previous close.

A number of other equities research analysts have also recently weighed in on FRSH. Wells Fargo & Company cut Freshworks from an "equal weight" rating to an "underweight" rating and dropped their price target for the company from $16.00 to $13.00 in a report on Tuesday, January 21st. Robert W. Baird dropped their price target on Freshworks from $16.00 to $15.00 and set a "neutral" rating for the company in a report on Thursday, November 7th. Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 price target on shares of Freshworks in a report on Wednesday, January 15th. Canaccord Genuity Group raised their price target on Freshworks from $17.00 to $19.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Finally, Piper Sandler raised their price target on Freshworks from $18.00 to $20.00 and gave the company an "overweight" rating in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Freshworks has a consensus rating of "Moderate Buy" and a consensus target price of $21.07.

Freshworks Price Performance

Shares of Freshworks stock traded down $0.38 during midday trading on Wednesday, hitting $17.05. 3,844,448 shares of the company were exchanged, compared to its average volume of 3,932,087. The firm has a market cap of $5.16 billion, a P/E ratio of -50.15 and a beta of 0.91. Freshworks has a 52 week low of $10.81 and a 52 week high of $21.61. The firm has a 50 day simple moving average of $17.00 and a 200-day simple moving average of $14.13.

Freshworks (NASDAQ:FRSH - Get Free Report) last posted its earnings results on Tuesday, February 11th. The company reported ($0.02) EPS 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 research analysts expect that Freshworks will post -0.35 earnings per share for the current year.

Insider Buying and Selling

In other Freshworks news, insider Mika Yamamoto sold 2,859 shares of Freshworks 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 transaction, the insider now directly owns 397,390 shares in the company, valued at approximately $7,268,263.10. The trade was a 0.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Barry L. Padgett sold 2,345 shares of Freshworks stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total value of $40,568.50. Following the transaction, the director now owns 26,957 shares in the company, valued at approximately $466,356.10. This represents a 8.00 % decrease in their ownership of the stock. 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 over the last three months. Company insiders own 19.15% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Freshworks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company's stock worth $405,283,000 after acquiring an additional 1,357,526 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Freshworks by 49.8% in the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company's stock valued at $60,503,000 after purchasing an additional 1,752,995 shares in the last quarter. State Street Corp lifted its holdings in shares of Freshworks by 7.1% in the third quarter. State Street Corp now owns 4,729,093 shares of the company's stock valued at $54,290,000 after purchasing an additional 313,982 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Freshworks by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 4,673,600 shares of the company's stock valued at $75,588,000 after purchasing an additional 79,388 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of Freshworks by 18.1% in the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company's stock valued at $44,934,000 after purchasing an additional 604,658 shares in the last quarter. 75.58% of the stock is currently owned by 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.