Barclays Cuts Freshworks (NASDAQ:FRSH) Price Target to $27.00

Freshworks (NASDAQ:FRSH) had its price target reduced by Barclays from $45.00 to $27.00 in a research report released on Wednesday morning, The Fly reports.

A number of other analysts have also issued reports on the stock. Piper Sandler dropped their price objective on shares of Freshworks from $53.00 to $38.00 and set an overweight rating on the stock in a research note on Wednesday. Jefferies Financial Group dropped their price target on shares of Freshworks from $50.00 to $25.00 and set a hold rating for the company in a research note on Thursday, January 6th.

FRSH opened at $23.10 on Wednesday. The firm’s 50 day moving average price is $29.06. Freshworks has a 52-week low of $20.84 and a 52-week high of $53.36.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data on Tuesday, November 2nd. The company reported ($1.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.92) by ($0.25). The firm had revenue of $96.61 million for the quarter, compared to the consensus estimate of $90.68 million. As a group, sell-side analysts forecast that Freshworks will post -1.51 EPS for the current fiscal year.

In other news, Director Zachary Nelson sold 14,063 shares of the business’s stock in a transaction on Wednesday, December 22nd. The shares were sold at an average price of $27.50, for a total transaction of $386,732.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Capitalg 2014 Lp sold 2,770 shares of the business’s stock in a transaction on Thursday, November 11th. The shares were sold at an average price of $39.05, for a total transaction of $108,168.50. The disclosure for this sale can be found here. Insiders own 13.10% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Cubist Systematic Strategies LLC acquired a new position in shares of Freshworks during the third quarter valued at $27,000. Moors & Cabot Inc. bought a new stake in shares of Freshworks during the third quarter valued at about $506,000. Atom Investors LP bought a new stake in shares of Freshworks during the third quarter valued at about $268,000. Squarepoint Ops LLC bought a new stake in shares of Freshworks during the third quarter valued at about $305,000. Finally, CNH Partners LLC bought a new stake in shares of Freshworks during the third quarter valued at about $317,000. 15.98% of the stock is owned by institutional investors.

Freshworks Company Profile

Freshworks Inc develops software solutions for businesses worldwide. It offers Freshdesk, a solution that empower the support team to work together and resolve customer issues; Freshworks CRM, a solution that keep sales team in the know about prospects and close deals; Freshworks 360, a sales, support, marketing, and success platform; and Freshservice, a solution to streamline information technology service and manage internal requests from the employees.

Featured Story: What is the float in trading stocks?

The Fly logo

Receive News & Ratings for Freshworks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freshworks and related companies with MarketBeat.com's FREE daily email newsletter.