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

Freshworks (NASDAQ:FRSH) had its price objective cut by Barclays from $45.00 to $27.00 in a report published on Wednesday morning, The Fly reports.

Several other equities research analysts also recently weighed in on the stock. Piper Sandler cut their target price 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 lowered their price target on shares of Freshworks from $50.00 to $25.00 and set a hold rating for the company in a report on Thursday, January 6th.

Shares of FRSH opened at $23.10 on Wednesday. Freshworks has a fifty-two week low of $20.84 and a fifty-two week high of $53.36. The business’s 50 day simple moving average is $29.06.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Tuesday, November 2nd. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($0.92) by ($0.25). The company had revenue of $96.61 million for the quarter, compared to analysts’ expectations of $90.68 million. As a group, analysts predict that Freshworks will post -1.51 earnings per share for the current year.

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

Several institutional investors have recently modified their holdings of FRSH. Cubist Systematic Strategies LLC purchased a new stake in Freshworks in the 3rd quarter valued at $27,000. Atom Investors LP purchased a new stake in Freshworks in the 3rd quarter valued at $268,000. Squarepoint Ops LLC purchased a new stake in Freshworks in the 3rd quarter valued at $305,000. CNH Partners LLC purchased a new stake in Freshworks in the 3rd quarter valued at $317,000. Finally, Point72 Europe London LLP purchased a new stake in Freshworks in the 3rd quarter valued at $423,000. Institutional investors and hedge funds own 15.98% of the company’s stock.

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.

See Also: Are FAANG stocks a good investment?

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.