Freshworks (NASDAQ:FRSH) Stock Rating Lowered by Oppenheimer

Freshworks (NASDAQ:FRSH) was downgraded by Oppenheimer from an “outperform” rating to a “market perform” rating in a note issued to investors on Thursday, Briefing.com reports.

A number of other research analysts also recently weighed in on FRSH. JMP Securities increased their target price on shares of Freshworks from $25.00 to $29.00 and gave the company a “market outperform” rating in a research report on Wednesday, February 7th. Morgan Stanley lowered their target price on Freshworks from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 17th. Wolfe Research upgraded Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 price target for the company in a research note on Tuesday, February 20th. Cantor Fitzgerald reissued an “overweight” rating and issued a $25.00 price objective on shares of Freshworks in a report on Wednesday, February 7th. Finally, Jefferies Financial Group raised shares of Freshworks from a “hold” rating to a “buy” rating and upped their price objective for the company from $20.00 to $30.00 in a report on Friday, January 5th. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $24.59.

Freshworks Stock Up 2.2 %

Shares of NASDAQ:FRSH opened at $18.25 on Thursday. The firm has a market capitalization of $5.44 billion, a price-to-earnings ratio of -38.83 and a beta of 0.87. The stock’s 50 day moving average is $18.53 and its 200-day moving average is $20.04. Freshworks has a twelve month low of $12.22 and a twelve month high of $24.98.

Freshworks (NASDAQ:FRSH) last released its quarterly 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. Freshworks had a negative return on equity of 12.55% and a negative net margin of 23.04%. The business had revenue of $160.11 million during the quarter, compared to analyst estimates of $158.11 million. Equities research analysts anticipate that Freshworks will post -0.37 earnings per share for the current fiscal year.

Insider Transactions at Freshworks

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

Hedge Funds Weigh In On Freshworks

A number of hedge funds have recently modified their holdings of FRSH. Private Advisor Group LLC purchased a new position in shares of Freshworks during the first quarter valued at approximately $685,000. Allspring Global Investments Holdings LLC increased its position in Freshworks by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock valued at $250,000 after purchasing an additional 1,160 shares during the period. Steph & Co. bought a new position in Freshworks in the 1st quarter worth $201,000. Renaissance Capital LLC lifted its position in shares of Freshworks by 3.0% in the 1st quarter. Renaissance Capital LLC now owns 105,697 shares of the company’s stock worth $1,925,000 after purchasing an additional 3,071 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Freshworks by 6.9% during the 4th quarter. Vanguard Group Inc. now owns 19,816,514 shares of the company’s stock valued at $465,490,000 after purchasing an additional 1,285,713 shares in the last quarter. Hedge funds and other institutional investors 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.