Oppenheimer Upgrades Freshworks (NASDAQ:FRSH) to “Outperform”

Freshworks (NASDAQ:FRSH) was upgraded by research analysts at Oppenheimer from a “market perform” rating to an “outperform” rating in a research note issued to investors on Thursday, Marketbeat reports. The brokerage presently has a $22.00 price target on the stock. Oppenheimer’s target price would suggest a potential upside of 26.15% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on FRSH. Piper Sandler boosted their price objective on Freshworks from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Robert W. Baird reduced their price target on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. JPMorgan Chase & Co. upped their price objective on Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Wells Fargo & Company lifted their target price on Freshworks from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 7th. Finally, Canaccord Genuity Group upped their price target on shares of Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.29.

Freshworks Stock Performance

Shares of FRSH stock opened at $17.44 on Thursday. Freshworks has a 52 week low of $10.81 and a 52 week high of $23.30. The company has a market capitalization of $5.28 billion, a price-to-earnings ratio of -51.29 and a beta of 0.88. The company has a 50-day simple moving average of $16.18 and a 200 day simple moving average of $13.42.

Insiders Place Their Bets

In other Freshworks news, Director Barry L. Padgett sold 2,345 shares of the company’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total transaction of $40,568.50. Following the completion of the sale, the director now directly owns 26,957 shares in the company, valued at $466,356.10. This represents a 8.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction on Friday, January 10th. The shares were sold at an average price of $15.49, for a total value of $72,570.65. Following the completion of the transaction, the director now owns 37,286 shares in the company, valued at approximately $577,560.14. The trade was a 11.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,702,163 shares of company stock worth $26,721,018 over the last ninety days. Corporate insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Victory Capital Management Inc. grew its holdings in shares of Freshworks by 165.0% during the 2nd quarter. Victory Capital Management Inc. now owns 59,952 shares of the company’s stock valued at $761,000 after purchasing an additional 37,330 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Freshworks by 10.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,428,755 shares of the company’s stock valued at $30,821,000 after purchasing an additional 239,671 shares during the last quarter. Renaissance Technologies LLC boosted its position in Freshworks by 7.6% in the second quarter. Renaissance Technologies LLC now owns 3,134,600 shares of the company’s stock valued at $39,778,000 after buying an additional 221,900 shares in the last quarter. Amalgamated Bank grew its stake in shares of Freshworks by 29.1% during the second quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock worth $90,000 after buying an additional 1,588 shares during the last quarter. Finally, Ieq Capital LLC increased its holdings in shares of Freshworks by 1.3% during the second quarter. Ieq Capital LLC now owns 760,778 shares of the company’s stock worth $9,654,000 after buying an additional 10,000 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

Freshworks Company Profile

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.