Freshworks (NASDAQ:FRSH) Upgraded at Oppenheimer

Oppenheimer upgraded shares of Freshworks (NASDAQ:FRSH) from a market perform rating to an outperform rating in a report published on Thursday, Marketbeat Ratings reports. The firm currently has $22.00 price target on the stock.

Other research analysts also recently issued research reports about the company. Canaccord Genuity Group upped their price objective on Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Robert W. Baird cut their price target on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Needham & Company LLC restated a “buy” rating and issued a $20.00 price objective on shares of Freshworks in a report on Wednesday. Morgan Stanley lifted their target price on Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. Finally, JPMorgan Chase & Co. increased their price target on Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $19.29.

Freshworks Stock Down 0.1 %

Shares of FRSH stock opened at $17.44 on Thursday. The firm has a market capitalization of $5.28 billion, a P/E ratio of -51.29 and a beta of 0.88. Freshworks has a twelve month low of $10.81 and a twelve month high of $23.30. The stock’s fifty day simple moving average is $16.18 and its 200 day simple moving average is $13.42.

Insider Activity

In other Freshworks news, Director Barry L. Padgett sold 2,345 shares of the stock in a transaction that occurred on 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $16.08, for a total value of $13,426,800.00. Following the sale, the chairman now owns 551,137 shares of the company’s stock, valued at approximately $8,862,282.96. This represents a 60.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,702,163 shares of company stock worth $26,721,018 in the last quarter. 19.15% of the stock is owned by corporate insiders.

Institutional Trading of Freshworks

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