Freshworks (NASDAQ:FRSH) Rating Increased to Outperform at Oppenheimer

Freshworks (NASDAQ:FRSH) was upgraded by investment analysts at Oppenheimer from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Thursday, Marketbeat reports. The firm currently has a $22.00 target price on the stock. Oppenheimer’s target price would suggest a potential upside of 26.15% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Wells Fargo & Company boosted their price objective on shares of Freshworks from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 7th. Piper Sandler lifted their target price 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 decreased 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. Morgan Stanley lifted their price objective on Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. Finally, JMP Securities upped their target price on Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Thursday, November 7th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Freshworks has a consensus rating of “Moderate Buy” and a consensus price target of $19.29.

Freshworks Price Performance

NASDAQ:FRSH opened at $17.44 on Thursday. Freshworks has a one year low of $10.81 and a one year high of $23.30. The firm’s 50 day simple moving average is $16.18 and its 200 day simple moving average is $13.42. The company has a market cap of $5.28 billion, a PE ratio of -51.29 and a beta of 0.88.

Insider Buying and Selling

In related news, Director Jennifer H. Taylor sold 4,690 shares of the business’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $16.74, for a total value of $78,510.60. Following the completion of the sale, the director now directly owns 36,689 shares of the company’s stock, valued at $614,173.86. The trade was a 11.33 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Zachary Nelson sold 8,433 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $12.19, for a total value of $102,798.27. Following the completion of the transaction, the director now owns 23,497 shares in the company, valued at approximately $286,428.43. The trade was a 26.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,702,163 shares of company stock valued at $26,721,018 over the last ninety days. 19.15% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Freshworks

A number of institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. grew its position in Freshworks by 165.0% in 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 period. Dimensional Fund Advisors LP raised its holdings in Freshworks by 10.9% during the second quarter. Dimensional Fund Advisors LP now owns 2,428,755 shares of the company’s stock worth $30,821,000 after buying an additional 239,671 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of 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 holdings in shares of Freshworks by 29.1% during the second quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock valued at $90,000 after buying an additional 1,588 shares during the last quarter. Finally, Ieq Capital LLC increased its position 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 acquiring an additional 10,000 shares in the last quarter. 75.58% of the stock is owned by institutional investors and hedge funds.

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.