Freshworks (NASDAQ:FRSH) Upgraded by Oppenheimer to Outperform Rating

Freshworks (NASDAQ:FRSH) was upgraded by analysts at Oppenheimer from a “market perform” rating to an “outperform” rating in a research note issued on Thursday,Briefing.com Automated Import reports. The brokerage presently has a $22.00 price target on the stock. Oppenheimer’s price target would suggest a potential upside of 31.19% from the stock’s previous close.

Several other research firms have also commented on FRSH. JMP Securities increased their target price on shares of Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Thursday, November 7th. Wells Fargo & Company lifted their price target on Freshworks from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 7th. Morgan Stanley increased their price objective on Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Monday. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 target price on shares of Freshworks in a research note on Wednesday. Finally, JPMorgan Chase & Co. increased their price target on shares of Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research 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 stock. According to MarketBeat, Freshworks presently has an average rating of “Moderate Buy” and an average target price of $19.29.

Freshworks Price Performance

Shares of NASDAQ FRSH opened at $16.77 on Thursday. The stock has a market capitalization of $5.08 billion, a P/E ratio of -49.32 and a beta of 0.88. Freshworks has a one year low of $10.81 and a one year high of $23.64. The firm’s 50 day simple moving average is $16.14 and its two-hundred day simple moving average is $13.35.

Insider Buying and Selling at Freshworks

In related news, Director Jennifer H. Taylor sold 4,690 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $16.74, for a total value of $78,510.60. Following the sale, the director now owns 36,689 shares in the company, valued at $614,173.86. This represents a 11.33 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the firm’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 transaction, the chairman now directly owns 551,137 shares of the company’s stock, valued at approximately $8,862,282.96. This trade represents a 60.24 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,702,163 shares of company stock valued at $26,721,018. 19.15% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Freshworks

A number of institutional investors have recently modified their holdings of FRSH. Blue Trust Inc. raised its position in shares of Freshworks by 1,987.3% in the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock worth $38,000 after purchasing an additional 2,822 shares during the last quarter. Covestor Ltd raised its holdings in Freshworks by 89.9% in the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after buying an additional 1,704 shares during the last quarter. Quarry LP lifted its stake in shares of Freshworks by 157.6% in the second quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after buying an additional 2,645 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Freshworks during the third quarter valued at approximately $57,000. Finally, Amalgamated Bank increased its position 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 acquiring an additional 1,588 shares in the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

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.