Oppenheimer Issues Positive Forecast for Freshworks (NASDAQ:FRSH) Stock Price

Freshworks (NASDAQ:FRSH) had its target price raised by Oppenheimer from $22.00 to $24.00 in a report released on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

FRSH has been the topic of several other reports. Robert W. Baird cut their price objective on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Piper Sandler increased their price objective on shares of Freshworks from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Wells Fargo & Company downgraded shares of Freshworks from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $16.00 to $13.00 in a research report on Tuesday, January 21st. JPMorgan Chase & Co. upped their target price on shares of Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Finally, Morgan Stanley upped their target price on shares of Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Freshworks currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.07.

Freshworks Trading Down 0.3 %

NASDAQ:FRSH opened at $17.80 on Wednesday. The company has a fifty day moving average of $16.97 and a 200 day moving average of $14.08. Freshworks has a 52 week low of $10.81 and a 52 week high of $21.61.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.10). Freshworks had a negative net margin of 14.80% and a negative return on equity of 8.57%. On average, sell-side analysts predict that Freshworks will post -0.35 EPS for the current year.

Insider Transactions at Freshworks

In related news, Director Barry L. Padgett sold 2,345 shares of Freshworks stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total value 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. The trade was a 8.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Mika Yamamoto sold 2,859 shares of Freshworks stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $18.29, for a total value of $52,291.11. Following the completion of the sale, the insider now owns 397,390 shares of the company’s stock, valued at $7,268,263.10. The trade was a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,727,211 shares of company stock worth $27,224,746. 19.15% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Freshworks

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN grew its stake in Freshworks by 27.3% in the fourth quarter. Wells Fargo & Company MN now owns 146,276 shares of the company’s stock valued at $2,365,000 after purchasing an additional 31,405 shares during the last quarter. ExodusPoint Capital Management LP purchased a new position in Freshworks in the fourth quarter valued at about $1,750,000. Bryce Point Capital LLC purchased a new position in Freshworks in the fourth quarter valued at about $571,000. Trexquant Investment LP grew its stake in Freshworks by 364.6% in the fourth quarter. Trexquant Investment LP now owns 915,887 shares of the company’s stock valued at $14,810,000 after purchasing an additional 718,763 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in Freshworks in the fourth quarter valued at about $1,401,000. Hedge funds and other institutional investors 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.