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

Freshworks (NASDAQ:FRSH) had its price objective cut by Oppenheimer from $24.00 to $19.00 in a report released on Wednesday, MarketBeat Ratings reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s target price points to a potential upside of 51.15% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Cantor Fitzgerald upped their target price on shares of Freshworks from $18.00 to $22.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Morgan Stanley increased 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. Scotiabank lifted their target price on Freshworks from $17.00 to $19.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 12th. Barclays upped their price target on Freshworks from $14.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday, February 12th. Finally, Wells Fargo & Company lowered Freshworks from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $16.00 to $13.00 in a report on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $20.79.

Freshworks Price Performance

FRSH stock opened at $12.57 on Wednesday. The company has a 50-day moving average of $15.77 and a two-hundred day moving average of $15.19. The stock has a market capitalization of $3.79 billion, a price-to-earnings ratio of -39.28 and a beta of 0.98. Freshworks has a 52-week low of $10.81 and a 52-week high of $19.77.

Freshworks (NASDAQ:FRSH) last released its earnings results 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 13.24% and a negative return on equity of 6.63%. Equities analysts expect that Freshworks will post -0.19 EPS for the current fiscal year.

Insider Transactions at Freshworks

In other news, insider Mika Yamamoto sold 3,574 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $14.20, for a total value of $50,750.80. Following the transaction, the insider now directly owns 611,604 shares of the company’s stock, valued at $8,684,776.80. The trade was a 0.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Johanna Flower sold 1,450 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $18.01, for a total value of $26,114.50. Following the sale, the director now owns 41,491 shares in the company, valued at approximately $747,252.91. This trade represents a 3.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 50,577 shares of company stock valued at $883,242. 19.15% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State Street Corp raised its stake in shares of Freshworks by 7.1% in the third quarter. State Street Corp now owns 4,729,093 shares of the company’s stock worth $54,290,000 after acquiring an additional 313,982 shares during the last quarter. Y Intercept Hong Kong Ltd increased its holdings in shares of Freshworks by 4.7% in the third quarter. Y Intercept Hong Kong Ltd now owns 132,261 shares of the company’s stock valued at $1,518,000 after purchasing an additional 5,901 shares in the last quarter. Barclays PLC raised its position in Freshworks by 33.4% in the 3rd quarter. Barclays PLC now owns 337,621 shares of the company’s stock worth $3,875,000 after purchasing an additional 84,568 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Freshworks by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company’s stock worth $52,750,000 after buying an additional 66,342 shares in the last quarter. Finally, Tidal Investments LLC bought a new position in Freshworks in the 3rd quarter valued at $534,000. 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.