Freshworks (NASDAQ:FRSH) Rating Lowered to Market Perform at Oppenheimer

Freshworks (NASDAQ:FRSH) was downgraded by analysts at Oppenheimer from an “outperform” rating to a “market perform” rating in a research note issued to investors on Thursday, Briefing.com reports.

Other analysts also recently issued research reports about the stock. Robert W. Baird downgraded shares of Freshworks from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $28.00 to $16.00 in a research report on Thursday. Morgan Stanley lowered their price target on Freshworks from $24.00 to $22.00 and set an “equal weight” rating for the company in a report on Wednesday, April 17th. Wolfe Research raised shares of Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 target price on the stock in a report on Tuesday, February 20th. Jefferies Financial Group upgraded Freshworks from a “hold” rating to a “buy” rating and raised their target price for the company from $20.00 to $30.00 in a research note on Friday, January 5th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $25.00 price objective on shares of Freshworks in a research report on Wednesday, February 7th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.59.

Freshworks Price Performance

Freshworks stock opened at $18.25 on Thursday. The company has a market cap of $5.44 billion, a price-to-earnings ratio of -38.83 and a beta of 0.87. Freshworks has a 12 month low of $12.22 and a 12 month high of $24.98. The stock’s 50-day moving average is $18.53 and its 200-day moving average is $20.04.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.04. Freshworks had a negative net margin of 23.04% and a negative return on equity of 12.55%. The firm had revenue of $160.11 million for the quarter, compared to analyst estimates of $158.11 million. Research analysts anticipate that Freshworks will post -0.37 EPS for the current year.

Insider Buying and Selling

In other news, Director Jennifer H. Taylor sold 7,035 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $21.71, for a total value of $152,729.85. Following the transaction, the director now owns 19,490 shares in the company, valued at approximately $423,127.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Roxanne S. Austin sold 6,303 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $21.54, for a total value of $135,766.62. Following the completion of the sale, the director now directly owns 88,431 shares in the company, valued at approximately $1,904,803.74. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jennifer H. Taylor sold 7,035 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $21.71, for a total transaction of $152,729.85. Following the sale, the director now directly owns 19,490 shares of the company’s stock, valued at $423,127.90. The disclosure for this sale can be found here. In the last 90 days, insiders sold 460,792 shares of company stock valued at $9,408,403. Company insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FRSH. Neo Ivy Capital Management acquired a new stake in Freshworks in the 3rd quarter worth $81,000. Quest Partners LLC bought a new stake in shares of Freshworks in the fourth quarter valued at about $166,000. Steph & Co. acquired a new stake in Freshworks during the first quarter worth about $201,000. Jasper Ridge Partners L.P. bought a new position in Freshworks during the third quarter valued at about $217,000. Finally, Northside Capital Management LLC acquired a new position in shares of Freshworks in the fourth quarter valued at $226,000. Institutional investors and hedge funds own 75.58% of the company’s stock.

About Freshworks

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.