Oppenheimer Forecasts Strong Price Appreciation for Freshworks (NASDAQ:FRSH) Stock

Freshworks (NASDAQ:FRSH) had its price objective boosted by equities research analysts at Oppenheimer from $22.00 to $24.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s target price indicates a potential upside of 34.38% from the stock’s previous close.

A number of other analysts have also weighed in on FRSH. Canaccord Genuity Group raised their target price on shares of Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Wells Fargo & Company lowered shares of Freshworks from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $16.00 to $13.00 in a report on Tuesday, January 21st. Morgan Stanley lifted their price target on shares of Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. JPMorgan Chase & Co. lifted their price target on shares of Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $20.00 price target on shares of Freshworks in a report on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Freshworks presently has an average rating of “Moderate Buy” and a consensus target price of $20.29.

Freshworks Price Performance

Shares of Freshworks stock opened at $17.86 on Wednesday. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $22.14. The firm has a market capitalization of $5.41 billion, a P/E ratio of -52.53 and a beta of 0.91. The company’s 50 day moving average price is $16.94 and its two-hundred day moving average price is $14.05.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share 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, analysts expect that Freshworks will post -0.35 earnings per share for the current year.

Insider Buying and Selling at Freshworks

In other Freshworks news, Chairman Rathnagirish Mathrubootham sold 835,000 shares of Freshworks stock in a transaction 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 completion of the sale, the chairman now directly owns 551,137 shares of the company’s stock, valued at approximately $8,862,282.96. The trade was a 60.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $15.85, for a total transaction of $133,663.05. Following the completion of the sale, the director now directly owns 24,187 shares of the company’s stock, valued at approximately $383,363.95. This trade represents a 25.85 % 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 valued at $27,224,746. Corporate insiders own 19.15% of the company’s stock.

Institutional Investors Weigh In On Freshworks

Hedge funds and other institutional investors have recently made changes to their positions in the business. Smith Group Asset Management LLC bought a new stake in shares of Freshworks during the fourth quarter worth about $589,000. Quantbot Technologies LP increased its position in shares of Freshworks by 80.1% during the third quarter. Quantbot Technologies LP now owns 426,432 shares of the company’s stock worth $4,895,000 after acquiring an additional 189,616 shares in the last quarter. Barclays PLC increased its position in shares of Freshworks by 33.4% during the third quarter. Barclays PLC now owns 337,621 shares of the company’s stock worth $3,875,000 after acquiring an additional 84,568 shares in the last quarter. Edgestream Partners L.P. bought a new stake in shares of Freshworks during the third quarter worth about $1,193,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Freshworks by 806.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company’s stock worth $2,699,000 after acquiring an additional 209,194 shares in the last quarter. 75.58% of the stock is owned by 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.