Oppenheimer Raises Freshworks (NASDAQ:FRSH) Price Target to $24.00

Freshworks (NASDAQ:FRSH - Get Free Report) had its price target lifted by equities researchers at Oppenheimer from $22.00 to $24.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Oppenheimer's price target would suggest a potential upside of 40.76% from the company's previous close.

A number of other brokerages have also recently commented on FRSH. Robert W. Baird decreased their price objective on Freshworks from $16.00 to $15.00 and set a "neutral" rating for the company in a research note on Thursday, November 7th. Piper Sandler upped their target price on shares of Freshworks from $18.00 to $20.00 and gave the company an "overweight" rating in a research note on Monday, January 6th. JMP Securities boosted their price target 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 downgraded Freshworks from an "equal weight" rating to an "underweight" rating and lowered their price target for the stock from $16.00 to $13.00 in a report on Tuesday, January 21st. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $20.00 price objective on shares of Freshworks in a research report on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, Freshworks has an average rating of "Moderate Buy" and a consensus price target of $21.07.

Freshworks Stock Down 2.2 %

NASDAQ:FRSH traded down $0.38 during trading hours on Wednesday, hitting $17.05. 3,844,448 shares of the stock were exchanged, compared to its average volume of 3,932,087. The company has a market capitalization of $5.16 billion, a P/E ratio of -50.15 and a beta of 0.91. The company's 50 day moving average is $17.00 and its two-hundred day moving average is $14.13. Freshworks has a twelve month low of $10.81 and a twelve month high of $21.61.

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

Insider Transactions at Freshworks

In related news, Director Zachary Nelson sold 8,442 shares of the firm's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $18.30, for a total value of $154,488.60. Following the completion of the sale, the director now directly owns 24,187 shares in the company, valued at approximately $442,622.10. This trade represents a 25.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Mika Yamamoto sold 5,718 shares of the firm's stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $16.95, for a total transaction of $96,920.10. Following the completion of the sale, the insider now owns 403,108 shares of the company's stock, valued at $6,832,680.60. This trade represents a 1.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,727,211 shares of company stock worth $27,224,746 in the last three months. Insiders own 19.15% of the company's stock.

Institutional Investors Weigh In On Freshworks

Hedge funds have recently bought and sold shares of the company. Avion Wealth acquired a new stake in Freshworks in the 4th quarter valued at about $26,000. Blue Trust Inc. lifted its stake in Freshworks by 1,987.3% in the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company's stock valued at $38,000 after purchasing an additional 2,822 shares during the last quarter. Covestor Ltd lifted its stake in Freshworks by 89.9% in the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company's stock valued at $41,000 after purchasing an additional 1,704 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in Freshworks in the 3rd quarter valued at about $57,000. Finally, National Bank of Canada FI lifted its stake in Freshworks by 1,385.8% in the 4th quarter. National Bank of Canada FI now owns 3,967 shares of the company's stock valued at $64,000 after purchasing an additional 3,700 shares during the last quarter. 75.58% of the stock is currently owned by institutional investors and hedge funds.

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.