Oppenheimer Upgrades Freshworks (NASDAQ:FRSH) to "Outperform"

Oppenheimer upgraded shares of Freshworks (NASDAQ:FRSH - Free Report) from a market perform rating to an outperform rating in a report released on Thursday, MarketBeat Ratings reports. The brokerage currently has $22.00 price objective on the stock.

A number of other equities research analysts have also weighed in on the stock. Morgan Stanley boosted 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. Wells Fargo & Company boosted their target price on shares of Freshworks from $14.00 to $16.00 and gave the company an "equal weight" rating in a research note on Tuesday, January 7th. JMP Securities boosted their target price on shares of Freshworks from $21.00 to $24.00 and gave the company a "market outperform" rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. boosted 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, Needham & Company LLC reiterated a "buy" rating and set a $20.00 target price on shares of Freshworks in a research note on Wednesday. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $19.29.

Freshworks Trading Up 4.1 %

FRSH stock traded up $0.69 during midday trading on Thursday, hitting $17.46. The company's stock had a trading volume of 3,398,527 shares, compared to its average volume of 2,990,488. The company has a market cap of $5.29 billion, a PE ratio of -51.35 and a beta of 0.88. Freshworks has a 12 month low of $10.81 and a 12 month high of $23.30. The firm's 50-day moving average is $16.14 and its 200-day moving average is $13.35.

Insiders Place Their Bets

In other Freshworks news, Director Barry L. Padgett sold 2,345 shares of the company's stock in a transaction that occurred on 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 transaction, the director now directly owns 26,957 shares in the company, valued at $466,356.10. This represents a 8.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of the company's stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $15.49, for a total value of $72,570.65. Following the completion of the transaction, the director now owns 37,286 shares of the company's stock, valued at $577,560.14. The trade was a 11.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,702,163 shares of company stock worth $26,721,018. Corporate insiders own 19.15% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FRSH. Blue Trust Inc. boosted 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 worth $38,000 after purchasing an additional 2,822 shares during the period. Covestor Ltd raised its holdings in shares of Freshworks by 89.9% during the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company's stock worth $41,000 after acquiring an additional 1,704 shares in the last quarter. Quarry LP raised its holdings in shares of Freshworks by 157.6% during the 2nd quarter. Quarry LP now owns 4,323 shares of the company's stock worth $55,000 after acquiring an additional 2,645 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Freshworks during the 3rd quarter worth approximately $57,000. Finally, Amalgamated Bank raised its holdings in shares of Freshworks by 29.1% during the 2nd quarter. Amalgamated Bank now owns 7,054 shares of the company's stock worth $90,000 after acquiring an additional 1,588 shares in the last quarter. 75.58% of the stock is currently owned by institutional investors.

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.