Freshworks (NASDAQ:FRSH) Cut to “Market Perform” at Oppenheimer

Oppenheimer cut shares of Freshworks (NASDAQ:FRSH) from an outperform rating to a market perform rating in a report issued on Thursday morning, Marketbeat.com reports.

Other equities research analysts have also recently issued research reports about the company. Wolfe Research raised Freshworks from a peer perform rating to an outperform rating and set a $27.00 price target for the company in a research note on Tuesday, February 20th. Robert W. Baird downgraded shares of Freshworks from an outperform rating to a neutral rating and decreased their target price for the company from $28.00 to $16.00 in a research report on Thursday. Jefferies Financial Group upgraded shares of Freshworks from a hold rating to a buy rating and boosted their price target for the stock from $20.00 to $30.00 in a research report on Friday, January 5th. 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. Finally, JMP Securities increased their price target on Freshworks from $25.00 to $29.00 and gave the stock a market outperform rating in a report on Wednesday, February 7th. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $22.59.

Freshworks Price Performance

NASDAQ:FRSH opened at $14.03 on Thursday. Freshworks has a one year low of $12.22 and a one year high of $24.98. The company has a market cap of $4.18 billion, a PE ratio of -35.07 and a beta of 0.88. The firm’s 50 day simple moving average is $18.29 and its 200 day simple moving average is $19.99.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. The company had revenue of $160.11 million for the quarter, compared to analyst estimates of $158.11 million. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. Equities research analysts expect that Freshworks will post -0.37 EPS for the current year.

Insider Activity

In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction on Monday, February 12th. The shares were sold at an average price of $21.71, for a total transaction of $152,729.85. Following the transaction, the director now directly owns 19,490 shares of the company’s stock, valued at approximately $423,127.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Jennifer H. Taylor sold 7,035 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $21.71, for a total value of $152,729.85. Following the completion of the transaction, the director now directly owns 19,490 shares of the company’s stock, valued at $423,127.90. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Rathnagirish Mathrubootham sold 430,149 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $20.44, for a total value of $8,792,245.56. The disclosure for this sale can be found here. Insiders have sold 460,792 shares of company stock worth $9,408,403 over the last 90 days. 19.15% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Private Advisor Group LLC purchased a new stake in shares of Freshworks during the 1st quarter worth approximately $685,000. Allspring Global Investments Holdings LLC grew its stake in shares of Freshworks by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock worth $250,000 after acquiring an additional 1,160 shares during the period. Steph & Co. bought a new stake in Freshworks in the 1st quarter valued at about $201,000. Renaissance Capital LLC raised its position in shares of Freshworks by 3.0% in the first quarter. Renaissance Capital LLC now owns 105,697 shares of the company’s stock valued at $1,925,000 after purchasing an additional 3,071 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of Freshworks by 6.9% during the 4th quarter. Vanguard Group Inc. now owns 19,816,514 shares of the company’s stock valued at $465,490,000 after buying an additional 1,285,713 shares in the last quarter. 75.58% of the stock is currently owned by hedge funds and other 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.