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

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

A number of other analysts have also recently weighed in on the stock. Cantor Fitzgerald restated an overweight rating and issued a $25.00 price target on shares of Freshworks in a report on Wednesday, February 7th. Robert W. Baird lowered shares of Freshworks from an outperform rating to a neutral rating and decreased their price objective for the company from $28.00 to $16.00 in a research report on Thursday. JMP Securities increased their price objective on shares of Freshworks from $25.00 to $29.00 and gave the company a market outperform rating in a research report on Wednesday, February 7th. Wolfe Research raised shares of Freshworks from a peer perform rating to an outperform rating and set a $27.00 price objective for the company in a research report on Tuesday, February 20th. Finally, Jefferies Financial Group raised shares of Freshworks from a hold rating to a buy rating and increased their price objective for the company from $20.00 to $30.00 in a research report on Friday, January 5th. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $22.59.

Freshworks Trading Down 4.4 %

FRSH stock traded down $0.64 during trading on Thursday, hitting $14.03. The company had a trading volume of 6,974,887 shares, compared to its average volume of 3,264,107. Freshworks has a 52-week low of $12.22 and a 52-week high of $24.98. The company has a 50 day simple moving average of $18.29 and a 200-day simple moving average of $19.97.

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

Insiders Place Their Bets

In other news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $20.44, for a total value of $8,792,245.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $20.44, for a total value of $8,792,245.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jennifer H. Taylor sold 7,035 shares of the stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $18.08, for a total value of $127,192.80. Following the completion of the transaction, the director now owns 19,991 shares of the company’s stock, valued at $361,437.28. The disclosure for this sale can be found here. In the last three months, insiders sold 460,792 shares of company stock worth $9,408,403. Corporate insiders own 19.15% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FRSH. SG Americas Securities LLC raised its stake in shares of Freshworks by 226.6% in the third quarter. SG Americas Securities LLC now owns 35,651 shares of the company’s stock valued at $710,000 after acquiring an additional 24,735 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Freshworks by 13.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,734 shares of the company’s stock valued at $572,000 after buying an additional 3,385 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Freshworks in the third quarter valued at $327,000. Jennison Associates LLC acquired a new stake in Freshworks in the third quarter valued at $582,000. Finally, Teacher Retirement System of Texas raised its stake in Freshworks by 135.9% in the third quarter. Teacher Retirement System of Texas now owns 25,211 shares of the company’s stock valued at $502,000 after buying an additional 14,526 shares in 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.