Freshworks (NASDAQ:FRSH) Downgraded by Oppenheimer

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

A number of other research analysts have also issued reports on the stock. JMP Securities increased their target price on shares of Freshworks from $25.00 to $29.00 and gave the stock a market outperform rating in a research report on Wednesday, February 7th. Robert W. Baird lowered shares of Freshworks from an outperform rating to a neutral rating and reduced their price target for the stock from $28.00 to $16.00 in a research report on Thursday. Wolfe Research raised shares of 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. Morgan Stanley dropped their price target on shares of Freshworks from $24.00 to $22.00 and set an equal weight rating for the company in a research note on Wednesday, April 17th. Finally, Jefferies Financial Group upgraded shares of Freshworks from a hold rating to a buy rating and increased their price objective for the stock from $20.00 to $30.00 in a research report on Friday, January 5th. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Freshworks presently has an average rating of Moderate Buy and a consensus target price of $22.59.

Freshworks Trading Down 4.4 %

Shares of NASDAQ:FRSH traded down $0.64 on Thursday, reaching $14.03. 6,974,887 shares of the company’s stock were exchanged, compared to its average volume of 3,264,107. The company has a fifty day moving average of $18.29 and a 200-day moving average of $19.98. Freshworks has a twelve month low of $12.22 and a twelve month high of $24.98. The company has a market capitalization of $4.18 billion, a price-to-earnings ratio of -35.07 and a beta of 0.88.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping 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 firm had revenue of $160.11 million for the quarter, compared to analyst estimates of $158.11 million. As a group, equities research analysts forecast that Freshworks will post -0.37 EPS for the current fiscal year.

Insider Activity

In other news, CEO Rathnagirish Mathrubootham sold 430,149 shares of Freshworks stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $20.44, for a total transaction of $8,792,245.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Rathnagirish Mathrubootham sold 430,149 shares of Freshworks stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $20.44, for a total transaction of $8,792,245.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Roxanne S. Austin sold 6,303 shares of Freshworks stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $21.54, for a total transaction of $135,766.62. Following the transaction, the director now owns 88,431 shares of the company’s stock, valued at $1,904,803.74. The disclosure for this sale can be found here. Insiders sold 460,792 shares of company stock worth $9,408,403 over the last three months. 19.15% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in FRSH. Vanguard Group Inc. lifted its position in shares of Freshworks by 14.6% during the third quarter. Vanguard Group Inc. now owns 18,530,801 shares of the company’s stock valued at $369,134,000 after purchasing an additional 2,363,550 shares in the last quarter. Norges Bank bought a new position in shares of Freshworks during the fourth quarter valued at about $44,919,000. Lord Abbett & CO. LLC bought a new position in shares of Freshworks during the third quarter valued at about $34,644,000. Ninety One UK Ltd bought a new position in shares of Freshworks during the fourth quarter valued at about $36,303,000. Finally, Acadian Asset Management LLC lifted its position in shares of Freshworks by 511.2% during the third quarter. Acadian Asset Management LLC now owns 1,312,016 shares of the company’s stock valued at $26,118,000 after purchasing an additional 1,097,369 shares in the last quarter. 75.58% of the stock is 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.