Amprius Technologies price target raised to $17 from $15 at Oppenheimer
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a minute ago
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Freshworks (FRSH) Stock Is Up, What You Need To Know
What Happened? Shares of business software provider Freshworks (NASDAQ: FRSH) jumped 3.1% in the afternoon session after Oppenheimer reiterated an "Outperform" rating on the stock with a $19.00 price target. The positive sentiment followed a presentation by Freshworks' CFO at Oppenheimer's annual technology conference, where management conveyed an upbeat tone regarding the company's market opportunities and AI momentum. The analyst's confidence is supported by the company's strong second-quarter results, reported in late July, which saw revenue grow 17.5% year-over-year, beating Wall Street's expectations. Notably, Freshworks' non-GAAP profit per share of $0.18 was nearly 56% above consensus estimates. Adding to the tailwind, the broader market rallied on the day after a favorable inflation report boosted investor hopes for a potential interest rate cut, with major indexes hitting new highs. After the initial pop the shares cooled down to $12.55, up 2% from previous close. Is now the time to buy Freshworks? Access our full analysis report here, it's free. What Is The Market Telling Us Freshworks's shares are somewhat volatile and have had 11 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business. The previous big move we wrote about was 8 days ago when the stock gained 3.8% on the news that the Software as a Service (SaaS) sector rebounded following the sell-off in the previous trading session as a weaker-than-expected U.S. jobs report increased the probability of a Federal Reserve interest rate cut. The July Nonfarm Payrolls (NFP) report showed the U.S. economy added only 73,000 jobs, significantly below the 110,000 forecast. This, combined with downward revisions for May and June, signaled a cooling labor market to investors. In response, market expectations for a September interest rate cut by the Federal Reserve surged from roughly 40% to over 80%. A potential rate cut is generally favorable for growth sectors like technology and SaaS, as lower rates can increase the present value of their future earnings, boosting stock valuations. Freshworks is down 21.1% since the beginning of the year, and at $12.55 per share, it is trading 36.5% below its 52-week high of $19.75 from January 2025. Investors who bought $1,000 worth of Freshworks's shares at the IPO in September 2021 would now be looking at an investment worth $263.83. Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we've identified a relatively under-the-radar profitable growth stock benefiting from the rise of AI, available to you FREE via this link. Sign in to access your portfolio
Yahoo
2 hours ago
- Yahoo
Remitly seeks SMB supplement
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Cross-border payments player Remitly is seeking more small and mid-sized business customers as the advance of stablecoins creates more international competition. The company, which was founded in 2011, is attempting to draw SMBs and self-employed freelancers to its services by offering them a peer-to-peer tool that lets them pay vendors, contractors and employees internationally. 'We're evolving from a cross-border payments provider to a broad financial partner,' Remitly CEO Matt Oppenheimer said in an interview Thursday. As of the end of the second quarter, Seattle-based Remitly had about 8.5 million quarterly active users, up from 6.9 million at the end of that quarter last year. The company launched the service directed at SMBs during the second quarter and has attracted 'thousands' of such customers since then who are sending transactions that are about twice the size of Remitly's typical consumer customers, Oppenheimer told analysts on a quarterly earnings call Wednesday. Those types of clients had tried to use the company's basic services in the past, but it wasn't tailored to them. Now they have a more tailored option, Oppenheimer explained. The company is investing to draw and keep such SMB customers, Remitly Chief Financial Officer Vikas Mehta said on the call, referring to them as 'high-amount senders.' He didn't specify a dollar amount for that category, but said the number of customers sending more than $1,000 increased 45% for the quarter, compared to the year-ago period. 'Given that high-amount senders is a new category for us, we are also making deliberate strategic investments in competitive pricing to attract and retain this valuable cohort and to accelerate adoption,' Mehta told analysts on the call. 'In 2H, we have launched a targeted marketing push tailored specifically to the needs and motivations of high amount vendors.' The company's marketing expense for the first half of the year increased about nine percent to $158.3 million, according to the second-quarter earnings report. That spending was equal to about a fifth of its $773.5 million in revenue through June. For just the second quarter, marketing expenses rose even more, climbing 10%. The pitch to SMBs is one of the ways that Remitly is trying to tap new revenue streams. Other ways include the company packaging its digital wallet services and buy now, pay later financing into a new 'membership' that will include a broader suite of financial services and offer cashback benefits, the executives said during the call. While the BNPL financing and wallet are available now, the company will have more details on the membership offering in September, Oppenheimer said. Remitly faces legacy competition in the form of established money transmitters such as Western Union and MoneyGram, but it also must increasingly combat new breeds of rivals. For instance, stablecoins are seen as a new means of sending money internationally and they received a boost last month from President Donald Trump signing the Genius Act, which will create a regulatory framework for such digital assets. A number of companies worldwide have begun to offer stablecoins, which are pegged to a steady asset, often the U.S. dollar. While stablecoins may challenge Remitly, the company is also embracing the opportunity they present with new plans to allow the digital assets to be stored in its digital wallet, and to let customers receive payments from stablecoin wallets. To pull those services off, it has locked arms with two major companies operating in the area, including stablecoin issuer Circle and stablecoin rail provider Bridge, a business acquired by payments behemoth Stripe this year. One threat to the company's business that evaporated during the quarter was a planned new U.S. tax on remittances, another word for cross-border payments typically sent by migrants working in foreign countries. That proposed tax was ultimately reduced in Trump's budget and will be imposed only on cash remittances. Given Remitly sells digital payment services, its business won't be directly affected by the tax, though it could benefit if the tax continues to push consumers toward non-cash payments. 'We expect the tax to further accelerate the shift from offline to online, benefiting Remitly when it's implemented on January 1, 2026,' Mehta said. Fraud, another rising threat to payments, did strike Remitly in the second quarter, causing a nearly $4 million charge against the company's results. Mehta described the 'fraud incident' as 'an isolated event that led to a discrete, non-recurring loss of $3.8 million.' 'We experienced a sophisticated fraud incident in May,' a spokesperson for the company said by email. 'We responded swiftly to shut down the attack vector and evolve our already robust AI-driven risk models to identify similar fraud patterns in the future.' In any case, Remitly logged second-quarter net income of $6.54 million, compared to a loss of $12 million in the year-earlier period, as revenue surged 34% to $411.8 million, according to the report. Recommended Reading When will you be able to buy a pizza with stablecoin?
Yahoo
7 hours ago
- Yahoo
Oppenheimer Slashes PT on Spectrum Brands Holdings (SPB) to $95 From $105
Spectrum Brands Holdings, Inc. (NYSE:SPB) is one of the best undervalued defensive stocks to buy according to analysts. On August 8, Oppenheimer lowered the firm's price target on Spectrum Brands Holdings, Inc. (NYSE:SPB) to $95 from $105 while keeping an Outperform rating on the shares. A person enjoying the convenience of their pet products, that simplify clean-up. The firm told investors in a research note that Spectrum Brands Holdings, Inc.'s (NYSE:SPB) Q3 EBITDA of $77M compares to its/Street's $90M/$81M estimates, attributed to softer demand in HPC and GPC and tariff-related supply constraints. Oppenheimer also stated that while tariffs and reduced inventory considerably affected Q3, the businesses delivered higher sales rates in July. The firm added that Spectrum Brands Holdings, Inc. (NYSE:SPB) had mostly removed tariff exposure by the end of Q3 with initial rounds of pricing and supplier concessions. Spectrum Brands Holdings, Inc. (NYSE:SPB) is a global manufacturer of branded home essentials and consumer products. The company manufactures, sells, and markets its products across Europe, the Middle East and Africa, North America, Latin America, and the Asia-Pacific regions. While we acknowledge the potential of SPB as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
