Freshworks (NASDAQ:FRSH) Issues Q3 Earnings Guidance

Freshworks (NASDAQ:FRSH) updated its third quarter earnings guidance on Tuesday. The company provided EPS guidance of $0.07 to $0.08 for the period, compared to the consensus EPS estimate of $0.08. The company issued revenue guidance of $180.0 million to $183.0 million, compared to the consensus revenue estimate of $178.67 million. Freshworks also updated its FY 2024 guidance to 0.320-0.340 EPS.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on FRSH shares. Morgan Stanley cut their target price on shares of Freshworks from $22.00 to $18.00 and set an equal weight rating for the company in a report on Thursday, May 2nd. Scotiabank decreased their price objective on shares of Freshworks from $18.00 to $16.00 and set a sector perform rating for the company in a research report on Wednesday. Canaccord Genuity Group dropped their target price on Freshworks from $20.00 to $17.00 and set a buy rating on the stock in a research report on Wednesday, July 10th. Robert W. Baird cut 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 report on Thursday, May 2nd. Finally, Oppenheimer lowered Freshworks from an outperform rating to a market perform rating in a report on Thursday, May 2nd. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Freshworks has an average rating of Moderate Buy and an average target price of $20.06.

Freshworks Stock Performance

Shares of NASDAQ FRSH traded down $0.44 during trading on Friday, hitting $11.53. 535,370 shares of the company were exchanged, compared to its average volume of 2,638,146. The company has a fifty day moving average price of $12.82 and a 200-day moving average price of $16.67. The firm has a market capitalization of $3.45 billion, a PE ratio of -29.37 and a beta of 0.74. Freshworks has a 12-month low of $11.24 and a 12-month high of $24.98.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Wednesday, May 1st. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.18%. The company had revenue of $165.14 million for the quarter, compared to the consensus estimate of $163.53 million. Research analysts anticipate that Freshworks will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Freshworks

In other Freshworks news, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $12.75, for a total value of $107,635.50. Following the transaction, the director now owns 16,535 shares of the company’s stock, valued at $210,821.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Jennifer H. Taylor sold 7,028 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $13.74, for a total transaction of $96,564.72. Following the completion of the transaction, the director now directly owns 19,991 shares in the company, valued at $274,676.34. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Zachary Nelson sold 8,442 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $12.75, for a total value of $107,635.50. Following the completion of the sale, the director now owns 16,535 shares in the company, valued at approximately $210,821.25. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,296 shares of company stock worth $443,630. Insiders own 19.15% of the company’s stock.

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.