Freshworks (NASDAQ:FRSH) Issues FY 2024 Earnings Guidance

Freshworks (NASDAQ:FRSH) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 0.380-0.390 for the period, compared to the consensus earnings per share estimate of 0.330. The company issued revenue guidance of $713.6 million-$716.6 million, compared to the consensus revenue estimate of $710.1 million. Freshworks also updated its Q4 guidance to $0.09-0.10 EPS.

Freshworks Stock Performance

Shares of NASDAQ:FRSH traded down $0.38 during midday trading on Friday, reaching $16.44. 10,459,693 shares of the company’s stock were exchanged, compared to its average volume of 3,578,957. The company’s 50 day simple moving average is $11.64 and its two-hundred day simple moving average is $12.57. Freshworks has a 12 month low of $10.81 and a 12 month high of $24.98. The firm has a market capitalization of $4.97 billion, a PE ratio of -48.35 and a beta of 0.72.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. The firm had revenue of $186.58 million during the quarter, compared to analysts’ expectations of $181.50 million. Freshworks had a negative net margin of 14.80% and a negative return on equity of 8.66%. On average, research analysts anticipate that Freshworks will post -0.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FRSH. JPMorgan Chase & Co. increased their target price on shares of Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday. JMP Securities raised their price objective on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Thursday. Canaccord Genuity Group boosted their target price on Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday. Scotiabank dropped their price target on Freshworks from $18.00 to $16.00 and set a “sector perform” rating for the company in a report on Wednesday, July 31st. Finally, Jefferies Financial Group cut their price objective on Freshworks from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Freshworks presently has an average rating of “Moderate Buy” and a consensus price target of $18.69.

Insider Buying and Selling at Freshworks

In other news, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $12.19, for a total transaction of $102,798.27. Following the completion of the sale, the director now owns 23,497 shares in the company, valued at $286,428.43. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Zachary Nelson sold 8,433 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $12.19, for a total value of $102,798.27. Following the transaction, the director now directly owns 23,497 shares in the company, valued at $286,428.43. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jennifer H. Taylor sold 4,690 shares of the company’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $11.06, for a total value of $51,871.40. Following the completion of the sale, the director now owns 36,689 shares of the company’s stock, valued at $405,780.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 40,153 shares of company stock worth $459,383. Company 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.