Scotiabank Issues Positive Estimate for Freshworks Earnings

Freshworks Inc. (NASDAQ:FRSH) – Research analysts at Scotiabank upped their FY2024 earnings estimates for Freshworks in a report issued on Wednesday, January 8th. Scotiabank analyst N. Altmann now expects that the company will post earnings of ($0.35) per share for the year, up from their previous forecast of ($0.38). The consensus estimate for Freshworks’ current full-year earnings is ($0.36) per share. Scotiabank also issued estimates for Freshworks’ FY2025 earnings at ($0.19) EPS.

A number of other research analysts have also recently commented on FRSH. JMP Securities upped their target price on Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Thursday, November 7th. Canaccord Genuity Group increased their target price on Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Wells Fargo & Company boosted their target price on shares of Freshworks from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Tuesday. JPMorgan Chase & Co. upped their price target on shares of Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $20.00 price objective on shares of Freshworks in a report on Tuesday, December 17th. Seven investment 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.com, Freshworks has a consensus rating of “Moderate Buy” and an average target price of $19.00.

Freshworks Trading Up 0.1 %

Freshworks stock opened at $16.15 on Friday. Freshworks has a 12-month low of $10.81 and a 12-month high of $23.93. The firm has a 50-day moving average price of $15.77 and a 200-day moving average price of $13.23. The firm has a market capitalization of $4.89 billion, a PE ratio of -47.50 and a beta of 0.88.

Institutional Trading of Freshworks

Institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. raised its holdings in shares of Freshworks by 1,987.3% in the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock worth $38,000 after buying an additional 2,822 shares during the last quarter. Covestor Ltd raised its stake in Freshworks by 89.9% in the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after acquiring an additional 1,704 shares during the last quarter. Quarry LP raised its stake in Freshworks by 157.6% in the 2nd quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after acquiring an additional 2,645 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in Freshworks during the 3rd quarter worth about $57,000. Finally, Amalgamated Bank grew its stake in Freshworks by 29.1% during the 2nd quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock valued at $90,000 after purchasing an additional 1,588 shares during the last quarter. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Freshworks

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $12.19, for a total value of $102,798.27. Following the completion of the sale, the director now directly owns 23,497 shares in the company, valued at approximately $286,428.43. This trade represents a 26.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mika Yamamoto sold 2,859 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $15.84, for a total value of $45,286.56. Following the sale, the insider now owns 400,249 shares in the company, valued at $6,339,944.16. The trade was a 0.71 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,697,478 shares of company stock valued at $26,648,447. Corporate 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.