Freshworks (NASDAQ:FRSH) Issues Q3 Earnings Guidance

Freshworks (NASDAQ:FRSH) updated its third quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.07 to $0.08 for the period, compared to the consensus earnings per share 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.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FRSH. Needham & Company LLC reaffirmed a buy rating and set a $20.00 price target on shares of Freshworks in a research report on Wednesday. Scotiabank dropped their target price on shares of Freshworks from $18.00 to $16.00 and set a sector perform rating on the stock in a report on Wednesday. Oppenheimer cut Freshworks from an outperform rating to a market perform rating in a report on Thursday, May 2nd. JMP Securities dropped their price objective on Freshworks from $29.00 to $21.00 and set a market outperform rating on the stock in a research note on Thursday, May 2nd. Finally, Jefferies Financial Group reduced their target price on Freshworks from $25.00 to $20.00 and set a buy rating for the company in a research note on Wednesday. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $20.06.

Freshworks Stock Down 5.9 %

Shares of FRSH traded down $0.78 during mid-day trading on Wednesday, hitting $12.50. 5,436,094 shares of the company’s stock were exchanged, compared to its average volume of 2,648,110. Freshworks has a 52 week low of $11.90 and a 52 week high of $24.98. The stock’s 50-day simple moving average is $12.87 and its 200-day simple moving average is $16.73. The firm has a market cap of $3.74 billion, a price-to-earnings ratio of -31.25 and a beta of 0.74.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The firm had revenue of $165.14 million for the quarter, compared to analyst estimates of $163.53 million. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. Analysts forecast that Freshworks will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Jennifer H. Taylor sold 7,028 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $13.74, for a total transaction of $96,564.72. Following the completion of the sale, the director now owns 19,991 shares of the company’s stock, valued at $274,676.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Jennifer H. Taylor sold 7,028 shares of Freshworks stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $13.74, for a total value of $96,564.72. Following the transaction, the director now directly owns 19,991 shares of the company’s stock, valued at $274,676.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jennifer H. Taylor sold 4,685 shares of the company’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $12.28, for a total value of $57,531.80. Following the sale, the director now owns 35,853 shares of the company’s stock, valued at $440,274.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,296 shares of company stock worth $443,630. Company insiders own 19.15% of the company’s stock.

Freshworks Company Profile

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.