Freshworks (NASDAQ:FRSH) Releases FY 2024 Earnings Guidance

Freshworks (NASDAQ:FRSH) issued an update on its FY 2024 earnings guidance on Wednesday morning. 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.

Analyst Ratings Changes

FRSH has been the topic of several recent research reports. Canaccord Genuity Group lifted their price objective on shares of Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Thursday. Jefferies Financial Group decreased their price target on shares of Freshworks from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Wells Fargo & Company increased their price objective on Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a research report on Thursday. Scotiabank reduced their price target 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, July 31st. Finally, Barclays lowered their price objective on shares of Freshworks from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 31st. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $18.69.

Freshworks Trading Down 2.3 %

NASDAQ FRSH traded down $0.38 on Friday, reaching $16.44. The stock had a trading volume of 10,459,693 shares, compared to its average volume of 3,578,957. Freshworks has a 1 year low of $10.81 and a 1 year high of $24.98. The business has a 50 day moving average price of $11.64 and a 200 day moving average price of $12.57. The company has a market capitalization of $4.97 billion, a price-to-earnings ratio of -48.35 and a beta of 0.72.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $181.50 million. Freshworks had a negative return on equity of 8.66% and a negative net margin of 14.80%. On average, analysts anticipate that Freshworks will post -0.38 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction on Monday, November 4th. The shares were 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 represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Jennifer H. Taylor sold 4,690 shares of Freshworks stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $11.23, for a total value of $52,668.70. Following the transaction, the director now owns 35,853 shares of the company’s stock, valued at $402,629.19. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction on Monday, November 4th. The stock was 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 of the company’s stock, valued at $286,428.43. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,153 shares of company stock worth $459,383. 19.15% of the stock is owned by corporate insiders.

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.