Freshworks (NASDAQ:FRSH) Releases Q3 Earnings Guidance

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

A number of brokerages have weighed in on FRSH. JMP Securities lowered their target price on Freshworks from $29.00 to $21.00 and set a market outperform rating for the company in a report on Thursday, May 2nd. Needham & Company LLC lowered their target price on Freshworks from $30.00 to $20.00 and set a buy rating for the company in a report on Monday, May 20th. Robert W. Baird downgraded Freshworks from an outperform rating to a neutral rating and lowered their target price for the stock from $28.00 to $16.00 in a report on Thursday, May 2nd. Morgan Stanley reduced their price objective on Freshworks from $22.00 to $18.00 and set an equal weight rating for the company in a research note on Thursday, May 2nd. Finally, StockNews.com downgraded shares of Freshworks from a buy rating to a hold rating in a research report on Saturday, June 22nd. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Freshworks currently has an average rating of Moderate Buy and a consensus price target of $21.53.

Freshworks Stock Down 0.2 %

NASDAQ:FRSH traded down $0.03 during trading hours on Tuesday, hitting $13.28. 4,937,020 shares of the company traded hands, compared to its average volume of 2,628,720. The firm’s 50-day simple moving average is $12.87 and its 200-day simple moving average is $16.73. Freshworks has a one year low of $11.90 and a one year high of $24.98. The company has a market cap of $3.97 billion, a PE ratio of -33.20 and a beta of 0.74.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data on Wednesday, May 1st. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.02. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. The business had revenue of $165.14 million for the quarter, compared to analysts’ expectations of $163.53 million. As a group, equities research analysts expect that Freshworks will post -0.34 EPS for the current year.

Insider Transactions at Freshworks

In other news, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $12.28, for a total transaction of $57,531.80. Following the sale, the director now directly owns 35,853 shares in the company, valued at approximately $440,274.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Barry L. Padgett sold 5,546 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $12.77, for a total value of $70,822.42. Following the sale, the director now directly owns 26,957 shares in the company, valued at approximately $344,240.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $12.28, for a total value of $57,531.80. Following the completion of the sale, the director now owns 35,853 shares in the company, valued at $440,274.84. The disclosure for this sale can be found here. Insiders have sold 34,296 shares of company stock worth $443,630 in the last ninety days. 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.