FY2024 Earnings Forecast for Freshworks Issued By Scotiabank

Freshworks Inc. (NASDAQ:FRSH) – Scotiabank boosted their FY2024 EPS estimates for shares of Freshworks in a note issued to investors 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 prior 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 brokerages have also weighed in on FRSH. Wells Fargo & Company boosted their price objective on shares of Freshworks from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Tuesday. Robert W. Baird lowered their price target on Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price objective on shares of Freshworks in a report on Tuesday, December 17th. JPMorgan Chase & Co. upped their target price on shares of Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Finally, JMP Securities boosted their price objective on shares of Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $19.00.

Freshworks Stock Performance

NASDAQ:FRSH opened at $16.15 on Friday. The firm has a 50-day simple moving average of $15.77 and a two-hundred day simple moving average of $13.23. The firm has a market cap of $4.89 billion, a P/E ratio of -47.50 and a beta of 0.88. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $23.93.

Insider Buying and Selling

In related news, Director Zachary Nelson sold 8,433 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $15.85, for a total transaction of $133,663.05. Following the completion of the sale, the director now owns 24,187 shares in the company, valued at approximately $383,363.95. This trade represents a 25.85 % 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 Jennifer H. Taylor sold 4,690 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $16.74, for a total value of $78,510.60. Following the completion of the transaction, the director now directly owns 36,689 shares in the company, valued at approximately $614,173.86. This represents a 11.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,697,478 shares of company stock valued at $26,648,447. 19.15% of the stock is owned by corporate insiders.

Institutional Trading of Freshworks

Several hedge funds have recently bought and sold shares of FRSH. JPMorgan Chase & Co. lifted its position in shares of Freshworks by 49.8% in the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock worth $60,503,000 after buying an additional 1,752,995 shares in the last quarter. M&G PLC bought a new position in shares of Freshworks during the 3rd quarter valued at approximately $9,094,000. Franklin Resources Inc. grew its holdings in shares of Freshworks by 18.1% in the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock valued at $44,934,000 after purchasing an additional 604,658 shares in the last quarter. Invenomic Capital Management LP bought a new stake in Freshworks in the third quarter worth $5,260,000. Finally, State Street Corp raised its stake in Freshworks by 7.1% during the third quarter. State Street Corp now owns 4,729,093 shares of the company’s stock valued at $54,290,000 after purchasing an additional 313,982 shares in the last quarter. Hedge funds and other institutional investors own 75.58% 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.