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 FY24 guidance to $0.32 to $0.34 EPS.

Wall Street Analyst Weigh In

Several research firms have weighed in on FRSH. Morgan Stanley decreased their target price on shares of Freshworks from $22.00 to $18.00 and set an equal weight rating on the stock in a report on Thursday, May 2nd. Barclays decreased their price target on Freshworks from $20.00 to $15.00 and set an equal weight rating on the stock in a research note on Friday, May 3rd. Canaccord Genuity Group reduced their price objective on shares of Freshworks from $20.00 to $17.00 and set a buy rating on the stock in a report on Wednesday, July 10th. Piper Sandler lowered their target price on shares of Freshworks from $22.00 to $17.00 and set an overweight rating for the company in a research note on Friday, July 12th. Finally, JMP Securities dropped their price target on shares of Freshworks from $29.00 to $21.00 and set a market outperform rating for the company in a research report on Thursday, May 2nd. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Freshworks presently has an average rating of Moderate Buy and a consensus price target of $21.53.

Freshworks Trading Down 0.2 %

NASDAQ:FRSH traded down $0.03 during midday trading on Tuesday, reaching $13.28. The company had a trading volume of 4,773,903 shares, compared to its average volume of 2,626,719. The firm has a market capitalization of $3.97 billion, a price-to-earnings ratio of -33.17 and a beta of 0.74. The stock’s fifty day simple moving average is $12.88 and its 200-day simple moving average is $16.80. Freshworks has a 12-month low of $11.90 and a 12-month high of $24.98.

Freshworks (NASDAQ:FRSH) last issued its earnings results 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 net margin of 18.93% and a negative return on equity of 10.66%. The firm had revenue of $165.14 million for the quarter, compared to analysts’ expectations of $163.53 million. As a group, sell-side analysts expect that Freshworks will post -0.34 EPS for the current year.

Insider Transactions at Freshworks

In related news, Director Zachary Nelson sold 8,442 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $12.75, for a total value of $107,635.50. Following the transaction, the director now owns 16,535 shares of the company’s stock, valued at $210,821.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Freshworks news, Director Barry L. Padgett sold 5,546 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $12.77, for a total transaction of $70,822.42. Following the sale, the director now owns 26,957 shares of the company’s stock, valued at $344,240.89. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $12.75, for a total transaction of $107,635.50. Following the completion of the transaction, the director now owns 16,535 shares of the company’s stock, valued at approximately $210,821.25. The disclosure for this sale can be found here. In the last three months, insiders sold 34,296 shares of company stock valued at $443,630. 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.