Freshworks (NASDAQ:FRSH) Issues Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Freshworks (NASDAQ:FRSH) posted its quarterly earnings results on Wednesday. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01, reports. The business had revenue of $186.58 million during the quarter, compared to analyst estimates of $181.50 million. Freshworks had a negative net margin of 14.80% and a negative return on equity of 8.66%.

Freshworks Price Performance

Shares of NASDAQ FRSH traded down $0.38 on Friday, reaching $16.44. 10,459,693 shares of the company’s stock traded hands, compared to its average volume of 3,578,957. The business’s 50 day simple moving average is $11.64 and its two-hundred day simple moving average is $12.61. Freshworks has a 12 month low of $10.81 and a 12 month high of $24.98.

Insider Buying and Selling

In related news, Director Jennifer H. Taylor sold 4,690 shares of Freshworks stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $11.23, for a total transaction of $52,668.70. Following the completion of the transaction, the director now directly owns 35,853 shares of the company’s stock, valued at approximately $402,629.19. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Jennifer H. Taylor sold 4,690 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $11.23, for a total value of $52,668.70. Following the completion of the sale, the director now directly owns 35,853 shares in the company, valued at $402,629.19. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Zachary Nelson sold 8,433 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $11.54, for a total transaction of $97,316.82. Following the sale, the director now owns 22,530 shares of the company’s stock, valued at approximately $259,996.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 40,153 shares of company stock worth $459,383. 19.15% of the stock is owned by insiders.

Hedge Funds Weigh In On Freshworks

Institutional investors and hedge funds have recently made changes to their positions in the stock. Capital International Investors bought a new stake in Freshworks in the first quarter valued at $59,311,000. Clearbridge Investments LLC grew its stake in Freshworks by 107.4% during the 1st quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock valued at $73,764,000 after acquiring an additional 2,097,280 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Freshworks by 6.8% in the 1st quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock worth $385,525,000 after purchasing an additional 1,354,530 shares during the last quarter. M&G PLC acquired a new position in shares of Freshworks during the third quarter worth approximately $9,094,000. Finally, Stanley Laman Group Ltd. acquired a new position in shares of Freshworks in the second quarter valued at $9,133,000. 75.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FRSH has been the topic of several recent research reports. Needham & Company LLC reiterated a “buy” rating and set a $20.00 target price on shares of Freshworks in a report on Thursday. 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. Piper Sandler upped their price target on Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a report on Thursday. JPMorgan Chase & Co. upped their price target on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Canaccord Genuity Group lifted their price objective on Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Thursday. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $18.69.

About Freshworks

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.