Freshworks (NASDAQ:FRSH) Updates FY 2024 Earnings Guidance

Freshworks (NASDAQ:FRSH) updated its FY 2024 earnings guidance on Wednesday. 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.

Freshworks Trading Down 2.3 %

Shares of FRSH traded down $0.38 during trading hours 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. 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 has a 12 month low of $10.81 and a 12 month high of $24.98. The firm has a 50-day simple moving average of $11.64 and a 200 day simple moving average of $12.57.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Wednesday, November 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.01. Freshworks had a negative return on equity of 8.66% and a negative net margin of 14.80%. The firm had revenue of $186.58 million during the quarter, compared to analyst estimates of $181.50 million. On average, equities analysts forecast that Freshworks will post -0.38 EPS for the current year.

Wall Street Analysts Forecast Growth

FRSH has been the subject of several recent analyst reports. JMP Securities boosted their target price on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Thursday. Scotiabank lowered their price target on shares of Freshworks from $18.00 to $16.00 and set a “sector perform” rating for the company in a report on Wednesday, July 31st. Cantor Fitzgerald decreased their target price on Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. JPMorgan Chase & Co. increased their target price on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Piper Sandler boosted their price objective on shares of Freshworks from $13.00 to $18.00 and gave the stock an “overweight” rating in a research note on Thursday. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.69.

Insiders Place Their Bets

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction dated 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 directly owns 23,497 shares in the company, valued at $286,428.43. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Freshworks news, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction dated 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 approximately $286,428.43. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jennifer H. Taylor sold 4,690 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $11.23, for a total transaction of $52,668.70. Following the sale, the director now owns 35,853 shares in the company, valued at approximately $402,629.19. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 40,153 shares of company stock valued at $459,383. Company insiders own 19.15% of the company’s stock.

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.