Freshworks (NASDAQ:FRSH) Releases Q3 2024 Earnings Guidance

Freshworks (NASDAQ:FRSH) updated its third quarter 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 0.070-0.080 for the period, compared to the consensus estimate of 0.080. The company issued revenue guidance of $180.0 million-$183.0 million, compared to the consensus revenue estimate of $178.7 million. Freshworks also updated its FY 2024 guidance to 0.320-0.340 EPS.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FRSH. Piper Sandler reduced their price target 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. Cantor Fitzgerald dropped their price target on Freshworks from $25.00 to $19.00 and set an overweight rating on the stock in a research note on Thursday, May 2nd. Barclays dropped their target price on Freshworks from $20.00 to $15.00 and set an equal weight rating on the stock in a research report on Friday, May 3rd. Oppenheimer downgraded shares of Freshworks from an outperform rating to a market perform rating in a report on Thursday, May 2nd. Finally, Canaccord Genuity Group decreased their price target on shares of Freshworks from $20.00 to $17.00 and set a buy rating on the stock in a research report on Wednesday, July 10th. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Freshworks has a consensus rating of Moderate Buy and an average price target of $21.53.

Freshworks Stock Performance

Shares of Freshworks stock traded down $0.03 during trading hours on Tuesday, hitting $13.28. The company’s stock had a trading volume of 4,937,020 shares, compared to its average volume of 2,628,720. Freshworks has a 12-month low of $11.90 and a 12-month high of $24.98. The business has a 50 day moving average price of $12.87 and a two-hundred day moving average price of $16.73. 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 posted its quarterly earnings results on Wednesday, May 1st. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $165.14 million for the quarter, compared to analysts’ expectations of $163.53 million. As a group, research analysts anticipate that Freshworks will post -0.34 earnings per share for the current year.

Insider Activity at Freshworks

In related news, Director Jennifer H. Taylor sold 7,028 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $13.74, for a total value of $96,564.72. Following the sale, the director now directly owns 19,991 shares in the company, valued at $274,676.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Freshworks news, Director Jennifer H. Taylor sold 7,028 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $13.74, for a total transaction of $96,564.72. Following the completion of the transaction, the director now owns 19,991 shares in the company, valued at $274,676.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction on Monday, June 10th. The stock was sold at an average price of $12.73, for a total transaction of $89,555.55. Following the completion of the transaction, the director now directly owns 19,991 shares of the company’s stock, valued at $254,485.43. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,296 shares of company stock valued at $443,630. Corporate 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.