Freshworks (NASDAQ:FRSH) Issues Q4 Earnings Guidance

Freshworks (NASDAQ:FRSH) issued an update on its fourth quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.09-0.10 for the period, compared to the consensus estimate of $0.08. The company issued revenue guidance of $187.8-190.8 million, compared to the consensus revenue estimate of $189.27 million. Freshworks also updated its FY 2024 guidance to 0.380-0.390 EPS.

Freshworks Stock Performance

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

Freshworks (NASDAQ:FRSH) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.01. 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%. On average, sell-side analysts predict that Freshworks will post -0.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have commented on FRSH. Cantor Fitzgerald decreased their price target on Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. JMP Securities increased their price objective on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Thursday. Canaccord Genuity Group upped their price target on shares of Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a report on Thursday. JPMorgan Chase & Co. increased their price target on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Freshworks in a report on Thursday. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $18.69.

Insider Buying and Selling at Freshworks

In other news, Director Zachary Nelson sold 8,433 shares of the stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $12.19, for a total transaction of $102,798.27. Following the sale, the director now owns 23,497 shares of the company’s stock, valued at approximately $286,428.43. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Freshworks news, Director Zachary Nelson sold 8,433 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $12.19, for a total value of $102,798.27. Following the sale, the director now directly owns 23,497 shares in the company, valued at $286,428.43. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jennifer H. Taylor sold 4,690 shares of the company’s stock in a transaction on 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 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 disclosure for this sale can be found here. Insiders have sold 40,153 shares of company stock valued at $459,383 over the last 90 days. 19.15% of the stock is owned by insiders.

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.