Freshworks (NASDAQ:FRSH) Releases FY 2024 Earnings Guidance

Freshworks (NASDAQ:FRSH) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 0.320-0.340 for the period, compared to the consensus EPS estimate of 0.330. The company issued revenue guidance of $707.0 million-$713.0 million, compared to the consensus revenue estimate of $699.4 million. Freshworks also updated its FY24 guidance to $0.32 to $0.34 EPS.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on FRSH shares. Piper Sandler cut their price target on Freshworks from $22.00 to $17.00 and set an overweight rating for the company in a report on Friday, July 12th. Barclays cut their target price on shares of Freshworks from $15.00 to $14.00 and set an equal weight rating for the company in a research note on Wednesday. JMP Securities decreased their price target on shares of Freshworks from $29.00 to $21.00 and set a market outperform rating on the stock in a research note on Thursday, May 2nd. Cantor Fitzgerald lowered their price target on shares of Freshworks from $19.00 to $18.00 and set an overweight rating for the company in a report on Wednesday. Finally, Morgan Stanley reduced their price objective on shares of Freshworks from $22.00 to $18.00 and set an equal weight rating on the stock in a research note on Thursday, May 2nd. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $20.06.

Freshworks Price Performance

FRSH stock traded down $0.30 during trading on Friday, reaching $11.67. 2,265,921 shares of the stock traded hands, compared to its average volume of 2,649,838. The business’s 50 day moving average price is $12.82 and its 200-day moving average price is $16.67. The firm has a market capitalization of $3.49 billion, a PE ratio of -29.37 and a beta of 0.74. Freshworks has a 52-week low of $11.24 and a 52-week high of $24.98.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Wednesday, May 1st. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. Freshworks had a negative return on equity of 9.18% and a negative net margin of 15.72%. The business had revenue of $165.14 million during the quarter, compared to analysts’ expectations of $163.53 million. On average, equities research analysts predict that Freshworks will post -0.34 earnings per share for the current year.

Insiders Place Their Bets

In related news, 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 sale, the director now directly owns 16,535 shares of the company’s stock, valued at approximately $210,821.25. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Freshworks news, Director Jennifer H. Taylor sold 7,028 shares of the stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $13.74, for a total value of $96,564.72. Following the completion of the sale, the director now owns 19,991 shares of the company’s stock, valued at $274,676.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Zachary Nelson sold 8,442 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $12.75, for a total transaction of $107,635.50. Following the transaction, the director now directly owns 16,535 shares in the company, valued at $210,821.25. The disclosure for this sale can be found here. Insiders sold a total of 34,296 shares of company stock worth $443,630 over the last ninety days. 19.15% of the stock is owned by company 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.