Freshworks (NASDAQ:FRSH) Releases FY24 Earnings Guidance

Freshworks (NASDAQ:FRSH) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.32 to $0.34 for the period, compared to the consensus estimate of $0.33. The company issued revenue guidance of $707.0 million to $713.0 million, compared to the consensus revenue estimate of $699.39 million. Freshworks also updated its FY 2024 guidance to 0.320-0.340 EPS.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FRSH. Cantor Fitzgerald cut their target price on Freshworks from $25.00 to $19.00 and set an overweight rating for the company in a research note on Thursday, May 2nd. Piper Sandler lowered their price target on Freshworks from $22.00 to $17.00 and set an overweight rating on the stock in a report on Friday, July 12th. Oppenheimer cut Freshworks from an outperform rating to a market perform rating in a report on Thursday, May 2nd. Canaccord Genuity Group lowered their price target on Freshworks from $20.00 to $17.00 and set a buy rating on the stock in a report on Wednesday, July 10th. Finally, Morgan Stanley lowered their price target on Freshworks from $22.00 to $18.00 and set an equal weight rating on the stock in a report on Thursday, May 2nd. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $21.53.

Freshworks Price Performance

NASDAQ:FRSH traded down $0.03 during trading hours on Tuesday, reaching $13.28. 4,937,020 shares of the company traded hands, compared to its average volume of 2,628,720. The firm’s 50-day moving average is $12.87 and its 200-day moving average is $16.73. The stock has a market cap of $3.97 billion, a P/E ratio of -33.20 and a beta of 0.74. Freshworks has a 1-year low of $11.90 and a 1-year high of $24.98.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.07) earnings per share 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 analyst estimates of $163.53 million. As a group, research analysts predict that Freshworks will post -0.34 earnings per share for the current year.

Insiders Place Their Bets

In other Freshworks news, Director Jennifer H. Taylor sold 7,028 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $13.74, for a total transaction of $96,564.72. Following the transaction, the director now owns 19,991 shares of the company’s stock, valued at approximately $274,676.34. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Jennifer H. Taylor sold 7,028 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $13.74, for a total value of $96,564.72. Following the transaction, the director now directly owns 19,991 shares of the company’s stock, valued at approximately $274,676.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Zachary Nelson sold 8,442 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $12.75, for a total value of $107,635.50. Following the completion of 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 have sold a total of 34,296 shares of company stock valued at $443,630 in the last quarter. 19.15% of the stock is currently owned by company insiders.

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.