Freshworks (NASDAQ:FRSH) Issues Q3 Earnings Guidance

Freshworks (NASDAQ:FRSH) issued an update on its third quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.07 to $0.08 for the period, compared to the consensus earnings per share estimate of $0.08. The company issued revenue guidance of $180.0 million to $183.0 million, compared to the consensus revenue estimate of $178.67 million. Freshworks also updated its FY 2024 guidance to 0.320-0.340 EPS.

Freshworks Stock Performance

Shares of NASDAQ:FRSH traded down $0.44 during midday trading on Friday, hitting $11.53. 535,370 shares of the stock were exchanged, compared to its average volume of 2,638,146. The business’s fifty day simple moving average is $12.82 and its two-hundred day simple moving average is $16.67. Freshworks has a 52-week low of $11.24 and a 52-week high of $24.98. The company has a market capitalization of $3.45 billion, a PE ratio of -29.37 and a beta of 0.74.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Jefferies Financial Group cut their price objective on Freshworks from $25.00 to $20.00 and set a buy rating on the stock in a research note on Wednesday. Canaccord Genuity Group dropped their target price on shares of Freshworks from $20.00 to $17.00 and set a buy rating on the stock in a report on Wednesday, July 10th. StockNews.com lowered shares of Freshworks from a buy rating to a hold rating in a research report on Saturday, June 22nd. Cantor Fitzgerald dropped their price objective on Freshworks from $19.00 to $18.00 and set an overweight rating on the stock in a research note on Wednesday. Finally, Morgan Stanley decreased their target price on Freshworks from $22.00 to $18.00 and set an equal weight rating for the company in a research note on Thursday, May 2nd. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Freshworks presently has an average rating of Moderate Buy and an average price target of $20.06.

Insider Buying and Selling at Freshworks

In other news, Director Jennifer H. Taylor sold 7,028 shares of the business’s stock in a transaction 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 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 document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $12.28, for a total value of $57,531.80. Following the completion of the transaction, the director now owns 35,853 shares of the company’s stock, valued at approximately $440,274.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jennifer H. Taylor sold 7,028 shares of the company’s 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 disclosure for this sale can be found here. Over the last 90 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.