Freshworks (NASDAQ:FRSH) Updates Q3 Earnings Guidance

Freshworks (NASDAQ:FRSH) issued an update on its third quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $0.07 to $0.08 for the period, compared to the consensus EPS 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 Freshworks stock traded down $0.78 during midday trading on Wednesday, hitting $12.50. The company had a trading volume of 5,436,094 shares, compared to its average volume of 2,648,110. Freshworks has a 52-week low of $11.90 and a 52-week high of $24.98. The stock has a market capitalization of $3.74 billion, a P/E ratio of -31.25 and a beta of 0.74. The company has a 50 day moving average of $12.87 and a 200 day moving average of $16.73.

Freshworks (NASDAQ:FRSH) last released its 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. The firm had revenue of $165.14 million for the quarter, compared to analysts’ expectations of $163.53 million. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. Equities research analysts forecast that Freshworks will post -0.34 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on FRSH. Canaccord Genuity Group reduced their price objective on shares of Freshworks from $20.00 to $17.00 and set a buy rating for the company in a research note on Wednesday, July 10th. Jefferies Financial Group reduced their price target on shares of Freshworks from $25.00 to $20.00 and set a buy rating for the company in a research report on Wednesday. Cantor Fitzgerald lowered their price objective on Freshworks from $19.00 to $18.00 and set an overweight rating on the stock in a research report on Wednesday. Scotiabank reduced their target price on Freshworks from $18.00 to $16.00 and set a sector perform rating for the company in a report on Wednesday. Finally, Oppenheimer downgraded Freshworks from an outperform rating to a market perform rating in a report on Thursday, May 2nd. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $20.06.

Insider Transactions at Freshworks

In other news, Director Jennifer H. Taylor sold 7,028 shares of the company’s 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 completion of the sale, the director now directly owns 19,991 shares in the company, valued at approximately $274,676.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Jennifer H. Taylor sold 7,028 shares of the firm’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 sale, the director now directly owns 19,991 shares in the company, valued at approximately $274,676.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of the firm’s 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 sale, the director now directly owns 35,853 shares in the company, valued at $440,274.84. The disclosure for this sale can be found here. Insiders have sold 34,296 shares of company stock worth $443,630 in the last 90 days. 19.15% of the stock is currently owned by 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.