Freshworks (NASDAQ:FRSH) Issues FY24 Earnings Guidance

Freshworks (NASDAQ:FRSH) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $0.32 to $0.34 for the period, compared to the consensus earnings per share 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.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on FRSH shares. Jefferies Financial Group reduced their target price on Freshworks from $25.00 to $20.00 and set a buy rating on the stock in a report on Wednesday. Scotiabank decreased their target price on shares of Freshworks from $18.00 to $16.00 and set a sector perform rating on the stock in a report on Wednesday. JMP Securities dropped their price objective on Freshworks from $29.00 to $21.00 and set a market outperform rating for the company in a research report on Thursday, May 2nd. Morgan Stanley lowered 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. Finally, Needham & Company LLC reiterated a buy rating and set a $20.00 price objective on shares of Freshworks in a research report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Freshworks currently has an average rating of Moderate Buy and a consensus target price of $20.06.

Freshworks Stock Down 5.9 %

NASDAQ:FRSH traded down $0.78 on Wednesday, hitting $12.50. The stock 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 business’s fifty day moving average is $12.87 and its 200 day moving average is $16.73. The company has a market cap of $3.74 billion, a PE ratio of -31.25 and a beta of 0.74.

Freshworks (NASDAQ:FRSH) last announced its 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. The firm had revenue of $165.14 million for the quarter, compared to the consensus estimate of $163.53 million. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. Equities analysts predict that Freshworks will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Freshworks

In other Freshworks news, Director Barry L. Padgett sold 5,546 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $12.77, for a total value of $70,822.42. Following the transaction, the director now directly owns 26,957 shares in the company, valued at approximately $344,240.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Jennifer H. Taylor sold 4,685 shares of the stock in a transaction on Wednesday, July 10th. The stock was 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 of the company’s stock, valued at $440,274.84. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Barry L. Padgett sold 5,546 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $12.77, for a total transaction of $70,822.42. Following the transaction, the director now directly owns 26,957 shares of the company’s stock, valued at $344,240.89. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,296 shares of company stock worth $443,630. 19.15% of the stock is owned by corporate 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.