Freshworks (NASDAQ:FRSH) Releases FY24 Earnings Guidance

Freshworks (NASDAQ:FRSH) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.32-$0.35 for the period, compared to the consensus earnings per share estimate of $0.30. The company issued revenue guidance of $695-$705 million, compared to the consensus revenue estimate of $708.34 million. Freshworks also updated its Q2 guidance to $0.05-$0.06 EPS.

Analyst Ratings Changes

FRSH has been the topic of a number of recent analyst reports. Piper Sandler raised their price target on shares of Freshworks from $24.00 to $28.00 and gave the stock an overweight rating in a report on Tuesday, January 2nd. Jefferies Financial Group upgraded Freshworks from a hold rating to a buy rating and increased their price objective for the stock from $20.00 to $30.00 in a report on Friday, January 5th. Cantor Fitzgerald restated an overweight rating and set a $25.00 target price on shares of Freshworks in a report on Wednesday, February 7th. Wolfe Research upgraded shares of Freshworks from a peer perform rating to an outperform rating and set a $27.00 price target for the company in a research note on Tuesday, February 20th. Finally, Morgan Stanley dropped their price objective on shares of Freshworks from $24.00 to $22.00 and set an equal weight rating on the stock in a research note on Wednesday, April 17th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Freshworks currently has a consensus rating of Moderate Buy and an average price target of $25.29.

Freshworks Trading Up 2.2 %

Shares of Freshworks stock traded up $0.40 during trading on Wednesday, hitting $18.25. 3,111,390 shares of the company’s stock traded hands, compared to its average volume of 2,526,200. Freshworks has a 1 year low of $12.22 and a 1 year high of $24.98. The business has a 50-day simple moving average of $18.57 and a 200-day simple moving average of $20.05.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.04. Freshworks had a negative net margin of 23.04% and a negative return on equity of 12.55%. The firm had revenue of $160.11 million for the quarter, compared to the consensus estimate of $158.11 million. On average, sell-side analysts predict that Freshworks will post -0.37 EPS for the current year.

Insider Buying and Selling

In other Freshworks news, Director Barry L. Padgett sold 4,690 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $20.22, for a total transaction of $94,831.80. Following the completion of the sale, the director now directly owns 17,387 shares in the company, valued at approximately $351,565.14. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Barry L. Padgett sold 4,690 shares of Freshworks stock in a transaction on Friday, March 1st. The shares were sold at an average price of $20.22, for a total transaction of $94,831.80. Following the transaction, the director now owns 17,387 shares in the company, valued at approximately $351,565.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Roxanne S. Austin sold 6,303 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $21.54, for a total value of $135,766.62. Following the completion of the sale, the director now owns 88,431 shares of the company’s stock, valued at $1,904,803.74. The disclosure for this sale can be found here. Insiders sold 460,792 shares of company stock valued at $9,408,403 over the last 90 days. Company insiders own 19.15% of the company’s stock.

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.